Minutes 06/02/1976 - Laserfiche WebLink

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2GO WEDNESDAY JUNE 2, 1976 A special and duly-called meeting of the Council of the City of Martinsville, Virginia, with Mayor Harry L. Boaz presiding, was held Wednesday, June 2, 1976, in the Council Chamber, City Hall, beginning at 7:30 P.M., all members, with the exception of Councilman Morton W. Lester (who had a conflicting engagement), being present, viz., Harry L. Boaz, Mayor; William D. Hobson, Vice Mayor; G. S. Fitz-Hugh, Jr.; and Barry A. Greene. The purpose of this special meeting, as called by Council by action taken during its regular meeting held May 25, 1976, was to consider and study City Manager Noland's proposed City Budget for the fiscal year ending June 30, 1977, which budget--in the total amount of $16,027,6l2.00--proposed a tax rate increase from $1.85 to $2.00 on real estate and public service corporations (estimated to bring in $170,000.00 additional revenue from this source) and, also, a revision in the method of assessing personal property (motor vehicles), i.e., from 40% to 100%, but with a reduction in the tax rate from the current rate of $2.25 to $1.50, which revision would add $60,000.00 annually to the City's revenues. As a partial alternative to these two proposed tax increases, by memorandum dated May 27, 1976, City Manager Noland pointed out--in response to some interest having been expressed by several members of Council--that an imposition of a 5% tax on business done in Martinsville by the local telephone and gas utility systems would yield some $117,000.00 annually although, if imposed for 1976-77, the City would realize but 10!12ths of this annual amount because of the time element necessary to institute this tax by these two utility systems. Subsequent discussion by members of Council reflected concern over the fact that some $312,000.00 to be received from Appalachian