Laserfiche WebLink
073 <br /> <br />April 20, 1993 <br /> <br /> ~ecause of t~n~] even with <br />SPSA's increase muni pal disposal fee, I am not <br />recommending an increase in this area%. Unfortunate~ly, the cost of <br />solid waste~disposal will continue to,rise i~'the future; <br />therefore, increases iR this categorylshould-~be expected. <br /> <br /> t[am'pleased that last year ~e~Department of General · <br />Servlces'successfullF lmp!emented Phases I and II of the Automated <br />Refuse Collection system. Each phase i~cludes:,approximately 6,800 <br />homes for a total of 12,000, or 48% of the~City~I;am <br />recommending funding of Phase III of Automated Collection for this <br />fisc~l.year~whic~wilt add another~6,80~homes to the,system, <br />servicing a t~tal-,of~60% of the City.. <br /> <br /> DEBT SERVICE <br /> <br /> In late Fe~.~ar~Hxl9,9~.~,i:and~,~p~R ~hei a%t~:eet:ar~dA'assistance of <br />the Municipal FiK~nce Commission, ~-~ City decided to take <br />advantage of the lowest interest rates lin more than two decades by <br />refunding a~portion of our cu. rrent long~term debt~, Through the <br />sale of the refu~Jding*bonds in March,,th~e City was able to capture <br />a slgnlftcant sa~1ngs totaling-more than $2 mlllio~ in both the <br />general deb.t service,and public utitity fu~ds~ <br /> <br />Deb~ Sem4ce R.P~nd~.~ Boed $=v!n~ <br /> <br />unexp( <br />MunicJ <br />maint~ <br />or ab( <br />milli¢ <br /> <br /> FUND BALANCE <br /> <br />'he fund bat ~nce represents the City's reserve funds for both <br />cted emergelcies and working capital for the City. The <br />pal Finance Commission has long recommended~that Portsmouth <br />in a reserv,[ fund balance in the.amount of $%~of the budget, <br />ut $11 mill ion. Our present fund balance stands at $7.1 <br /> <br /> ] am especially pleased to recommend that the proposed <br />opera~ing budget provide for an addition!to the City's reserve in <br />the amount of-$50O,0OS, for the 1994 fiscatzyear.-~:,,~ am very proud <br />of ou~ ability to[make this3recommen~ati~n ~hen So many local <br />governments across our country are flnding~tt~nec~ssary to reduce <br />their reserves to balance t~eir budgets. This ability in our City <br />is a cash dividend being paid for by the success~of our efforts. <br /> <br /> <br />