Blacksburg Town Council Work Session

April 2, 2024, at Blacksburg Motor Company (400 S. Main St.)

The Town Council held a work session covering the 2024 bond issuance, a budget appropriation ordinance, agency financial requests for the FY24/25 operating budget, and a closed meeting for personnel evaluations. The meeting opened at 11:00 a.m., recessed to closed session at 12:37 p.m., reconvened at 1:25 p.m., and adjourned at 1:27 p.m. All votes were unanimous.

Presentation by Davenport & Company on 2024 Bond Issuance

• Courtney Rogers of Davenport & Company, the Town’s financial advisor, presented an overview of the general obligation capital improvement bond process and discussed factors affecting the Town’s credit assessment. Rogers provided Davenport’s recommendation for proceeding with the bond issuance. (See also Ordinance 2047 referenced in the minutes.)

Discussion of Ordinance 2050: Budget Amendment to Appropriate Bond Proceeds

• Town Attorney Lawrence Spencer explained that Ordinance 2050 would amend the FY 2023/2024 operating budget to appropriate $2,500,000 of bond proceeds to the General Capital Improvement Fund. These funds are intended for three planned property purchases that had not yet been appropriated. Council discussed the ordinance.

Additional Discussion of FY24/25 Operating Budget: Agency Financial Requests

• Town Manager Marc Verniel initiated the discussion of agency funding requests and reviewed the annual process for developing funding recommendations for the operating budget. He noted that Council would have another opportunity to review and discuss the recommended budget at the next work session on April 16, 2024.

Closed Meeting (Personnel)

• Vice Mayor Sutphin moved to adjourn to a closed meeting pursuant to Virginia Code § 2.2-3711(A)(1) for annual discussion and evaluation of the performance and salaries of the Town Manager, Town Clerk, and Town Attorney. Councilmember Anderson seconded; the motion passed unanimously on a roll call vote (7-0). The closed meeting began at 12:37 p.m.

Resolution 4-A-24: Certification of Closed Meeting

• Council reconvened to open session at 1:25 p.m. Vice Mayor Sutphin moved to adopt Resolution 4-A-24, certifying the propriety of the closed meeting. Councilmember Anderson seconded; the motion passed unanimously on a roll call vote (7-0).

Key Outcomes

• Council received the bond issuance presentation and recommendation from Davenport & Company.
• Ordinance 2050 was discussed; no vote was taken during the work session (formal action expected at a future regular meeting).
• Agency funding requests were discussed; further review scheduled for April 16, 2024 work session.
• Council unanimously approved the closed meeting and subsequently unanimously adopted Resolution 4-A-24 certifying its propriety.