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TUESDAY, JUNE 22, 1999 <br />organization should be providing more than the $75,000 in capital funds they had agreed to pay. Council <br /> <br />Member Roop then stated that he would not support execution of the new lease for that reason. Council <br />then authorized the City Manager to execute the lease with the Martinsville Astros, as presented, by the <br />following vote, all members voting: <br /> <br />Vote: 4-1 <br /> <br />Yeas: (4) Crabtree, Dallas, Haskell, Teague. <br /> <br />Nays: (1) Koop. <br /> <br /> Council next considered a Financial report for the month ending 5/31/99, as presented by Director <br />of Finance Wade Bartlett. Mr. Bartlett began by stating that revenues at this point in the fiscal year were <br />exceeding expectations in all funds except the Water Fund. He stated that the timing of receipt of Real <br />Estate and Bank Franchise Taxes was the greatest driver behind the revenues at this point. He then <br />proceeded to read his written report to Cotmoil. In response to a question from Vice Mayor Teague, Mr. <br />Bartlett explained that a $400,000 variance in the figures provided reflected less in expenditures than <br />anticipated, and that the net positive benefit to the General Fund would probably be,about $500,000 to <br />$550,000 overall. Mrs. Pinkard then asked what the City's total debt was at this point. Mr. Bartlett <br />stated that he was not prepared and able to provide an exact figure in answer to this question. Mayor <br />Crabtree then responded with a figure of about $16 million, which included $7.5 million for the Albert <br />Harris School project, $5 million for the Middle School Project, and $4 million in retinaneed bonds for <br />school technology needs and other capital improvements. Mrs. Pinkard stated that if the debt actually <br />accomplished something she supported it, but was concerned about whether the City would be able to pay <br />such debt as residents continued to move out of some neighborhoods. Mr. Bartlett then noted the City' s <br />excellent financial standing by virtue of the City's recently awarded A bond rating, stating that the bond <br />rating agencies review such things as the stability of the tax base, employment figures, and other relevant <br />economic factors in their examination. Council Member Roop then stated that the City's debt was <br /> <br /> <br />