Minutes 03/09/2004 - Laserfiche WebLink

Home Browse Search

March 9, 2004 · Also, the Capital Improvements Fund has not realized revenues that were estimated as funding sources for certain completed projects. A reconciliation of the Capital Improvements Fund shows that funds are available in the amount of $1,858,276 for appropriation. · The reconciliation further shows that $1,765,242 exists in expended projects that did not realize the estimated revenues. The primary funding source, originally estimated and not realized, was developer fees on the Lake Shores project. · This appropriation will fund $1,324,004 for Lake Shores, $168,499 for Twin Pines Road, $160,669 for the Port Norfolk Fire Station, and $112,070 for HVAC replacements in City facilities. The remaining appropriation will fund an additional $93,034 in capital contingency. · This is a housekeeping appropriation necessary for proper accounting and monitoring of the Capital Improvements Fund. Financial Impact: · The appropriation uses existing funds earned within the Capital Improvements Fund and does not create additional borrowing. Motion by Mr. Pitts, and seconded by Mr. Whitehurst, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO APPROPRIATE $1,858,276 IN THE CAPITAL IMPROVEMENT FUND FOR VARIOUS CAPITAL PROJECTS." Ayes: Benn, Griffin, Pitts, Randall, Whitehurst, Holley Nays: None 04 - 95 - Adoption of amendments to the ordinance of the City of Portsmouth to change the actuarial computation method for its annual contribution to the Portsmouth Supplemental and Fire and Police Retirement Systems. The City's actuarial consultant recommends a revised method for annual contribution to the retirement systems. Recommendation: · Adoption of an ordinance to amend the Code of the City of Portsmouth to change the actuarial computation method for its annual contribution to the Portsmouth Supplemental and Fire and Police Retirement Systems. Purpose and Need: · In consultation with the City's actuarial consultant, a revised method for annual contribution to the retirement systems is recommended. These amendments are necessary and appropriate because the City's self-administered retirement systems are closed to new members and many of the members are approaching retirement within the next decade. · Proposed revisions to Sections 30-32 and 30-157 of City Code: Currently Sections 30-32 and 30-157 of the Code provide that the City's contribution to the retirement systems will be computed as the sum of the normal contribution rate and the accrued liability contribution rate, both expressed as a percentage of covered payroll. The actuary has recently identified the following issues with regard to the accrued liability contribution rate: