Minutes 04/20/1993 - Laserfiche WebLink

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A~ri'l ~0~, 299.3 The 'economic context of our NatioN, St-ate, and C~i~ty necessitates a rethinking of~ how gowerigmen% is led and-managed. Traditional applications of. resources are no longer~.a~equate to meet the needs of our citiz~ns~~ A ~r~f~ul revie~ of~o~r City's major rev.enue ~cate~ories ~veals gr~icell~y .~why i~ ~as~ ~h~ necessarF .to depa~ .~rom our ~re .~r~b~l - Ia ~uv ~.i~y,,~ h&~ fa~gressiv~ly im:pleme~*ed pro, ramS as-ou~Womk~omc~Management Review-method .and~,'~move recently, our ~ReaOurce Al~t~cat'io~ second generation of~ur~Womkfo~c~e ~Mana~e~nt. met~.= T~se highly successful management methods, as applied, have reduced the ~cos~ ~f ~l.~a i e~ve=~e~t, ~ f~ have [j qst .~de~rib~ ~ ~e ;~ave man~-more ~eff iciemci-es .~o ~hi:ev~ ;:~an~ n~eae.~et~d~ ~mus~:~ ._~ .... continue soon w~ will ~!onge~-~ha~tke~eugm~hi~hes~.3r~a~ rate in HamptQa~. -c~B~a~d~<~iR~r~ases ' our tax rate has become much more competitive with those of other cities in the re~ion. Our successes cannot be denied. Real Estate Tax Rates - Local Cities Current Proposed Rate Rate Chesapeake $1.31 $1.39 Norfolk $1.38 $1.38 Portsmouth $1.32 $1.32 Newport News $1.15 $1.20 Hampton $1.20 $1.20 Suffolk $1.21 Sl.23 Virginia Beach~ $1.09 $1.095 (Chesapeake and Suffolk have reduced rates for non-mosquito districts) While some economic forecasts that have been reported in recent months suggest economic recovery, I believe this is overly optimistic. I will concede that some economic indicators suggest possibly a very fragile upturn, but I firmly believe that the recovery will be neither rapid nor aggressive. Short-term consumer confidence levels remain depressed even though consumer confidence in long-term recovery appears high. I fully expect that the next twelve to twenty-four months will mirror the last thirty-six and have, therefore, tended toward a fiscally conservative and responsible economic forecast as the basis for this proposed budget. What does this mean for Portsmouth? I believe that our major revenue categories will remain essentially flat for the coming year and no revenue bonanzas will be experienced. Accordingly, our real opportunity must remain in our steadfast determination to eliminate waste, nurture our existing businesses, protect the strength and character of our neighborhoods, and continue our aggressive economic development opportunities. As I have indicated, 1992 was clearly a good year for economic development accomplishments. I salute you, and know that many other civic and business leaders join me in recognizing our accomplishments. I applaud you, our City Council, for your support, for as stated earlier, it was your sanction which made our accomplishments:possible.