Minutes 09/27/1988 - Laserfiche WebLink

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TUESDAY, SEPTEMBER27, 1988 Council acknowledged receipt of'-and took the following actions, if any, on-- the following staff reports: Financial Report for period ended August 31, 1988, with Councilman Cole asking for a reconciliation of a balance ~sheet figure with that shown on the report for the period ended July 31, 1988; Problems of Illegal Drug Activities (in response to Councilman Cole's recent request), citing (1) lack of manpower, (2) regulations limiting power of police officers, (3) lack of consistent penalties imposed on persons convicted, and (4) community apathy. (Council asked that, once it has had time to study this report, this matter be returned to a future agendum); Radon Hazards & Testing, presented by Fire Marshall Donald A, Draper and Fire Chief W. Lewis Reeves; and Budget questions (recently posed by Councilman McClain), dealing with budgeted fund balances versus actual/audited fund balances, plus the methods (cash versus accrual) by which fund balances are estimated, projected, and or determined, in which report City Manager Brown foresaw (1) the termination, beginning with fiscal year 1989-90, of transfers to the General Fund by the Water and Sewer Funds, because of upcoming obligations within these funds, unless water and sewer rates are sufficiently increased, (2) a reduction in the annual amounts the Electric Fund can contribute to the General Fund, and (3) General Fund projected expenditures for 1989-90 of $24,073,791.'00, excluding any allowances for asbestos removal in school/public buildings, for capital improvements for schools or other public facilities, or for added costs for solid waste disposal, whereas General Fund 1989-90 revenues (including transfers from o~her funds) are currently projected at $19,677,482.00. Consequently, Mr. Brown pointed out, there is need for expanded revenue through growth in tax base as well as a review of rates on existing sources and consideration of new sources. Mr. Brown further indicated that he expects to present a Five-Year Financial Program for the City in the very near future (October, 1988), which should provide Council and the Administration with data and information needed to plan for the future of Martinsville. In an ensuing discussion of the financial reporting methods, Councilman Cole urged that some method be adopted or devised whereby members of Council will know at any given time (instead of having to wait for the annual audit reports) "where we stand".