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127
<br />
<br />May 27, 1975
<br />
<br /> WHEREAS, the Virginia Port Authority is required by the Port Unification Agreement
<br />to obtain consent from City Council before making such expenditures; and
<br />
<br /> WHEREAS, the expenditure to be made will be funded from surplus revenue generated
<br />by the Portsmouth Marine Terminal; and
<br />
<br /> WHEREAS, Portsmouth City Council after duly considering the contemplated expenditures,
<br />is of the opinion that such expenditures are necessary and prudent investments.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that it authorizes the expenditure of Ten Thousand Six Hundred ($10,6OO.) Dollars as the
<br />Authority's portion of a landuse study of the Pinners Point Peninsula to be conducted by
<br />a professional consulting firm engaged on behalf of the City of Portsmouth, the Portsmouth
<br />Port and Industrial Commission and the Virginia Port Authority.
<br />
<br /> Such expenditure is as contemplated by the Virginia Port Authority Resolution 1975-
<br />41 of April 16, 197S."
<br />
<br />Ayes: Barnes, Early, Elliott, Oast, Wentz, Davis
<br />Nays: None
<br />
<br /> 75-224 "The Capital Improvements Program from 1975 through 1980 is submitted herewith
<br />for your approval. This program has a recommended funding level for the five year period
<br />of approximately $55,000,000. The amount earmarked for capital improvements during 197SF~6
<br />is $10,959,855.
<br />
<br /> The Finance Commission has recommended that the level of funding for General Obligation
<br />bonds should not exceed $6.000.000 for the 1975-76 fiscal year. In compliance with this
<br />recommendation, the Capital Improvements Program originally recommended by CPM has been
<br />reduced from $11,529,855 to the $10,959,855 that is being submitted for your consideration.
<br />The sources of funding for 1975-76 are as follows:
<br />
<br />General Obligation Bonds
<br />Revenue Sharing
<br />Community Development Funds
<br />Unallocated Utility Bond Proceeds
<br />
<br />$ 5,989,153
<br /> Z~903~202
<br /> 1,I40,000
<br /> : 867,500
<br />
<br />$10,959,855
<br />
<br /> A summary sheet of the recommended expenditures by categories is attached for your
<br />information. The summary shows the total amount that has been recommended by category and
<br />the amount of Revenue Sharing that has been allocated to each category.
<br />
<br /> The 1975~Capital Budget may appear to be somewhat aggressive based on the recommended
<br />total of almost $11,00~,000. However, this total includes all sources of funding that will
<br />be utilized for capital projects during the next fiscal year. Actually the General Obligatic
<br />Bond total of $5,989,1S5 is the figure that needs to be scrutinized very closely in relation~
<br />ship to capital improvements. This amount will eventually have to be bonded and will have
<br />an impact on the City's debt service requirements in future years. The City has been operat~
<br />on a General Obligation Bonding level of approximately $S,000,000 per fiscal year; therefore.
<br />the total recommended package of $10,9S9,8S5 shows an increase of only $989,1S5 over the
<br />previous level of General Obligation funding.
<br />
<br /> I realize that there are many badly needed projects within the City of Portsmouth and
<br /> it is not possible to fund all of these needs. I believe this program does address the
<br />.highest priority items, as well as those items which will be beneficial to the City's future
<br /> and tax base. The input at the public hearings have indicated an overwhelming desire on
<br /> the part of the citizens for drainage, curbs and gutters, and street improvements. This
<br /> program addresses those requests to the maximum extent possible in the allocation of $4,746,(
<br /> out of 10.9 million for the next fixcal year.
<br />
<br /> I would like to commend the Planning Commission, the Municipal Finance Commission,
<br />and the Citizen's Advisory Commission and the administrative staffs of the Planning Department,
<br />CPM, and Finance for putting together what I consider one of the most comprehensive and
<br />financially sound Capital Programs prepared by the City of Portsmouth. The City Manager
<br />recommends adoption of the resolution approving the Capital Improvements Program for
<br />1975-80."
<br />
<br /> On motion of Mr. Early and seconded by Mr. Oast, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE CAPITAL IMPROVEMENTS PROGRAM FOR 1975 THROUGH 1980
<br />AND A ONE YEAR CAPITAL IMPROVEMENT WORK PROGRAM FOR 1975-76.
<br />
<br /> WHEREAS, the City Manager has submitted to Council the Capital Improvements Work Progra:
<br />for 1975 through 1980; and
<br />
<br /> WHEREAS, City Planning Commission and the Municipal Finance Commission have reviewed
<br />said programs and endorsed it; and
<br />
<br /> WHEREAS, this Council has considered the program and finds it to be in proper form
<br />and expressive of Council policies in regard to necessary capital improvements.
<br />
<br />
<br />
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