SPECIAL MEETING OF THE CHARLOTTESVILLE CITY COUNCIL
NOTICE OF SPECIAL MEETING
A SPECIAL MEETING OF THE CHARLOTTESVILLE CITY COUNCIL WILL BE HELD
ON Thursday, January 5, 2012, AT 5:00 p.m. AT CitySpace, 100 5th Street, N.E.
THE PROPOSED AGENDA IS AS FOLLOWS:
Budget Work Session
BY ORDER OF THE MAYOR BY Paige Barfield
CITY SPACE – January 5, 2012
Council met in special session on this date with the following members present: Ms.
Galvin, Ms. Smith, Ms. Szakos, Mr. Norris, Mr. Huja.
Ms. Beauregard introduced Mr. Jim Johnson, Financial Advisor at Morgan Keegan, to
discuss the importance of a AAA credit rating to the City. He also reviewed recent rating
activities, gave an overview of Charlottesville’s key financial policies, and reviewed the impact
of additional debt. Any additional debt would exceed the City’s current debt policy by 2018.
Ms. Beauregard gave an Update on FY 2012‐2017 Revenue and Expenditure Forecasts.
She also reviewed long-term forecasts. Most notably, real estate tax revenue is the largest source
of revenue, and it is trending downwards, which is not as good as the City anticipated. She also
reviewed the FY12-17 Financial Forecasts.
Ms. Beauregard reviewed FY 13 budget guidelines, long term financial guidelines, and
reviewed the FY13 budget timeline. She also reviewed expenditure and revenue trends for
FY2013. All revenues are projected to increase by less than 0.75% going into FY 2013.
Council reviewed the FY 2013 Budget Development Workplan Update, discussed early
trends for expenditures and revenues, and addressed the FY 2013 Capital Improvement Program
and projected debt service. They also discussed Council priorities and initiatives and agreed to
address these more extensively at their retreat in early February.