Minutes 03/18/1997 - Laserfiche WebLink

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March 18 1997 At a Called Meeting oR the City Council held on Tuesday, March 18, 1997, there were present: Mayor James W. Holley Ill, Vice Mayor Johnny M. Clemons, Bernard D. Griffin, Sr. *Cameron C. Pitts, James T. Martin, *P. Ward Robinett, Jr., *J. Thomas Berm III, Ronald W. Massie, City Manager, G. Timothy Oksman, City Attorney. 97-82 - The following call for the meeting was read: "Please attend a Called Meeting of the City Council to be held in the City Council Chamber, 6th floor of City Hall, 801 Crawford Street, at 5:00 p.m., Tuesday, March 18, 1997, for the purpose of a Public Work Session In addition, you may consider a motion to go into an Executive Session. By order of the Mayor." 96-83 - The following items were discussed in the Public Work Session: 1. Presentation of Operating Budget "1 am pleased to present to you the 1997-98 Proposed Operating Budget. The recommendations within this budget build on the successes of the previous year and the obvious momentum that Portsmouth is enjoying. Although the local financial picture has improved considerably over the last year, Portsmouth continues to be a city faced with fiscal challenges and more needs than funds available to those needs. New obligations of $800,000 for payments to the Regional Jail and $600,000 payments, of debt service must be satisfied before funding departmental requests and utilizes 21% of new General Fund revenue dollars. Balancing needs against available resources while maintaining sound fiscal practices continues to be a very formidable task. During its February 1997 retreat, the City Council articulated their visions for Portsmouth in three major areas: economic development, neighborhood quality and fiscal strength. Also, Council affirmed their commitment to sound financial policies and strategies for enhancing the fiscal health of the City. These policies provide the parameters for development of the operating and capital budgets. These strategies include: · Increasing revenues through economic growth of tax base rather than significant increases in tax rates; · Providing a proper allocation of resources to deliver an appropriate array of services to our citizens; · Maintaining an appropriate reserve level of at least 10% of operating revenues: · Holding debt service requirements at an affordable level and moving toward more "pay-as-you-go" funding for capital needs; and · Stdving to enhance the City's municipal bond rating which determines the cost of borrowing funds and serves as indicator of the City's financial health. These basic strategies are critical for securing the City's financial future, and the City Council should be applauded for its leadership. This leadership will have to be exercised as City Council must address numerous requests for funding in this budget, recognizing that the resources are not available to honor all requests. Our community must be the appropriate mix of education, public safety, neighborhood services and economic development to be a quality city. To achieve this mix requires a delicate balance of responsible spending, prudent savings and wise investing for the future.