Minutes 07/25/2000 - Laserfiche WebLink

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July 25, 2000 00 - 175 - Adoption of an ordinance to appropriate $2,071,588 in the City's Capital Improvement Fund for school renovations and maintenance and to establish separate escrow accounts for these funds. The source of funding for this appropriation is unexpended lottery and construction funds in the School's 2000 Operating Budget. Recommendation: · Adoption of an ordinance to appropriate $2,071,588 in the City's Capital Improvement Fund for School Renovations and Maintenance and to establish separate escrow accounts for these funds. · The source of funding for this appropriation is unexpended Lottery and Construction funds in the School's 2000 Operating Budget. Purpose and Need: · The School Board received $1,287,681 Lottery Proceeds and $783,907 Construction monies during the FY 2000 that are to be used to fund the School's Long-Range Facilities Plan. These funds were appropriated in the School's operating budget for FY 2000 in the Operations and Maintenance Category. · The School Board has authorized transfer of these funds within their budget to fund their School Facilities Plan. · It is now necessary for these funds to be appropriated in the Capital Improvement Fund in order for the funds to be available for future use. · The State requires that these funds are to be segregated in a separate escrow accounts and these will be maintained and invested by the City Treasurer. Financial Impact: · There is no financial impact on the FY 2001 as these funds are being transferred from the FY 2000 budget. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: "AN ORDINANCE TO APPROPRIATE $2,071,588 IN THE CAPITAL IMPROVEMENT FUND FOR THE SCHOOLS FACILITIES PLAN." Ayes: Benn, Griffin, Moody, Robinett, Whitehurst, Holley Nays: None 00 - 176 - Adoption of an ordinance authorizing payment of the employee share of life insurance by the City. The City received notice that the contribution rate for retirement has been decreased, which would yield sufficient savings to pay for the employee's share of life insurance. Recommendation: · Adoption of an ordinance authorizing payment of the employee share of life insurance by the City. Purpose and Need: · Employees are provided life insurance benefits through the Virginia Retirement System (VRS). VRS computes a contribution percentage of payroll for both the employer and employee share. · For fiscal years 1999 and 2000, the life insurance program was fully funded and the City experienced a "premium holiday" and no amounts were paid for life insurance, and therefore the employees did not have deductions from their pay for life insurance.