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HomeMy WebLinkAbout3/22/2024 - Regular1 MINUTES OF RETREAT OF VINTON TOWN COUNCIL HELD AT 9:00 A.M. ON FRIDAY, MARCH 29, 2024, IN THE MILL MOUNTAIN VISITOR CENTER, 2000 J.B. FISHBURN PARKWAY. ROANOKE, VA 24014, ROANOKE, VIRGINIA MEMBERS PRESENT: Bradley E. Grose, Mayor Michael W. Stovall, Vice Mayor Keith N. Liles Sabrina McCarty Laurie J. Mullins STAFF PRESENT: Richard Peters, Town Manager Cody Sexton, Deputy Town Manager Antonia Arias-Magallon, Administrative Manager/Town Clerk Andrew Keen, Finance Director/Treasurer Tiffany Stewart, Assistant Finance Director Fabricio Drumond, Police Chief Tim Lawless, Deputy Police Chief Donna Collins, Human Resources/Risk Management Director William Herndon, Public Works Director Marshall Stanley, Economic Development Specialist Anita McMillan, Planning & Zoning Director Nathan McClung, Assistant Planning & Zoning Director Jamie Hurt, Capital Projects Manager The Council Retreat began on Friday, March 22, 2024, at 9:00 a.m. The Town Manager opened the meeting and welcomed everyone. The first item on the agenda was the revenue budget. Deputy Town Manager Sexton reviewed a PowerPoint that will be available at the Town Clerk's office as part of the permanent record. Mr. Sexton commented that the revenue budget is approximately 12 million dollars. Meals tax and sales tax are generating more than a quarter of the Town’s budget. The growth of the Town has a lot to do with the meals tax increase. Sales tax has had consistent growth. Pari-mutuel tax has been consistent across the first 38 weeks of the year. Major revenues are expected to exceed 100 percent of the budget by approximately 1 million dollars. The next item on the agenda was the expenditure budget. Mr. Keen reviewed a PowerPoint that will be available at the Town Clerk's office as part of the permanent record. Mr. Keen reviewed the expense analysis for each department. Council and staff took a break at 10:30 a.m., and the retreat reconvened at 10:56 a.m. Following the break, the next item on the agenda was the capital improvement projects and highlighted discussion. Town Manager Peters reviewed a PowerPoint that will be available at the Town Clerk's office as part of the permanent record. Mr. Peters commented on the current projects in the Capital Improvement Program that are still active and those that are complete. The total cost of the projects comes to around $5,672,750.00. Mr. Peters next went over the capital improvement project requests for FY25 totaling $797,500.00. Mr. Peters commented on the War Memorial renovation and what the Town would like to do with the facility moving forward. 2 Mr. Sexton commented on the War Memorial debt amortization analysis. The War Memorial generates about $150,000 a year. In order to make taking on debt for the project most feasible, staff would like to aim to have a combination of a down payment and an interest rate that would result in yearly debt service payments within 20% of $150,000. The goal is to look at what options are available and where the revenue from the War Memorial can cover most of the expenses for the debt service. Council and staff took a lunch break at 12:02 a.m., and the retreat reconvened at 12:54 p.m. Following the break, Town Manager Peters recapped the discussion on the budget with the Council. Council commented on the presentation and expressed appreciation to the staff for their hard work. Mr. Peters commented on the dates for the Council Meetings that the budget will be discussed, proposed, and adopted. The meeting was adjourned at 1:25 p.m. APPROVED: ________________________________ Bradley E. Grose, Mayor ATTEST: _____________________________________ Antonia Arias-Magallon, Town Clerk