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September 14, 1999 <br /> <br /> $750,373 and $571,578 respectively to the positive variance. <br /> When revenues and expenditures are combined, fund balances <br /> should exceed expectations. Total operating fund balances at June <br /> 30, 1999, were $4,329,675 greater than compared to the previous <br /> month. The increase in the Capital Reserve Fund of $6,433,694 <br /> was the chief reason for this increase. This increase was due to <br /> the closing of the $7.5 million bond associated with the Albert <br /> Hards Project. The decrease in the General Fund and the increase <br /> in the School Fund ($1,962,396) were both caused by the semi- <br /> annual transfer of $3,704,327 from the General Fund to the School <br /> Fund. Transfers of $1,643,650 to other funds accounted for the <br /> decrease in the Electric Fund and the increase in the Prison and <br /> Street Maintenance Funds. Overall, seven funds improved and <br /> eleven declined." <br /> <br /> Vice Mayor Teague inquired about major re-appropriations. Mr. Bartlett stated <br />that these figures would be presented at the next Council meeting. Vice Mayor Teague <br />inquired about any major expected movements in the July 6, 1999, back-up of entries. <br />Mr. Bartlett replied that revenue will be the movements. Council Member Haskell <br />asked, "Was the decrease in the General Fund not due to so~ening of the economy?" <br />Mr. Bartlett responded, "Not in real estate." Vice Mayor Teague asked if the Clearview <br />Business Park and shell building project would have a positive input on business taxes. <br />Mr. Bartlett replied, "Yes." Mayor Crabtree inquired if the closing of Harris Teeter had a <br />negative impact. Mr. Bartlett responded, "I'm not expecting a great change. People <br />have to eat." Council Member Haskell asked if the accounts contained money for the <br />landfill improvements. City Manager Reynolds stated, "Yes." Mayor Crabtree stated <br />that legislature has looked into closing landfills. Mr. Bartlett replied, "There's enough <br />funds to close now if necessary." Council Member Roop asked for a review of the <br />Albert Harris bond status. Bartlett responded, "The $7.5 million bonds were placed in <br />the State Non-Arbitrage Program (SNAP). Because of the size, we earn better interest. <br />Last month was 5.25%. We recei~/e invoices from contractors, pay from the local <br /> <br /> <br />