Minutes 11/28/1988 - Laserfiche WebLink

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MONDAY, NOVEMBER28, 1988 A duly-convened special meeting of the Council of the City of Martinsville, Virginia, with Mayor L. D. Oakes presiding was held Monday, November 28, 1988, i in the Council Chamber, City Hall, beginning at 8:30 A.M., for the purposes of (1) considering City Manager George W. Brown's Five-Year Financial Plan (or Forecast) for the City of Martinsville, dated November 2, 1988, and presented to Council at Council's regular meeting held November 8, 1988, and (2) considering various State Legislative matters of concern to the Council, including the 1989 Preliminary Legislative Program & Policy Statements prepared by the Virginia Municipal League. All members of Council were present, viz., L. D. Oakes, Mayor; Clyde L. Willjams, Vice-Mayor; William C. Cole, Jr.; Alfred T. Groden; and Allan McClain. After the invocation and the stating by Mayor Oakes of the purposes of this special meeting, City Manager Brown described the basis upon which his Five-Year Financial Forecast (or Plan) was developed, explaining that the projections therein are quite general (rather than based upon line-item calculations, except where some specific needs were known in advance) and, as with the City's Comprehensive Plan, should serve as a fiscal planning guide for! the Council and the City as well as an "alert" factor, particularly as to anticipated increases in the cost of operating, for example, the City's solid waste collection/disposal system (now being confronted with costly environmental constraints). Mr. Brown explained, further, that the projections are predicated upon a budget-to-budget principle, using the immediate past five-year budgets and extending the annual growths for the next four years (after current 1988-89)thereon which, in effect, represent "compounding" annually the rate of projected growth in projected expenditures. As a result, with little new tax revenues, General Fund revenue is projected to increase by