Minutes 01/10/1989 - Laserfiche WebLink

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Z30. TUESDAY, JANUARY 10, 1989 Complying with a recent request from City Council, City Manager Brown presented a report (prepared by the Manager; Steve Routh, Assistant to the Manager; Robert L. Corekin, Electric Department Director; and Finance Director Richard D. Fitts) comparing financial-and-operational aspects of the City's.Electric Utility System with those of municipal electric utility systems operated by the cities of Danville, Virginia, Salem, Virginia and Radford, Virginia. In addition, a net income comparison included Appalachian Power Company, which supplies electric energy (on a wholesale basis and in Varying amounts) to the cited municipal-owned electric systems, including Martinsville's. Comparisons were made in the areas of net income~ characteristics and financial rates, residential service bills, outstanding debt, and contributions by the municipal systems to other funds of their respective municipalities, from which comparisons it was concluded that Martinsville's electric utility system compares favorably, particularly in terms of net income. Council unanimously adopted a recommended development schedule for the City's 1989-90 budget, generally following prior years' schedules, although City Manager Brown indicated that he will present to Council a preliminary budget for 1989-90 ahead of the adopted schedule, probably in the forthcoming month of February. City Manager Brown presented staff reports covering the following subject matters and, also, made the following announcements: Ao Monthly Financial Report for period ended 11/30/88; B. The City Attorney~s opinion as to whether the City of Martinsville has the authority to levy taxes on meals (etc.);