Minutes 01/06/1988 - Laserfiche WebLink

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1.48. WEDNESDAY, JANUARY 6, 1988 have no surplus or excess funds to rely upon and, therefor, the City should prepare for such an eventuality. Councilman Cole urged that Council, when considering the City's annual budgets, view all funds as though they were consolidated and then determine how much money is available. Mr. Cole then posed the question, "Do we accept the present approach (relating to current budgetary practices and fund balances) or do we want to change and get into rate-making and its attendant problems as well as other problems?" Mayor Oakes also saw the question as determining whether the City should continue "as is", such as continuing to parallel Appalachian Power Company's electric tariffs, etc. Councilman McClain indicated support of the present system and a desire to see it continue, but to include a capit~l program. This discussion and consideration concluded with the consensus that the present budgetary and fund-balance system has the Council's support and that City Manager Brown should prepare a specific proposal (as to contingencies and reserves) for Council's consideration. City Manager Brown reported that Martinsville has been designated as a Title IV redevelopment area by the U. S. Department of Commerce's Economic Development Administration through this agency's recent approval of the City's Overall Economic Development Plan, as prepared by the City's OEDP Committee. Mr. Brown pointed out that, while this approval does not assure funding for any specific project, it will, nevertheless, enable the City to apply for funding for any valid project. With the conclusion of its consideration of the agenda items for which this special meeting was called and conducted, Council entered into an informal phase of the meeting by inquiring as to--or noting--the following matters: A. The status of a Residential Property Development Committee;