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238 <br /> <br /> Ms. Richards said the City'S loan funds for historic preservation and state and <br />federal tax incentives provide some assistance to home owners. <br /> <br />Mr. Cox said the problem often is absentee landlords. <br /> <br /> Mr. Toscano said he feels the area is worth some study and could be included as <br />part of the City's Iegislative package. Mr. Toscano said that ifthe request is narrowly <br />focused and targeted to Charlottesville it could possibly be approved by the General <br />Assembly. <br /> <br />REPORT: FINANCIAL TRENDS <br /> <br /> Mr. Chris Cullinan, Budget Director, explained that the report of financial <br />indicators was prepared bythe City's Team CFO (Chief Financial Officers), which <br />includes the Assistant City Manager, Director of Finance, Commissioner of Revenue, <br />Treasurer, and himself. <br /> <br /> Ms. Rim Scott, Director of Finance, presented information on: total revenues per <br />capita; total general fund revenue from own sources; general fund revenues from other <br />funds; operating expenditures as a percent of total expenditures; ttmeserved fund tnflance <br />as a percent of the total general fund; general fund cash and investments as a percent of <br />general' fired liability; per capita Iong term debt; debt service as a percent of total <br />revenues; and general fund highlights of fiscal year 1999. <br /> <br /> Mr. Cutlinan reviewed the general funds' major re'venue sources mad expenditures, <br />as well as a comparison ofactuaI revenues and expenditures as compared to Mr. Muller's <br />1997 projection. <br /> <br />Ms. Scott reviewed the factors for maintaining a AAA bond rating. <br /> <br /> Responding to a q-aestion kom Ms. Daugherty, Ms. Scott said the better the bond <br />rating the lower the interest costs the City receives for bonds. <br /> <br /> Mr. Cox asked how expenditures for the schools con,4ram with other localities, <br />and Mr. Cullinan said he will provide that information to Councn. <br /> <br /> Mr. Toscano said he would be interested in finding out the debt per capita for <br />Cotmty Schools. <br /> <br /> Mr, Caxavati said that last year Council discussed the poss~ility of reducing the <br />fund balance bebw t2% and asked if Ms. Scott would recommend that it be reduced, <br /> <br />Ms. Scott said that it is debatable as to whether a t2% fund balance is too high. <br /> <br /> Ms. Richards Mid she feels maintaining the fund balance is important, especially <br />as the state takes away revenue sources for -localities, which may be a problem if the <br />economy worsens. <br /> <br /> Mr. Caravati asked if there is a national norm for funds balances for.other AAA <br />cities. <br /> <br />Mr. Cox asked if there is a need to increase the capital budget. <br /> <br /> Mr. Cultinan said that the capital budget wilt be simihr in the upcoming year to <br />previous years, but there may be more of an increase in the -following year. <br /> <br /> Mr. Toscano said he would like to receive the actual figures for the comparison of <br />Mr. Muller's projections to the City's actual revenues and expenditures. Mr. Toscano <br />asked when Could would be discUssing their budget priorities. <br /> <br /> Mr. O'Connell said that Coune~fl could let him know their priorities now orat <br />another time. <br /> <br /> <br />