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TUESDAY, JUNE 8, 1999 <br />Fiscal Year 1999-2000. Mr. Earl B. Reynolds Jr., City Manager, presented his proposed Budget, <br /> <br />noting that the largest area of increase in the Budget was a 2.95% average increase in <br />compensation for City employees. Mr. Reynolds also stated that local effort towards education <br />totaled $8,846,552, and that the Municipal government portion of the Budget totaled <br />$15,182,522. Council Member Haskell then referred to the Budget Summary sheet provided, <br />and asked for an explanation of how the negative fund balance shown there could be reconciled <br />to a balanced budget. Finance Director Wade Bartlett explained that some funds would receive <br />transfers from the Enterprise Funds, while others would receive a contribution from the General <br />Fund Fund Balance to balance their accounts. Mayor Crabtree then declared the Public Hearing <br />on the Budget open. Mr. Lafayette Jones came forward and spoke, suggesting .that funds from <br />the City's electric payment rebate, recently received from American Electric Power, should be <br />used to improve the Market Street/Commonwealth Boulevard and Liberty Street/Commonwealth <br />Boulevard intersections. Mr. Jones characterized the intersections as dangerous, and the sites,~of <br />an average of one accident per week between them. Mr. Ralph Draper then spoke, suggesting <br />that Council use these rebate funds to treat additional Fire Department personnel and equipment <br />as a strong priority in the budget. Mayor Crabtree then asked City Manager Earl B. Reynolds Jr. <br />to outline the use of the rebate funds as represented in the proposed budget. Mr. Reynolds stated <br />that the majority of the rebate funds would be used to balance the Prison Farm and Street <br />Maintenance Funds and provide for the street project work related to the Albert Harris School <br />project. He stated that the balance remaining of the rebate, $220,000, was proposed to be used to <br />provide rebate checks to all electric utility customers. Council Member Dallas suggested that the <br />$220,000 remaining be placed in the General Fund Fund Balance. Vice-Mayor Teague stated <br />that the creation of an economic development fund with the monies had also been discussed, and <br /> <br /> <br />