Minutes 05/27/2014 - Laserfiche WebLink

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May 27, 2014 g. An ordinance to appropriate $385,779,831 for the operation of City government during the fiscal year beginning July 1, 2014. Capital Improvement o For FY 2015, upon adoption by Council the funding is authorized by appropriation. o Years 2016-2019 of the CIP and Fleet Management Plan are approved but not appropriated years used for long-term planning purposes and are approved as planning years. h. An ordinance approving the FY 2015-19 Capital Improvement Program and appropriating $17,132,757 in the FY 2014-15 Capital Improvement Fund, $400,000 in the FY 2014-15 Portsmouth Parking Authority Capital Improvement Fund, and $55,000,000 in the FY 2014-15 Public Utilities Capital Improvement Fund. Portsmouth Public Schools • City funding of Portsmouth Public School Operations and the total School Budget will be appropriated by category on a quarterly basis. • City Council will consider each subsequent quarterly appropriation upon receipt of a quarterly financial report and request for appropriation from the School Board by the: i. Adoption of an ordinance to appropriate by category on a quarterly basis the total sum of $161,303,358 for the operations of Portsmouth Public Schools during the Fiscal Year beginning July 1, 2014 and ending June 30, 2015. Financial Impact: • City Operating Budget - By Virginia law, the operating budget must be in balance, with estimated revenues and other funding sources equaling appropriations. The Proposed Operating Budget for fiscal year 2014 complies with this law. o Community Planning and Development -Funds will be available for undertaking the priorities established by the 5-Year CP and in agreement with the statutory purposes of the CDBG and HOME programs. There is no matching fund requirement for CDBG funds. HOME funds require a match contribution of not less than 25% of the HOME funds drawn. o VRS Contribution Rate -The intent of the language in the 2013 Appropriation Act, Item 468(1), is to offer localities and schools some budget relief for the coming fiscal year with respect to the amount of their retirement contributions. Adopting the lower VRS rate will result in a 20% savings for FY 2015 and 2016, but will also have the following impacts for the City of Portsmouth: ^ Reduce contributions to Portsmouth's employer account and the investment earnings they would have generated, which will result in less cash to pay for available benefits. ^ Result in a lower funded ratio when the next Actuarial Valuation is performed and, thus a higher calculated contribution rate at that time. ^ Require that the City include the Net Pension Obligation (NPO) under the Governmental Accounting Standards Board (GASB) Standards in our financial statements. • Capital Improvement -The sums of $17,132,757 in the Capital Improvement Fund, $400,000 in the Parking Capital Improvement Fund, and $55,000,000 in the Public Utilities Capital Improvement Fund are appropriated for expenditures in the following categories and amounts: o Capital Improvement Fund ^ Drainage and street Improvements $11,128,984 ^ Education $ 2,260,000 ^ Leisure Services $ 1,165,000 ^ Fleet Management $ 983,908 ^ Municipal Facilities $ 1,594,864