Minutes 03/30/2010 - Laserfiche WebLink

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190 March 30. 2010 Financial Policies - In September 2009, City Council adopted the financial policies as drafted by the Finance Department staff. Destination Portsmouth - City Council has adopted all of the FY10 initiatives of Destination Portsmouth, advancing the Destination 2025 award-winning comprehensive plan. Civic engagement was fundamental as citizens partnered with the Planning Department in shaping the framework and direction for the city's land-use plans and policies and vision for smart growth. FY11 Initiatives BudqetinQ for Outcomes/Performance ManaQement - Key performance measures will be developed that will assist in linking resources to desired service delivery results. Budqet Stabilization Fund and Policies - The Finance Department will draft a policy for City Council's consideration that establishes a separate and distinct fund from the Undesignated, Unreserved Fund Balance. The Budget Stabilization Fund will be a mechanism for capturing unplanned excess revenues above the 15% fund balance level at the close of each fiscal year. Citizens will not be taxed to build the fund; only excess revenues will be contributed after the books are closed for the prior fiscal year. These funds may be used only for one-time (non-recurring) expenditures and will require a super- majority vote of Council. Economic Development Incentive Fund -As a result of City Council's new priority, Economic Development, an initiative to develop policies, procedures, and funding governing the equitable use of incentives will be developed and will have clear and quantifiable standards. Conclusion This budget, which reflects conservative revenue and expenditure projections, is being recommended to City Council for consideration. It reflects the three Cs of this administration, Collaboration between City Council and staff, transparent Communication with our citizens and stakeholders, and Customer Service that will be maintained even where resources may diminish. Recognizing our challenges, yet, placing greater focus on our opportunities is the charge for this administration. Through key initiatives and the application of sound management principles, we will guide Portsmouth through the turbulent economic times that our nation, state, and city face. A commitment to fiscal and operational excellence, comprehensive planning, and resource management will yield greater results and is our duty in governance. The expected outcome: decreased challenges and increased opportunities in a city where the quality of life is second to none. Meeting adjourned at 6:25 p.m. Minutes prepared by: Anita Y. Sherrod Senior Deputy City Clerk APPROVED- ~ ~~~ V/~\\11:!1 Dr. James W. Holley III Mayor ~~'/~~ City Clerk ~