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TUESDAY, MAY i0, 1988 <br /> <br />WHEREAS, the State Budget for education for the 1988-89 year <br />provides an approximate increase of $175,000 in the State share <br />for the cost of education in Martinsville; and <br /> <br />WHEREAS, the State Budget for education for the 1989-90 year <br />provides an increase of only $23 in the State share for the cost <br />of education in Martinsville; and <br /> <br />WHEREAS, the State Budget for education for the 1988-90 biennium <br />contains changes in eight areas from categorical funding to a <br />function of the composite index and average daily membership; <br />and <br /> <br />WHEREAS, the index for Martinsville which has been raised for <br />the 1988-90 biennium is based on data that may be incorrect and <br />distorted; and <br /> <br />WHEREAS, extraordinary tax increases or other charges will need <br />to be imposed on the citizens of our locality, especially during <br />the second year of the 1988-90 biennium, to maintain the current <br />level of quality of the Martinsville City Schools; and <br /> <br />WHEREAS, the income of more than several hundred known residents <br />of North Carolina who work in Martinsville is, according to our <br />own Commissioner of the Revenue, reported in our AGI; and <br /> <br />WHEREAS, the income of many more residents of North Carolina who <br />work inMartinsville also is reported in our AGI because the <br />State Department of Taxation assigns income to the locality <br />noted on the tax return; and <br /> <br />WHEREAS, the income of an unknown number of Henry County <br />residents with Martinsville addresses also is assigned to our <br />AGI because Henry County is not checked on the tax form and the <br />State Department of Taxation assigns income by address in such <br />cases; and <br /> <br />WHEREAS, an inordinate number of residents of Martinsville <br />earned hundreds of millions of dollars due to sale of stock in <br />the Bassett-Walker Company and thereby distorted our AGI for the <br />year of comparison; and <br /> <br />WHEREAS, the Legislature has passed Section 15.1-977.21 of the <br />Code of Virginia which prohibits Martinsville and a handful of <br />other communities in Virginia from annexing to stop the decline <br />in enrollment; now,' therefore, <br /> <br /> <br />