Minutes 03/19/1996 - Laserfiche WebLink

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MarCh 19e 1996 SLrMMARY OF REVENUES AND EXPENDITURES As the total revenue suamuary shOws, the resources available to the city have significantly increased· The total budget of $258 million is a 6.9% increase over FY96 with the major ihc~eaSes resulting from general~property taxes and state funding for education with no increase in real estate taxes, FY 1995-96 FY I996-97 V=i~ce Per~n~ge Source Budget Proposed Budget + ! <~> Chan~ General Property Taxes Other Local Taxes From the Commonwealth Charges for Current Services Other Revenue & Fund Balance!Retained Earnings Total Revenue $50,320,000 $53,495,000 $3,175,000 6.35 28,492,000 28,610,000 118,000 0.4 94,754,842 104,531,613 9,776,77t 10.3 36~289,889 38,863,449 2,573,560 7.1 31.575.673 32.641.589 1.065.916 3.4 $241.432.404 $~58.141.651 $1&709.247 6.9%i The fee or rate increases are proposed as follOws: Increase in refuse fee from $13 to $14 per month, Increase in water rate from $2.00 gallons to $2.05 per 1000 gallons (still lowest in Hampton Roads), Increase in sewer discharge rate from $1.069 to $1.136 per 1000 gallons, Increase in the meter service charge from $3.25 to $3.75 for the 5/8 inch meters per month with a corresponding 50 cent increase on the rates for all other meter sizes, Increase in machinery and tool tax from $2.50 to $2.75 per $100 , and Increase in cigarette tax from 30 cents to 35 cents per pack of 20. These rate increases will impact the average citizen, per month, as follows: Cigarettes Refuse $1.00 Water and Sewer .80 Subtotal 1.80 (5 packs per week) 1.00 Total $2.80 CONCLUSION A new way of doing business and a focused direction are the keys for successfully completing the recommendations outlined in this budget. The City Council has provided the vision and leadership for shaping Portsmouth's future. By adoption of this budget, the City Council will make it possible for us to continue to build capacity through: · commitment to quality education, · enhancements to the public safety program, - a coordinated marketing effort that creates a whole new image for this historic waterfront city, efficient and effective city services through the use of state-of-the art technolo~ and a well-trained, motivated work force, and a strong economic and financial base on which to improve the future."