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TUESDAY, DECEMBER 13, 1988 <br /> <br /> 6. Why is the Housing Services Fund surplus dropping each year (In the forecast)? <br /> <br /> I ask your indulgence to allow me to read to you the highlights of <br /> an article from the Charlottesville newspaper regarding the <br /> approach taken by the Albermarle County Board of Supervisors toward <br /> their 1989-90 budget (as attached). Here is a local government <br /> that has looked ahead to 1989-90, has recognized financial <br /> problems, and is taking steps np.~ to resolve them. <br /> <br /> We have 25-plus agencies, including the City School System, which <br /> depend on us for financing. I urge you to give them some <br /> guidelines now in regard to the 1989-90 budget. <br /> <br />Councilman McClain, citing the shortfall of $3,705,067 between General Fund <br />revenues and expenditures' projected by Mr. Brown for 1988-89, noted that such a <br />shortfall, if off-set altogether by real estate taxes, will require an increase <br />of approximately 92¢ per one hundred dollars of assessed valuation in the <br />City's real estate tax rate (over and above the present 76¢ rate). Mr. McClain <br />also stated that it has been his understanding that Council asked for five-year <br />revenue forecasts, with expenditure projections to be presented at a later <br />date. Mr. McClain also observed that, if the projections presented by the City <br />Manager represent the Administration's best judgment and prove to be accurate, <br />said projections constitute a serious problem for every citizen; otherwise, <br />Council did not receive what it asked for. In response, City Manager Brown <br />contended that the projections should serve as a guideline for Council's <br />consideration as well as a means of alerting the Council to approaching <br />budgetary problems. Councilman Groden, expressing his opinion that the City <br />Manager's budget forecasts are not very accurate, indicated a preference that <br />he would want to see the Manager's forthcoming 1989-90 budget proposal before <br />taking any actionon this entire subject matter; whereas, Councilman Cole, by <br />his prior statement (made a part of these minutes), and Councilman McClain <br />urged that consideration of important matters relating to the forthcoming <br />1989-90 budget year begin as soon as possible, including Councilman McClain's <br />recommendation that Council give the City Manager guidance in preparing his <br /> <br /> <br />