Minutes 03/18/1997 - Laserfiche WebLink

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078 March 18, 1997 SPENDING, SAVING AND INVESTING -- A Delicate Balance The City's finances, though much larger in scale, mirror those of our citizens. Each household has limited funds for cu trent obligations, routine living expenses, savings for emergencies, and investments for future needs such as retirement and college. The City has limited funds for payment of debt service continuing to provide core services such as public safety and education, reserves for unanticipated expenditures, and investing to stimulate tax growth for the future, it is rare that ail these objectives can be accomplished without some sacrifices. The goal of this budget is to provide that balance while maintaining the integrity of our long-term financial strategies on which ~his recommendation is built. ECONOMIC DEVELOPMENT We will create and maintain an atmosphere where businesses can grow and prosper. Business prosperity will be further enhanced through the attraction and retention of well-educated, highly skilled employees who are fulfilled in their work, contribute to the betterment of their community and add value by their presence. A New Mission 1996 saw new investments of $40 million more than 400 new jobs in the City, progress toward Vision 2005 initiatives and signs of growth in Pc rtsmouth. 1997 will see construction of a new 100,000 square foot office building in Port Centre Commerce Park and me start of a new 150 single-family residential development in a former blighted area of the City. To be poised for 1998 the Economic Development Department has a new, three-pronged mission for its activities: Business Attraction, Business Retention and Asset Management. Their direction is to promote "quality growth that will result in an expanded and diversified economic base." A budget increase of $40,000 for this department is proposed. This increase will provide the tools and resources to make Portsmouth competitive in the region and yield increased business ~nvestment in our community. As the investment increases, so does the tax base which moves toward achievement of one of the fiscal policies of increased revenue growth without increased rates. This s an excellent example of how responsible spending can significantly benefit the long-range financial picture. NEIGHBORHOOD QUALITY We will have neighborhoods where citizens are proud to be participants providing significant input toward their own continuing success and improvement. Each neighbomood will meet or exceed the expectations of its citizenry through a cooperative, on-going strategic focus by citizens and government. A Safer City 1996 wasa winning year for the City in terms of public safety with a 29% reduction '~n major crime and a 4% decrease in overall crime, the fifth consecutive year with a decline, in 1995, the 4 cents real estate tax rate increase was dedicated to public safety with the desired impact being just the results the City is beginning to see. Community policing has been established throughout the entire city. Important partnerships have been formed with citizens and with the Commonwealth's Attorney's office to bring about a coordinated, proactive effort for making Portsmouth a safer city. This budget continues the commitment to the Police Department, as well as, Fire and Emergency Services.