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TUESDAY, APRH, 27, 1999 <br /> <br /> Under Staff Reports, Council next considered a Financial Report for month ending 3/31/99. Director <br /> <br />of Finance Wade Bartlett provided this report, providing documents which included a Comparison of <br />Revenues and Expenditures and a Combined Balance Sheet, designed to reflect the financial performance of <br />the City as compared to the annual budget. Mr. Bartlett noted that revenues collected had exceeded <br />anticipated amounts in all areas except the General and Water Funds. He stated that the General Fund <br />revenues would probably recover soon due to collection of automobile decal revenues, but that due to lower <br />industrial demand Water Fund revenues would probably be as much as $60,000 lower than budgeted. Mr. <br />Bartlett stated that other fund revenues were expected to meet or exceed projections, and that the Electric <br />Fund would probably exceed budgeted amounts by $200,000. He then noted that TMth the exception of <br />Electric and Meals Tax Funds expenditures were less than projected to this point in the year, stating that the <br />variance in the Meals Tax Fund would disappear by the end of the year, and that the variance in the Electric <br />Fund would be offset by increased revenues. Mr. Bartlett then provided information on the balance sheets, <br />noting that overall fund balances had been reduced by $1,230,236 in the past month. Mr. Bartlett closed by <br />stating that the City' s budgetary goals were being met, and that overall fiscal performance showed $800,000 <br />more in revenues and $200,000 less in expenditures than projected in the budget. Council Member Haskell <br />asked if the lower Water Fund revenues were a result of recent rate reductions, and was told that they were <br />not. Mr. Bartlett stated that a decrease of $15,000 to $20,000 from that rate change would not be seen until <br />the next fiscal year. Council Member Haskell noted that Council must be mindful of that fact during the <br />current budget process. <br /> <br /> Under items not on the Agenda, Mr. Lafayette Jones commended the City Sheriff' s Department for <br />their plans to establish a work release program. <br /> <br /> Council next considered the need to meet in Executive Session. In accordance with Section 2.1-344 <br />(A) of the CODE OF VIRGINIA (1950, and as amended) and upon motion, duly seconded, and by <br /> <br /> <br />