Minutes 09/22/2009 - Laserfiche WebLink

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September 22. 2009 Financial Impact: . There are no utilities located within this easement and there would be no financial impact upon the release of the easement. Staff Recommends: . Adoption of a resolution authorizing the City Manager to execute a Deed of Release and any other necessary documents to release the utility easement on Lot 218, Highland-Biltmore, Plat 7, also known as 113 Gee Street and shown on the physical survey attached hereto as an Exhibit, and to do any and all acts necessary to effect said release. Vision Principle: Thriving Neighborhoods and a Sense of Community. Next Steps following City Council Action: . The City Manager will execute the Deed releasing the utility easement located on the property known as 113 Gee Street, as shown on the Exhibit attached hereto, and to do any and all acts necessary to effect said release. Motion by Ms. Randall, and seconded by Mr. Heretick, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A DEED OF RELEASE FROM THE CITY OF PORTSMOUTH TO VACATE A 10 FOOT UTILITY EASEMENT AS SHOWN ON LOT NUMBER 218 ON THE SUBDIVISION PLAT OF HIGHLAND-BILTMORE, PLAT NUMBER 7. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to execute a deed of release from the City of Portsmouth to vacate a 10 foot utility easement as shown on Lot Number 218 on the subdivision plat of Highland-Biltmore, Plat Number 7, and being more particularly described as shown on the attached exhibit." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 493 - Adoption of a resolution adopting Financial Policies to govern the city's financial management, debt administration, budget and capital plan development, and long-range financial planning. Vision Principle: A Robust and Prospering Economy. Background: . Official adoption of financial policies will aid in maintaining or enhancing the City's bond rating, which allows the City to borrow for capital projects at lower interest costs. . Adopted 'best practice' financial policies provide guidance and fortification during declining economic times by maintaining or increasing revenues while controlling debt and expenditures; Discussion: . The proposed policies provide general financial principles, and guidance relative to: revenues, budgeting, fund balance, debt management principles, retirement system funding, Other Post Employment Benefits (OPEB) funding, investment policy, special revenue and enterprise funds, and independent audit. . The proposed policies were reviewed by the City's Financial Advisors, Davenport and Company, as well as the Municipal Finance Commission. . The General Finance Officers Association (GFOA) Distinguished Budget Presentation Awards Program requires four overall categories (27 criteria) in which the budget document must rate proficient by at least two of the three reviewers in order for the locality to receive the distinguished award. Financial policies listed in the Policy Document category are mandatory and, therefore, the City must satisfy these criteria in order to continue receiving the award for the FY2010/2011 Biennial Budget document and future budget years.