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TUESDAY, MAY 17. 1994 <br /> <br />A special and duly-called meeting of the Council of the City of <br />Martinsville, Virginia, with Mayor Allan McClain presiding, was held <br />Tuesday, May 17, 1994, in the Council Chamber, City Hall, beginning at <br />10:00 A.M. All members of Council were present: Allan McClain, Mayor; <br />George B. Adams, Jr., Vice-Mayor; L. D. Oakes; M. Gene Teague; and <br />Clyde L. Willjams. <br /> <br />After the invocation, followed by Mayor McClain's cordial welcome to <br />visitors present, the Mayor announced the purpose of the Special <br />Meeting was to consider adoption of Financial Policies, and Goals and <br />Objectives of City Council and to consider, in Executive Session, a <br />personnel matter under the jurisdiction of City Council. <br /> <br />The Mayor noted the members of Council had received a letter from <br />Walter and Frances Milsread, 1503 Sam Lions Trail, expressing <br />appreciation for work done by the City to correct a long-standing <br />problem relating to a lack of drainage of a body of water located <br />adjacent to their residence on property owned by Roger Young. <br /> <br />Council considered adoption of Financial Policies as developed in the <br />City Manager's budget proposal and amended after receipt of comments <br />from the members of Council. City Manager Earl B. Reynolds, Jr. stated <br />the policies had been amended to reflect the general consensus of <br />Council that the Enterprise Funds should be operated as private <br />businesses in order to generate profits which could be used to fund <br />other needs. The policy under the Refuse Fund was amended, with the <br />concurrence of Council, to add "a closure/post-closure reserve fund <br />will be established in FY 94-95 after receipt of the City's annual <br />audit." Upon motion, duly seconded and by unanimous vote, Council <br /> <br /> <br />