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457 <br /> <br />Portsmo <br />tran~mi <br /> <br /> December 11, 1990 <br /> <br />~EAS, the City of Portsmouth has certain concerns which <br /> both local governments and Portsmouth specifically; and <br /> <br />~EAS, these concerns and issues need to be made known to <br />]th's General Assembly Delegation so that they may be <br />2ted for consideration by the Legislature. <br /> <br /> NOg, THEREFORE, BE IT RESOLVED that the Council of the City <br />of Portsmouth endorses the'attached legislative proposal~ for the <br />1991 General Assembly Session and directs that both this <br />resolut[o~ and the legislative proposals be forwarded to the <br />PortsmoUth General Assembly Delegation." <br /> <br />Ayes: <br />Nays~ <br /> <br />~rat <br />for ~he <br /> <br />of P r <br />submit <br />repo~t <br />with[g, <br />Parkin~ <br />ended J <br />info,ma <br />the Qua <br />199oan <br /> <br />bett~~s <br />antlel <br /> <br />expert <br /> <br />fundlnc <br /> <br />)rprew, Epperson, King, Hawks, Lucas, Webb <br />lemons <br /> <br />~494 - Letter from [he City Manager recommending adoption <br />.ion submitting the <br />[iscal year ending uomprehensive Annua~ Financial Report <br /> June 30, 1990 and the Quarterly Reports <br />periods ended June 30, 1990 and September 30, 1990. <br /> <br /> Comprehensive Annual Financial Report (CAFR) of the City <br />)uth for the fiscal year ended June 30, 1990, is herewith <br /> in accordance with the provisions of the City Code. The <br />~ prepared by the Department of Finance in accordance <br />~ally accepted accounting principles. The Portsmouth <br />]thority Financial Statements and Schedules for the year <br /> 30, 1990 are also enclosed herewith for your <br />)n. In accordance with Section 12-64 of the City Code, <br />~rly Financial Reports for the periods ended June 30, <br />{eptember 30, 1990 are also herein submitted. <br /> <br />~e CAFR indicates, the FY 1989-90 actual performance was <br />~n anticipated. General Fund Revenues fell short as <br />3d, largely because of the State sales tax estimate being <br /> $560,000 over actual receipts. The to~al revenue <br /> was $380,684. However, our actions to curtail <br /> ~es resulted in underexpenditures greater than the <br />~venue shortfall. Net underexpenditures were $2,362,239, <br />[avorable overall budget variance of $1,981,555. This <br /> combined with transfers from the contingency reserve <br /> fiscal year and unexpended encumbrances that were <br /> ]lted in a General Fund balance of S7,211,632 to be <br />for next year's annual budget, which is $2,940,701 <br />lan the amount included in our current budget as a <br />)urce. <br /> <br />the <br />dedi~at <br />thes~ f <br />theseI <br />these <br />FinalI <br /> <br />lld like to acknowledge and extend special recognition to <br />of the Department of Finance for their efficient and <br />services which have made possible the preparation of <br />~ncial reports. If you have any questions concerning <br />)rts, please feel free to let me know. <br /> <br />:o~mend that the City Council adopt a motion to receive <br />)rts as information and to refer them to the Municipal <br /> <br />the <br /> <br />)n of Mrs. Lucas and seconded by Mr. King to receive <br />;s as information and refer them to the Municipal Finance <br /> and was adopted by the following vote: <br /> <br />Ayes <br />Nays <br /> <br />Corprew, Epperson, King, Hawks, Lucas, Webb <br /> <br /> <br />