Minutes 03/20/2007 - Laserfiche WebLink

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March 20. 2007 Other rates and fees This budget also proposes several other taxes and fees in solid waste, sewer, water and stormwater that amount to an estimate of less than $8 per month for the average family. For the third year in a row, we also are proposing additional tax relief, this year estimated to reduce our revenue an additional $600,000. Tax relief and freeze are available to qualifying senior citizens and disabled citizens. New funding for OPEB The FY08 proposed budget also contains $4.1 million in required new funding of benefits. The Governmental Accounting Standards Board is requiring all governments-- -state, local and federal----to fund actuarial principles. Until now most local governments have funded benefits on a pay-as-you go basis. Lastly, the budget accounts for an additional $2.7 million is debt service. Capital Improvement Program (CIP) Highlights Here are highlights of some of the high profile projects in the CIP. Park View Elementary School The current Park View Elementary School was built in 1957. The school has 407 students housed in 12 interior classrooms and 13 mobiles. The new Park View School will serve 700 students. Victory Elementary School The former Highland-Biltmore Elementary School was closed in 2003 and has been redesigned and is being rebuilt as the Victory Elementary School to serve its nearby areas. It will feature the acclaimed science, technology, engineering and mathematics program known as STEM and is slated to open this Fall. New Court Complex This project includes the creation of a master plan for the courts with the first phase identified as the construction of a facility which will primarily house the Circuit Court, Clerk of the Court, and related operations. Children's Museum The Children's Museum of Virginia is in the design phase for the renovation and expansion of the museum and has been identified for major funding next year. Other projects include full, final funding of the Tidewater Community College campus, Cradock revitalization, the MidTown Corridor retail area, various street and drainage improvements and completion of McLean Street/Cavalier Blvd. Shown another way, this Capital Improvement list by category gives an idea of how the City is attempting to address its needs broadly. There are significant water, sewer and stormwater projects as well as the higher profile education and city buildings. Details on these projects are found in the budget book, and we will brief Council in more depth on the CIP at a budget Public Work Session. In total, these 47 projects account for $46.6 millions dollars.