At its meeting Tuesday, Martinsville City Council members learned the city’s total fund balance has grown by $2.8 million, from $6.2 to $9 million, during a report about the capital plan provided by Ben Wilson, associate vice president at Davenport & Company LLC.
The city’s operating revenues have exceeded operating expenditure in the past three years. Its existing tax-supported debt profile is $5,165,568 for the schools, and $546,847 for the city. The city has fixed interest rates that should pay off in about 8 years at a ratio of 100 percent, Wilson said.
There are 34 rated cities and towns in Virginia, Wilson said, and “there are no localities in Virginia that are rated below an A. The city is not currently rated by any of the national credit rating agencies,” nor has it to issue bonds.
The debt services versus expenditures ratio stood at 2.3 percent, with the existing debt-to-asset value at 0.7 percent, Wilson said. The real estate assessed value of Martinsville is $651,746,786, with a debt-assessed limit value of 10 percent, which places Martinsville way below the legal debt limit.
Currently the water and sewer fund are considered to be “in very good shape,” said Willson. The refuse and electronic funds are also doing well.
Willson also showed different options if the city needs to borrow money to fund projects, with the stipulation that Davenport needs to look further into the finances to see how much debt the city could realistically and comfortably afford.
Davenport will be working with the city to create a more concrete report.
In other matters, the council:
*Approved $697,000 from the Virginia Department of Transportation (VDOT) Good Repair Grant Fund.
*Discussed the racial makeup of the Martinsville Police Department, and learned that the department is nearly fully staffed, with four officers in the academy and one in the process of recruitment.
“There is a national problem recruiting minority and women police officers,” said council member Lawrence Mitchell. He added that he doesn’t want unqualified officers hired and he understands how demographics can change.
*Learned that the city’s Industrial Development Authority (IDA) will change its name to the Economic Development Authority (EDA). “The IDA actually voted in favor of this action last month,” City Manager Aretha Ferrell-Benavides said.
*The city was awarded a $2.8 million loan to assist in rehabilitating the property at 1 Ellsworth St., also known as the former BB&T building. The city manager was also given the ability to negotiate on the acquisition of property in Uptown Martinsville.
*Alexis Heavner, the aunt of Iviyan Dandridge, urged the council to look into more safety precautions and asked for suggestions to help push for better safety in the city. Dandridge was shot to death July 7 at what was described as a large gathering at a home on Rivermont Heights. Dandridge was 19. Two other people also sustained gunshot wounds.
“I wanted to ask that the city hold some sort of curfew until we have some answers about Ivy’s death,” Heavner said.
Ordinances have been discussed to help deter crime at late hours, city officials said.
“We’ve got to figure out what we are doing with policing,” Vice Mayor Aaron Rawls said. “It’s going to be a delicate balance,” and Rawls is open to considering solutions to increase safety.
