Minutes 05/11/2010 - Laserfiche WebLink

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May 11. 2010 Discussion: . Subsequent appropriation ordinances will be required for adoption by City Council to provide funding for an amendment to the FY11 Operating and CIP budgets. Financial Impact: . No financial impact per adoption of this resolution. Financial impact per the subsequent appropriation ordinances. Staff Recommends: . Council's adoption of this resolution. Vision Principle: Robust and Prospering Economy. Next Steps Following Council Action: . Continual monitoring of FY10 revenues and expenditures to ascertain if funding will be available to meet the criteria outlined in this resolution to replenish cash funding for the designated CIP project and award employee bonuses. Motion by Mr. Smith, and seconded by Ms. Psi mas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION DECLARING THE INTENT OF CITY COUNCIL THAT ANY REMAINING FY 2009-2010 YEAR-END FUNDS IN EXCESS OF THE UNDESIGNATED AND UNRESERVED GENERAL FUND BALANCE OF 15% OF GENERAL FUND REVENUES BE ALLOCATED FIRST TO A ONE-TIME BONUS TO DESIGNATED NON-SWORN EMPLOYEES AND TO RETIREES WITH ANY REMAINING BALANCE UP TO $2 MILLION TO THE CITY'S FY 2010-2011 COURTHOUSE COMPLEX DEBT OBLIGATIONS. WHEREAS, unreserved and undesignated FY 2009-2010 funds may become available in excess of the 15% undesignated and unreserved General Fund balance that the City's financial advisers and the City Council deem prudent to retain as a buffer in the event of a sudden catastrophic event; and WHEREAS, the City has certain financial obligations In FY 2010-2011 with respect to the new Courthouse construction project; and WHEREAS, the City's non-sworn employees and retirees have suffered negative consequences as a result of the national economic downturn and the City's need to furlough employees and to freeze employee wages and retiree supplements; and WHEREAS, the City Council desires to express its intention to address the above issues to the extent that excess unreserved and undesignated funds become available in FY 2009-2010 year-end funds. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it intends to use FY 2009-2010 year-end funds in excess of the 15% undesignated and unreserved General Fund balance in the following manner: 1. The first excess funds shall be employed to provide a one-time bonus of 3% of annual salary to fulltime non-sworn employees, with the exception of the employees of the City's constitutional officers who will receive funds from the Commonwealth pursuant to its adopted budget. 2. Beneficiaries of the Portsmouth Supplemental Retirement System and the Fire and Police Retirement System shall receive a one-time pension supplement of 1 %% of the beneficiary's annual pension benefit. 3. Funds in excess of the amount required to provide the one-time employee bonus and the one-time retiree supplement shall be used to cash fund the City's obligations under the FY 2010-2011 Capital Improvements budget with respect to the new Courthouse complex capital project, up to $2,000,000."