Minutes 03/30/2010 - Laserfiche WebLink

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March 30. 2010 While retaining our bond ratings, Standard & Poor's has elevated our outlook to AA- stable, and Moody's has issued a stable outlook to their AI rating from none before. In their rating summary, Fitch issued Portsmouth an AA- rating and statement citing our improved financial management. Over the last few years, City Council priorities of education and public safety were earmarked for improvement and resources. You have demonstrated consistency in funding for education and in FY10 you committed to a public safety pay increase that has positioned our public safety compensation to be highly competitive in the Hampton Roads region. In addition, we celebrate the successful achievements of the school system and full accreditation of all schools. The return on these investments will be far reaching and will continue to have tremendous benefits for our citizens. The Government Finance Officers Association (GFOA) presented the Distinguished Budget Presentation Award to the City of Portsmouth for our FY10-11 Biennial Budget document. The Association of Government Accountants has awarded us a certificate of achievement in citizen-centric reporting for our FY10 Initiative, The Page. Another award, the 2009 Excellence in Development Design Award for the new Churchland Library, was presented by the Hampton Roads Association for Commercial Real Estate (HRACRE); and in December, HRACRE featured the Planning Department and the innovative Destination Portsmouth at a regional event. Revenues Overall, the FY11 General Fund revenue projection is $218,361,390 from all sources. The projections are conservative estimates based on a slower economy and significant reductions of revenue from the Commonwealth of Virginia. Proposed FY2011 General Fund, Stormwater, Public Utility, and Golf Fund revenue include the following: No use of equalization tax rate despite declining assessed values . Reduction of $1.193 million in State Revenue (Aid to the Commonwealth) which will be passed to the affected Agencies and Constitutional Offices. . $1.2 million of additional state reductions with only 50% passed to the affected Agencies and Constitutional Offices. . Inclusion of $470,750 for FY11 Federal Inmate revenue . Modest change in Recreation fees - Summer Galaxy Program . Modest change in Golf fees - Winter Package . Modest changes in fees - Public Utility fee increase of 5.2% and Stormwater fee increase of 50 cents to $7.00 per Equivalent Residential Unit. Expenditures and Other Expenditures Proposed FY2011 General Fund expenditures totaling $218,361,390 include the following: . The undesignated, unreserved fund balance was not used to balance this budget . Continued funding of the public safety retention pay plan including the anniversary step increase of 2.5% . Level funding for Portsmouth Public Schools despite restoration of Composite Index initially passed . Continuation of 11 % reductions from FY09 funding for all departments except Schools and Public Safety; restored funding for Cavalier Manor Pool and Cradock Library for biennium. . Continuation of 5% reductions directed by City Council in FY1 0/11 deliberations . Tax Relief for the Elderly and Disabled, set at $3 million, to be allocated among qualified applicants; a $600,000 increase over Fy09 . No general wage increase for employees or cost of living increase (COLA) for City-owned pension plan recipients . Restoration of the parking fee for employees at 50% of the current rate for all Parking Authority owned facilities . Realistic projection of vacancy savings (down from 6% in FY09), up from 1 % in FY10 to 4.4% for FY11 based on current vacancy trend of 7% . Reduction of $2 million cash transfer to CIP to be recovered from FY10 year-end results