Minutes 01/23/1990 - Laserfiche WebLink

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i02 .'January 23, 1~90 I would like to also point out that~ this proposed agreement addresses the need for a new 'transmission line from Suffolk. It contemplates that Portsmouth ~will construct a~d own the capital facilities, with the costs, being recouped~from Chesapeake through the water rate. If everything proceeds as planned, I~ will bring back to you a ~recommendation .fo~ a public utility bond referendum to be placed o~ the November, 1990, ballot, which will include the bonds for the new .transmission line. The. p~roposed agreement is f~? a term of' 31 years. I feel that it is ad~nta~eous~to both of the Cities of Portsmouthand Chesapeake,..~ts~pri~aary advantage'to~ P~tsmouth is finan, cial,. and for Chesapeake, it provides an~ad~i~tion~l source~of wa~e~ supply. I wish to commend both of the negotiating teams f~r their extensive and ~diligent efforts in developing th~s~proposed agreement. The members of Portsmouth's n~gotiating team were City Attorney Stuart E. Katz, Assistant City Manager Roy W. Cherry, Director of Public Utilities James R. Spacek, Mr. Steven Lieberman and myself. In s~mmalr'y, I ~ecommend that th~'City Council of .the City of Portsm6u[h adopt a motion authorizing'the City Manager to execut~ this prOposed %greement for the sale of surplus bulk water to Chesapeake." ~ Motion of Mr. Hawks and seconded by Mr. Simpson, to authorize the City Manager to execute the agreement for the sale of surplus bulk water to Chesapeake, and was adopted b~ unanimous vote. 90-42 Letter from the City Manager recommending adoption of a motion to ~eceive the City Manager's Quarterly Financial Report for the Quarter Ended December 31, 1989, the management letter and the Portsmouth Parking Authority financial statements for the fiscal~ear ended June, 1989, and forward them to the Municipal ~in~r~ce.Commission. "In accordance with Section 12-64 of the City Code, the Quarterl'y Financial R~port for the period ended Decembers31, 1989 is-herewith shbmit~ed. The Comprehensive Annual Financial Report for the f'iscal y~ar ended June 30, I989.was~ recently. presented [:o yo~. The accompanying auditors' management letter and the Portsmouth Parking Authority Financial Statements and Schedules for the~year ended June 30, 1989 are also enclosed herewith for your information. THe Quarts.rty~ ~i,nancial Report reflects that actual revenues to date stand at 42 percent of the revenues estimated for the year, and 45 percent of the appropriations have been expended.as of December 31, 1989. During!the same~quarter last year, -41.percent of the estimated revenues had been re~eived:an~d expenditures were 46 percent of the budget appropriations .... For the first 6 months of this fiscal year, revenues continue to be sluggish. Sales tax receipts remain as a concern, with receipts lagging behind the actual receipts for the same period last year (lst 5 months)by 4 percent. If these trends continue, it,iS Obvious that the upcoming budget cycle will be an extremely challenging'one. Unfortunately, there appears tO be little or no assistance foreseeable from either the Federai or State' governmen2s. .I feel~ that our financial. position is sound because of the-actions taken by Council last ~ year to compl,etely ba, lance the budget, without using any of .the. fund balance. However, I hope that all ~departments, constitutional officers, boards and agencies of the City will recognize just how lean resources are as we enter the new budget cycle.