Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, March 17, 1990 TAG: 9003172183
SECTION: CURRENT PAGE: NRV3 EDITION: NEW RIVER VALLEY
SOURCE: RICK LINDQUIST CORRESPONDENT
DATELINE: DUBLIN LENGTH: Medium
At Thursday's council meeting, Town Administrator Gary Elander gave members a financial report for seven months ending Jan. 31. He said members would receive a report at every regular meeting, showing year-to-date spending and income.
"Without it, you're kind of operating in the dark," Elander said.
The first financial report was an eye-opener for some council members, who did not routinely receive reports in the past except during budget preparation or unless requested.
"Your revenue is lagging some for the seven months," Elander told Council, noting that collections were only at the 50-percent level by the end of January. He later said the town would beef up efforts to collect delinquent taxes.
On the other hand, 56 percent of town general-fund revenues had been spent at the end of the report's seven months. "Overall, we're on target," Elander said.
Councilman Dave Stanley wanted to know why the $3,100 contingency account had already been overspent by $3,400. "We're 200 percent over budget on that one item," he said. "Are we that much off budget or what?"
Elander pointed out that the town still had not spent $230,843 it had budgeted, and that several accounts had positive balances. "At the end of the year, any minuses will be balanced out by the accounts with funds in them," he said.
The report showed water and sewer revenues at 58 percent and spending at 61 percent.
More information came during discussion to borrow $25,000 from Signet Bank in anticipation of June real-estate collections.
"Signet had a few questions about our finances, so revenue enhancement might be in order," Elander said before the unanimous vote for the 90-day revenue anticipation note at 10 percent interest.
"That didn't sound good," Councilwoman Patsy Akers said later. Elander said Signet had reviewed the town's audit report and had noticed a "trend of more outgo than what was coming in."
Elander suggested that Council set up a budget reserve of at least $50,000 to avoid future borrowing.
Council also unanimously approved a motion by Recycling Committee Chairman Stanley to place bins for bottles and aluminum. One bin will be at Wade's Supermarket; another will be at Jack Cook Flower Shop. Stanley said he's negotiating for two more sites.
by CNB