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ORDINANCE NO. 2024-07 <br />AN ORDINANCE ACCEPTING AN ALLOCATION OF $218,168 FROM THE STATE <br />COMPENSATION BOARD AND APPROPRIATING IT TO THE NON - <br />DEPARTMENTAL CATEGORY OF THE FY 2024 GENERAL FUND BUDGET, <br />REDUCING REAL PROPERTY TAX REVENUE AS A BUDGETARY REVENUE <br />SOURCE BY $214,356, AND INCREASING EXPENDITURES IN THE NON - <br />DEPARTMENTAL CATEGORY OF THE FY 2024 GENERAL FUND BUDGET BY <br />$3,812, FOR THE PURPOSE OF FUNDING A TWO -PERCENT SALARY INCREASE <br />THAT WAS PREVIOUSLY PROVIDED AS PART OF THE STATE -SUPPORTED <br />LOCAL EMPLOYEE COST OF LIVING ADJUSTMENT. <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br />1. That it accepts an allocation of $218,168 from the State Compensation Board and <br />appropriates it to the Non -Departmental Category of the FY 2024 General Fund Budget. <br />2. That it reduces real property tax revenue as a budgetary revenue source for the FY <br />2024 General Fund Budget by $214,356. <br />3. That the funds so appropriated shall be used to fund the previously provided two - <br />percent cost of living salary increases for state -supported local employees. <br />4. That estimated expenditures in the Non -Departmental Category of the FY 2024 <br />General Fund Budget are increased by $3,812. <br />5. That this ordinance shall take effect on the date of adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on <br />January 23, 2024. <br />Teste: <br />City Clerk <br />