Minutes 10/23/2012 - Laserfiche WebLink

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October 23, 2012 Discussion: • The $300,000 was appropriated in the City Assessor's operating budget for FY2012; however, the funds were not expended prior to June 30. Financial Impact: • The expenditure was planned for FY 2011-12. The reappropriation of the funds addresses the timing difference due to the system purchase spanning two fiscal years. The budget is the same as what was originally appropriated. Recommended Action: • Adoption of the ordinance. Vision Principle: Efficient, Responsive Government. Next Steps Following Council Action: • Finance will complete the financial aspects of this transaction. Motion by Ms. Randall, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO TRANSFER THE SUM OF $300,000 FROM THE FY 2012-13 GENERAL FUND UNDESIGNATED FUND BALANCE TO THE FY 2012-13 CAPITAL IMPROVEMENT FUND FOR THE ACQUISITION OF A COMPUTER ASSISTED MASS APPRAISAL SOFTWARE SYSTEM." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 12 - 427 -Adoption of an ordinance authorizing the issuance and sale of General Obligation Refunding Bonds. Vision Principles: Efficient, Responsive Government, Quality of Life, and a Robust Economy for the Working Men and Women. Background: • Given the favorable interest rate environment, Davenport has advised the City that certain maturities of the City's existing debt may be refunded for savings purposes should they provide at least 2.5% Net Present Value savings at the time of pricing. Discussion: • Market conditions continue to be very favorable for the sale of bonds. Refinancing higher interest bonds will save the City funds and serve to improve its cashflow. Financial Impact: • Refunding bonds will only be issued if there is a net savings to the City of at least 2.5% at the time of pricing. Recommended Action: • Conduct a public hearing and adoption of the ordinance. Vision Principle: Efficient, Responsive Government, Quality of Life, and a Robust Economy for the Working Men and Women. Next Steps Following Council Action: • Staff, Davenport, and the City's Bond Counsel will take all required action to facilitate the issuance of refunding bonds in the event the City is able to achieve the targeted debt service savings. Motion by Mr. Whitehurst, and seconded by Mr. Edmonds, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS."