Agenda 09/26/2000 - Laserfiche WebLink

Home Browse Search

TItURSDAY, JUNE 1, 2000 continuing on the settlement arrangement on the deed of trust on the former Tultex headquarters facility on Church Street. Council Member Roop asked if it was reasonable for the City to expect resolution of these issues within the next fiscal year, and Mr. Reynolds responded that there should be resolution on these matters by September of 2000. Council Member Roop asked if these issues might take as long to resolve as the earlier American Electric Power rate settlement. Mr. Reynolds replied that this process should not take that long, since all parties concerned were anxious to close these issues and distribute assets as soon as possible. Vice-Mayor Teague then suggested that the revenue be left in the budget until the end of the current month and then decide whether to leave it in or remove it. Mr. Reynolds noted that, as in past years, council could expect changes in the level of the General Fund revenues by the end of the fiscal year, and that such changes were common. Council Member Roop stated that there was not a lot that could be done about the situation, and that it could be lef~ as is and transfer or reduce funds as needed when the time came to respond, noting that there was still a projected fund balance of $321,000 in the General Fund. Mr. Reynolds stated that he would brief Council in the next 30 days on this issue, and noted that Council should also see improvements in the revenues from Real Estate taxes, due to the addition of new facilities that included the new Carilion Medical Center, Blue Ridge Nursing facility, the Jamison Inn, Advance Auto Parts and others. Council then decided by consensus to leave in the projected revenues from the Tultex settlement and monitor the issue closely during the coming year. Mr. Reynolds also reminded Council that historically the audit process usually left fund balances at greater than expected levels when completed. Council then discussed the City Council/Legislative Budget, and stated the need for a standard employee evaluation form for use in evaluating the Clerk of Council. It was also noted that Council would coordinate the evaluation of the City Manager on their own.