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11 Mr. Caravati said he would also like to see a comparison of services provided by the localities. Ms. Richards noted that the City has had a double whammy of increasing services, some of which are mandated, and decreases in revenues. She said this sho ws the need to continue to emphasize economic development. Mr. Cox asked Councilors to provide direction to staff regarding the budget guidelines in the next week PUBLIC HEARING/APPROPRIATION : YEAR END APPROPRIATION Mr. O'Connell said the Year End A ppropriation is a regular part of the process of closing the City books and the annual audit. He said that $1.24 million of the Strategic Investment Fund was moved to the General Fund in order to maintain a 12% fund balance. He said when the economy impr oves this fund will be built back up. He said that the City remains in sound financial condition. Ms. Rita Scott, Director of Finance, said that several revenue projections were not met last year, but noted they have been changed for the current year. Ms. Scott reviewed the Year End Appropriation. Ms. Scott said that Council is also being asked to take action to extend the loan to FOCUS. She said Council can either direct staff to work with FOCUS to pay off the loan or the loan can be maintained. T he public hearing was opened, but as there were no speakers, the public hearing was closed. Mr. Lynch said it would be helpful in the future to receive quarterly updates on revenues. Mr. Lynch asked for more information on the Social Services surplus. The Year End Appropriation was offered and carried over to the next meeting for consideration. RESOLUTION : LOAN TO FOCUS Mr. Schilling made a motion to extend the FOCUS loan on the condition that it be due June 30, 2004. Mr. Caravati seconded the m otion, and noted that this can be dealt with as a budget issue. Mr. Schilling noted that the loan has been outstanding since 1996. Ms. Scott said that the original loan was for $22,000 and $5,000 has been paid back. The Resolution Extending the FOCUS lo an was approved by the following vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Schilling. Notes: None. WHEREAS , the City advanced loans to FOCUS of Charlottesville and Albemarle for start - up funds for its Teensight program, and FOCUS executed an Amended note for $17,000 on August 5, 1996, with a due date of August 15, 1997, which was further extended by Resolution adopted March 1, 1999 to August 15, 1999; and WHEREAS , the City wishes to extend the due date on the balance of the loan, conditioned upon execution of an Amended Note by FOCUS, now, therefore BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that the due date of the above referenced loan is hereby extended to June 30, 2004, provided that FOCUS execute an Amended Note evidencing the new terms of its indebtedness.