Minutes 03/23/2010 - Laserfiche WebLink

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March 23. 2010 Discussion: . DCJS has provided a set of rules governing the use of such funds for the supplementation of salaries, purchase of equipment and training of office staff. In light of the economic crunch we all have experienced, DCJS has allow, for a one time only, the use of funds from asset forfeitures to help offset funds lost through budget cut backs. These funds have to be used for this purpose by the end of the FY. Financial Impact: . The additional funds will help balance our full-time salary line without the lost of positions . No local match funding is required. Recommended Action: . Adoption of an ordinance to approve the appropriation of $60,000 to balance the FY10 budget for the Commonwealth's Attorney's Office. Vision Principle: Thriving Neighborhoods and a Sense of Community. Next Steps Following Council Action: . Transfer funds from Asset Forfeiture Account to the General Fund full-time salary line for the Commonwealth's Attorney's Office Motion by Mr. Heretick, and seconded by Ms. Randall, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE APPROPRIATING FROM FUNDS PREVIOUSLY ALLOCATED TO THE COMMONWEALTH'S ATTORNEY'S OFFICE ASSET FORFEITURE ACCOUNT THE SUM OF $60,000 IN THE FY 2009-2010 GENERAL FUND FOR COMMONWEALTH'S ATTORNEY'S OFFICE FULL TIME SALARIES TO OFFSET FUNDS LOST THROUGH STATE AND LOCAL BUDGET CUTS." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 10 - 137 - Adoption of an ordinance establishing a personal property tax relief percentage of 55% for calendar year 2010 personal property tax bills. Vision Principle: A Robust and Prospering Economy. Background: . In accordance with the Virginia Personal Property Tax Relief Act (PPTRA), the City is required to annually establish the personal property tax relief percentage to be applied to qualified vehicles. Discussion: . Based on the personal property tax trends in the City of Portsmouth, it was agreed upon by the Treasurer J. Williams, Commissioner of the Revenue F. Edmondson, CFO B. Burrell, and IT Director M. Gardner, that 55% is the appropriate percentage of relief to be applied toward 2010 personal property taxes. Financial Impact: . The estimated amount of PPTRA relief for calendar year 2010 is estimated to be $10,862,962.29, which includes favorable carryover from 2007, 2008, and 2009. Staff Recommends: . Adoption of ordinance. Vision Principle: A Robust and Prospering Economy. Next Steps: . Application of the tax relief credit to personal property tax bills will be performed by the City Treasurer's Office upon adoption of this ordinance.