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232
<br />
<br />July 12, 1977
<br />
<br /> The amendments meet the approval, both in principle and format, of our actuaries and em-
<br />ployee benefit consultants of Meidinger and Associates, Inc.
<br />
<br /> It is expected that the proposed amendments, if enacted, will at least bring about a
<br />stablization of a cost that has spiraled over the last two years. Reductions are proposed in
<br />those areas were the m~rgins of return are the smallest. We find that the proposed ~mendments
<br />are in the best interests of the City and we urge passage effective July 1, 1977."
<br />
<br /> Motion of Mr. Early and seconded by
<br />consideration of employes participation
<br />Manager, was adopted by unanimous vote.
<br />
<br />Mr. Holley, that the ordinance to be deferred and that
<br />in the Retirement Fund to be referred to the City
<br />
<br /> 77-254
<br />1977-82.
<br />
<br />"Consideration of a resolution approving the Capital Improvements Program for
<br />
<br /> The Capital Improvements Program includes a projection of Frojects over a five year period
<br />with the first year, 1977-78, being the Capital Works Program for the next~'fiscal year. The
<br />remainder of the program, the last four years, is for planning purposes in outlining future [
<br />needs of the City requiring capital investments. The Capital Improvements Program includes fund-
<br />ing sources from General Obligation bonds, General Revenue Sharing, Community Development, and]
<br />Public Utility bonds; and State and Federal match in categorical areas. The City Manager re- ~
<br />commends adoption." I
<br /> The. following letter received from the Municipal Finance Commission:
<br />
<br /> "At its regular monthly meeting held June 14, 1977, the Municipal Finance Commission re=
<br />viewed the 1977-82 Capital Improvements Program (CIP) as re6ommended by the City Manager.
<br />
<br /> The proposed.1977-78 CIP totals $11,434,661, of which $~,347,000 is funded from general
<br />obligation bonds. The Municipal Finance Commission recommends this level of bond funding,
<br />provided the City is successful in its attempts to have the proposed oil refinery located in
<br />Portsmouth. Because of the rising level of debt service expenditures projected for future
<br />years in the operating budget, the indicated level of funding in the CIP will require greater
<br />or new sources of revenue. In the event that new sources of revenue do not emerge, funding
<br />for higher levels of debt service expenditures will not be available. Therefore, in the event
<br />that the refinery d.oes not locate in Portsmouth, it is recommended that the bond funding level
<br />be reduced to approximately $2 million."
<br />
<br /> O~ m~Jf~f~M~B~-~ ~d-§~¢~d~dlhy~~l~,~he~olI~wing resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE CAPITAL IMPROVEMENTS PROGRAM FOR 1977 THROUGH
<br />1982 AND A ONE YEAR CAPITAL IMPROVEMENT WORK PROGRAM FOR 1977-78.
<br />
<br /> WHEREAS, the City Manager has submitted to Council the Capital Improvement Work Program
<br />for 1977 through 1982; and
<br />
<br /> WHEREAS, the City Planning Commission, the Citizens Advisory Committee and the Municipal
<br />Finance Commission have reviewed said programs and endorsed it; and
<br />
<br /> WHERBAS, this Council has considered the program and finds it to be in proper form and
<br />expressive of Council policies in regard to necessary capital improvements.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />the aforesaid Capital Improvement Program for 1977 through 1982 and a one year Capital Im-
<br />provement Work Program for 1977~9YS~gB~,and the same hereby is, approved subject to later
<br />appropriation in the ordinary course of business of the City."
<br />
<br /> Ayes: Barnes, Early, Elliott, Holley, Oast, Wentz, Davis
<br /> Nays: None
<br />
<br /> 77-2S5 - "Consideration of a resolution authorizing the School Board of the City of
<br />Portsmouth to apply for, receive, and expend funds from F~deral and State agencies not pre-
<br />sently budgeted in the School Budget.
<br />
<br /> This resolution is adopted annually authorizing the School Board of the City of Ports-
<br />mouth to make application for and to receive and expend funds under Federal and State grants
<br />that are not included as part of the normal operating budget. A copy of the letter outlining
<br />the resolution from the School Board requesting this authorization is attached for your in-
<br />formation. The City Manager recommends adoption."
<br />
<br />~The following letter received from the School Board:
<br />
<br /> "At the regular meeting on June 30, 1977, the School Board of the City of Portsmouth
<br />adopted the following resolution and directed that it be forwarded to City Council.
<br />
<br />BE IT RESOLVED that the School Board of the,City of'Portsmouth request authorization
<br />from City Council to apply for, receive, and expend funds from State, Federal and
<br />other agencies not presently budgeted SR the 1977-78 School Budget."
<br />
<br />and
<br />
<br />On motion of Mr. Barnes and seconded by Mr. Wentz, the following resolutian was adopted,
<br />by the following vote:
<br />
<br /> "A RESOLUTION AUTHORIZING THE SCHOOL BOARD TO MAKE GRANT APPLICATIONS AND
<br /> EXPEND STATE AND FEDERAL FUNDS NOT PRESENTLY BUDGETED IN THE 1977-78 SCHOOL
<br /> BUDGET; DIRECTING THE SCHOOL BOARD TO REPORT RECEIPT AND EXPENDITURE OF
<br /> SUCH FUNDS TO THE CITY MANAGER.
<br />
<br />
<br />
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