Minutes 05/08/2012 - Laserfiche WebLink

Home Browse Search

May 8, 2012 WHEREAS, the CPMT has determined that its mission will be assisted by the expansion of the CPMT to include a member of the Tidewater Youth Services Commission. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby expands the official membership of the City's Community Policy and Management Team (CPMT) to include a member of the Tidewater Youth Services Commission." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 12 - 188 -Adoption of a resolution amending City Financial Policies to include a new Appendix B containing Fiscal Policy Guidelines for the Public Utilities Enterprise Fund. Vision Principle: Efficient, Responsive Government. Background: • The City of Portsmouth has adopted Financial Policies to guide the decisions and use of City funds. These policies govern such issues as revenues, use of fund balance, debt management principles, etc. • As part of the Financial Plan developed for the Public Utilities Capital Improvement Program, policy guidelines were developed to help ensure a strong financial foundation in the Public Utilities Enterprise Fund and to ensure adequate funding will be available to cover debt service on current and future bonded debt. • Although not yet formally adopted by City Council, these policy guidelines have been used in our financial planning and presented to the three major bond rating agencies which have contributed to an upgrade in the City's bond rating from all three rating agencies. Discussion: • Official Adoption of these fiscal policy guidelines will further strengthen our financial management best practices. • These guidelines were jointly developed with the City's Financial Advisor Davenport and Company. Financial impact: • No General Fund dollars are involved. These policies contribute to a stronger bond rating which translates into lower borrowing costs. Recommended Action: • Adoption of a resolution. Vision Principle: Efficient, Responsive Government. Next Steps Following Council Action: • Staff will update the Adopted Financial Policies to include the Public Utilities Fiscal Policy Guidelines and continue to follow these guidelines as future budget and financing plans are developed. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, asked that rates charged to users of this service not be higher than necessary to sustain the system. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AMENDING ADOPTED CITY FINANCIAL POLICIES TO INCLUDE A NEW APPENDIX B CONTAINING FISCAL POLICY GUIDELINES FOR THE PUBLIC UTILITIES ENTERPRISE FUND. WHEREAS, adopted "best practice" financial policies provide guidance and fortification by maintaining or increasing revenues while controlling debt and expenditures; and