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.574
<br />
<br />January 26~ 1988
<br />
<br />"A RESOLUTION ESTABLISHING A SCHEDULE FOR CONSIDERATION BY
<br />THE CITY COUNCIL OF THE 1988-89 OPERATING BUDGET, THE
<br />IMPOSITION AND LEVYING OF TAXES AND FEES FOR THE PURPOSE
<br />OF RAISING REVENUE FOR THE SUPPORT OF GOVERNMENTAL
<br />OPERATIONS AND THE PUBLIC SCHOOLS, AND GENERAL REVENUE
<br />SHARING.
<br />
<br /> BE IT RESOLVED by the Council of the City of Portsmouth,
<br />Virginia:
<br />
<br /> 1. That a special meeting of the City Council will be
<br />held on Tuesday,'April 19, 1988 at 7 p.m., in the Council
<br />Chambers, 6th Floor, City Hall, for the purpose of the City
<br />Manager submitting to the City Council the proposed 1988-89
<br />operating budget.
<br />
<br /> 2. That at the regularly scheduled City Council meeting
<br />on Tuesday, April 26, 1988, at 7 p.m., in the City Council
<br />Chambers, 6th Floor, City Hall, the City Council will conduct a
<br />public hearing on the 1988-89 operating budget, the imposition
<br />and levying of taxes and fees for the purpose of raising
<br />revenue for the support of governmental operations and the
<br />public schools, and general revenue sharing.
<br />
<br /> 3. That the regularly scheduled City Council meeting on
<br />Tuesday, May 10, 1988, shall be changed to Wednesday, May 11,
<br />1988, at 7 p.m. in the Council Chambers, 6th Floor, City Hall,
<br />for the purpose Of consideration by the City Council of the
<br />1988-89 operating budget, the imposition and levying of taxes
<br />and fees for the purpose of raising revenue for support of
<br />governmental operations and the public schools, and general
<br />revenue sharing, and such other matters as may be deemed
<br />appropriate.
<br />
<br /> 4. That a special meeting of the City Council will be
<br />held on Monday, May 16, 1988, at 7 p.m., in the Council
<br />Chambers, 6th Floor, City Hall, for the City Council to
<br />consider final adoption of the 1988-89 operating budget, the
<br />imposition and levying of taxes and fees for the purpose of
<br />raising revenue for the support of governmental operations and
<br />the public schools, and general revenue sharing, and such other
<br />matters as may be deemed appropriate."
<br />
<br /> Ayes: Barnes, Corprew, Gray, Lucas, Simpson,
<br /> Williams, Webb
<br /> Nays: None
<br />
<br /> 88-38 Letter from the City Manager transmitting the
<br />Quarterly Financial Report for the period ended December 31,
<br />1987.
<br />
<br /> "In accordance with Section 11-43 of the City Code, the
<br />Quarterly Financial Report for the period ended December 31,
<br />1987, is herewith submitted.
<br />
<br /> For the second quarter of the fiscal year, revenues and
<br />expenditures are slightly less than at this time last year.
<br />Actual revenues to date stand at 44 percent of the revenues
<br />estimated for the year, and 40 percent of the appropriations
<br />have been expended as of December 31, 1987. During the same
<br />quarter last year 44 percent of the estimated revenues had been
<br />received and expenditures were 40 percent of the budget
<br />appropriations. At this point, there does not appear to be any
<br />indication of substantial problems with respect to either the
<br />revenues or the expenditures."
<br />
<br />
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