Minutes 03/25/2014 - Laserfiche WebLink

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March 25, 2014 • The Midtown Corridor Project needs $389,734 to meet our commitment for VDOT Revenue Sharing of $1.1 million. The remaining $722,266 is already available within the project. VDOT is ready to proceed with the project. • The cost of the Public Safety Radio System project has been estimated at $11 million dollars; $3 million for the radios (already purchased), and the remaining $8 million for the system upgrade. To maximize and minimize our dollars, we are value engineering the project at an estimated cost of $150,000. The $150,000 cash funding will allow the project to move forward. Financial Impact: • There is no financial impact to the General Fund or the CIP. Funds will be transferred within existing projects and existing appropriation authority. Recommended Action: • Adoption of the ordinance. Vision Principle: Efficient, Responsive Government. Next Steps Following Council Action: • Finance will complete the necessary budget adjustments. Motion by Ms. Psimas, and seconded by Mr. Meeks, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO AMEND THE FY 2013-14 CAPITAL IMPROVEMENT BUDGET BY AUTHORIZING THE TRANSFER OF $539,734 WITHIN THE FY 2013-14 CAPITAL IMPROVEMENT FUND TO THE MIDTOWN CORRIDOR PROJECT (TURNPIKE ROAD IMPROVEMENTS) AND THE PUBLIC SAFETY RADIO PROJECT." Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Randall, Wright Nays: None 14 - 121 -Adoption of an ordinance establishing a Personal Property Tax Relief percentage of 51 % for Calendar Year 2014 personal property tax bills. Vision Principle: A Robust Economy for Working Men and Women. Background: • In accordance with the Virginia Personal Property Tax Relief Act (PPTRA), the City is required to annually establish the personal property tax relief percentage to be applied to qualified vehicles. Discussion: • Based on the personal property tax trends in the City of Portsmouth, it was agreed upon by the City Treasurer, the Commissioner of the Revenue, and the City's Chief Financial Officer that 51 % is the appropriate percentage of the relief to be applied toward the 2014 personal property taxes. Financial Impact: • The 51 % of PPTRA relief proposed for calendar year 2014 is estimated to equal the $9,862,962.29 of relief provided by the state. Staff Recommends: • Adoption of ordinance. Vision Principle: A Robust Economy for Working Men and Women. Next Steps Following Council Action: • Application of the tax relief credit to personal property tax bills will be performed by the City Treasurer's Office upon adoption of this ordinance. Motion by Mr. Moody, and seconded by Ms. Randall, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF PERCENTAGE OF 51% FOR CALENDAR YEAR 2014 PERSONAL PROPERTY TAX BILLS."