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Minutes for the Finance Committee meeting on November 30, 2006.
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Finance & Administration Committee Minutes
Thursday, November 30, 2006
2:00 p.m.
Members Present were: Darrel Dover, Judy Furr, Jim Hargis, John Street and Ann Williams. Councilman Perrin was unable to attend. Also in attendance were Councilman Farmer, as well as Mayor Formon and Mr. Tony Thomas from the Mayor’s Office.
ELECTION OF A CHAIRMAN
Councilman Farmer stated since he is no longer serving on the committee a new chairman would need to be elected. Councilman Street motioned, seconded by Councilwoman Furr, to elect Councilman Dover to be chairman for the remainder of the year. All voted aye.
2007 BUDGET
Finance Director Don Ray discussed concerns with the proposed 2007 budget that had been brought up by Councilman Farmer. He stated the budget was calculated to show a 6% increase in sales tax revenues for 2007, but the projected amount to be collected was overstated by $1 million. Mr. David Eagle noted that after looking at the sales tax increase over the past few years they are now expecting a 9% increase sales tax revenue over 2006. Mr. Ray explained the 2007 budget did not include a Fixed Asset Fund. He further explained after consulting with several people he knew from Legislative Audit he determined the Fixed Asset Fund was not needed. Mr. Ray also stated the 2007 budget did not include the lease payment for the police cars and fire trucks because he was not aware of the payments. He added they are included in the revised 2007 budget. He noted $400,000 in interest revenue was also not included in the budget. Mr. Ray also stated they made the corrections in terms of the $405,000 in Industrial Development. He explained the changes helped them because they were able to transfer $210,000 to Capital Improvements. Mr. Ray provided the committee with a budget summary for operations and maintenance. He explained because of the number of corrections that would need to be made and th...
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