Minutes 03/31/1998 - Laserfiche WebLink

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336 March 31. 1998 At a Called Meeting of the City Counc ! On Tuesday, March 31, t998, there were present: Mayor James W. Holley III, Vice Mayor Johnny M. Clemons, Bernard D. Griffin, Sr., Cameron C. rifts, James T. Martin, P. ward R°binett, J. Thomas Benn III, CitY Manager Ronald W. MaSsie, City AttorneY G; TimOthY Oksman. 98-69 - The following call for the meeting was read: "Please attend a Called Meeting of the CitY Council to be I~eld in the City Council Chamber, RoOm, 801 Crawford Street, 6t~ flOor, 5:00 p.m., Tuesday, March 31, 1998, for the purpose of a Publ c Work session. In addition, yOU maY consider ~ rn0~i0n t0 go into an ExeCutive SeSsion. By order of the.Mayor." . 98 - 70 The following item was discussed in Public Work Session: 1. Presentation of the Proposed Operating Budget It is a pleasure to present to you the proposed Operating Budget for the City of Portsmouth for fiscal year 1998 - 99. The recommendations within this budget seek to continue the positive mood currently being experienced by Portsmouth. A writer for The Virginian-Pilot may have said it best in a recent edi'~orial on Portsmouth: ".,.these days, thanks to a progressive City Council, a dynamic mayor, a healthy national economy, active civic leagues, and a city master plan...things keep going right." In the same editorial it was noted that "Many hard calls tie ahead." This budget proposal addresses some of those hard calls within the context of the City Council's long-range goals. OVERARCHING FRAMEWORK The City Council has identified its major areas of focus as Neighborhood Quafity, Fiscal Strength and Economic Development. These "spheres of success" serve as our overarching framework within which to make fundamental decisions for increasing the City's progress in these areas. This budget furthers efforts within these areas While balancing the guiding principles to:. · Spend responsibly .e Save prudently, and · - Invest wisely. Financial Objectives As we work to achieve balance among these often-competing needs, sound fiscal practices must be followed and specific financial objectives focused upon in order that we continue to build fiscal health. The financial objectives identified by City Council serve as the framework in which financial decisions are made. These objectives are to: · Increase revenues through growth in tax base, · Align expenditures with priorities, · Maintain operating reserves at a minimum of 10% of operating revenues, Maintain affordable debt levels with debt service not to exceed 10% of operating revenues, and achieve a bond rating upgrade to AA to reduce the borrowing costs in the future.