Minutes 03/30/2010 - Laserfiche WebLink

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March 30. 2010 . Reduction of funding for the Virginia Sports Hall of Fame of $250,000 over FY10 funding. FY09 funding was $900,000; FY11 funding is proposed at $550,000 . Reduction of $1.3 million for budgeted pension ARC, use of excess FY10 contributions that resulted from revised ARC . Fully funding the Courthouse Capital Reserve fund of $1.8 million . Reduction of OPEB contribution from the proposed $3.5 million to $2.5 million; level funding from Fy10 . Reduction of $400,000 of General Fund subsidy to the Golf fund . Expectation of retirement incentive salary savings . Additional $415,000 per diem for Hampton Roads Regional Jail . Additional cost included to address operational, non-discretionary mandated costs (ex. Food services at Portsmouth Jail, Humane Society contract, Mobile Data Communication equipment maintenance contract, etc.) . FY2011 debt service payment increase of $1.9 million over FY1 0 Capital Improvement Plan (CIP) The City continues to design and restructure the current CIP in order to comply with our Debt Capacity and Affordability Policy - 1) the ratio of net tax-supported debt service to general fund revenues should not exceed 12%, within the six-year CIP projection; 2) the ratio of net tax-supported debt service to market value should not exceed four percent (4%) within the six-year CIP projection; and 3) the 10-year debt payout ratio of net tax- supported debt service should be greater than or equal to 50%. This proposed FY11 budget does not include new CIP funding requests as any additional debt capacity was absorbed due to adopted projects in FY10. Projects that will continue into FY11 include the $78 million courts facility, $14.8 million Children's Museum of Virginia renovation and expansion project, $1.1 million Ebony Heights Drainage Project, $13.1 million Prentis Park Water and Sewer Rehabilitation Project, $3 million Crawford Parkway Seawall Bulkhead Project, $1.2 million Admiral's Landing Seawall Bulkhead Project, and the $200,000 Cradock Skate Park. In the fifth year of the plan, two new projects were added - Victory Boulevard/Paradise Creek Bridge and the County Street Parking Garage replacement. The City was successful in its pursuit of stimulus funds under the American Recovery and Reinvestment Act of 2009. We received $29.4 million to fund eight projects and programs. The largest of these is the construction of the new Simonsdale Elementary School that encumbers $18 million of the stimulus funds and is currently underway. Utilities The Department of Public Utilities delivers high quality water and sewer services while maintaining affordable rates. During FY11, we will continue significant capital improvement projects with the completion of new water and sewer lines in Prentis Park as well as construction of a new raw water pump station at Lake Kilby Water Treatment Plant. We continue to manage our obligations of the EPA consent order regarding Sanitary Sewer Overflow (S SO). A rate increase of 5.2% is recommended. This same rate proposal was affirmed with the recent financing plan and sale of utility bonds, and is the same rate proposed for FY11 when the biennial budget was adopted in May 2009. Portsmouth will continue to have one of the lowest rates within Hampton Roads. FY 10 Initiatives - Achievements The Paqe: A Report to Our Citizens - A comprehensive overview of the capital projects and finance structure of the City of Portsmouth was completed and launched on www.portsmouthva. qov. Biennial BudqetlBudqetinq for Outcomes - The biennial budget format was introduced for FY10 and has served as a tool for greater short-term and long-term oversight of city operations and appropriations decisions. The performance measures methodology program, Budgeting for Outcomes, was introduced to staff in FY 10 for agency-wide implementation.