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81 <br /> <br /> Ms. Linda Peacock, Assistant City Manager, presented a financial model showing <br />future expenditure and revenue projections for the City. <br /> <br /> Mr. Campbell said he would favor putting the idea of a tax increase to fund school <br />capital needs before the public. Mr. Campbell said it has also been suggested that the <br />payments made to the City by the University of Virginia could be increased for this <br />purpose. <br /> <br /> Mr. Cox said the public may have difficulty understanding the increased capital <br />costs with a shrinking student population. Mr. Cox said that the School Board may need <br />to consider closing a school. <br /> <br /> Mr. Lynch suggested that Albemarle County students could be brought into the <br />City's school system, or the City's school buildings could be shared with Albemarle <br />County. <br /> <br /> Mr. Cox said he feels there is an element of compromise to achieve certain <br />results, and he would like to know what these compromises would be. <br /> <br /> Ms. Richards noted that the cost of public education has increased dramatically <br />over the past ten years. <br /> <br /> Mr. Cox said he would like to have the financial model project the needs of the <br />school system and show.what the tax rate would need to be to fund the needs. In <br />addition, he said he would like to know what could be cut in order to fund the capital <br />projects. He said he would like the community to have a dialogue on a few options. <br /> <br /> Mr. Campbell said that the School Board has wrestled with all of this and there is <br />currently no public agreement on how to proceed, though he has heard a lot about no cuts <br />and a tax increase. <br /> <br /> Ms. Muriel Wiggins, School Board member, said one idea would be to have the <br />City take over facilities management for the schools. <br /> <br /> Mr. Campbell said programmatic changes and increased class size would occur if <br />an elementary school was closed. <br /> <br /> Mr. Caravati asked that the School Board provide Council with a capital project <br />wish list and needs list for the next ten years. <br /> <br /> Ms. Richard said she feels that there might be the potential for locating a magnet <br />school at Jefferson School. <br /> <br /> (~ Th~journed. <br />Pre~d;nt <br /> <br /> <br />