Minutes 01/27/2015 - Laserfiche WebLink

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January 27, 2015  The State Code requires the Clerk of the Circuit Court to collect a $5 fee for civil actions, to be deposited into the Technology Trust Fund, which is maintained by the State. The State allocates these fees to the Clerk’s office for approved technology improvements. An appropriation is needed in the Grants Fund for these monies.  The City has historically maintained a Donations Fund, which has been used to account for certain special activities, most notably Museum operations. Included in the Donations Fund is $30,055 in funds that the Museum staff has historically used for needed capital repairs. An appropriation is needed to transfer this balance from the Donations Fund to the Capital Projects Fund for future capital needs.  At the end of FY 2013-14, The City began using an existing Debt Service Fund to account for the cost of all debt service payments in one place. Other funds including the General Fund that contribute to the cost of debt service will transfer monies to the Debt Service fund. The total cost for FY 2015 is not changing but an additional appropriation is needed to establish the budget for the Debt Service Fund for the total amount of the City’s FY 2014-15 debt service of $37,918,967. Beginning with the FY 2015-16, the Proposed Budget will include the Debt Service fund appropriation.  The attached ordinance will appropriate the FY 2014-15 Expenditures related to these activities to the appropriate funds. Financial Impact:  The attached ordinance increases General Fund expenditures by $251,497, Debt Service Fund expenditures by $37,918,967, Donations Fund expenditures by $39,024, Grants Fund expenditures by $8,969, OPEB Fund Expenditures by $3,000,000, Health Insurance Fund expenditures by $3,000,000 and Capital Improvement Fund Expenditures by $30,055. The General Fund budget adjustments are funded by the use of Unassigned Fund Balance, totaling $251,497. 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 Mr. Moody, and seconded by Mr. Meeks, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE TO APPROPRIATE $44,248,512 IN ADDITIONAL REVENUE AND $44,248,512 IN ADDITIONAL EXPENDITURES IN THE FY 2014-15 OPERATING AND CAPITAL IMPROVEMENT BUDGETS.” Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright Nays: None 15 - 48(a) - Adoption of an ordinance amending Chapter 35 of the Code of the City of Portsmouth, Virginia (2006) pertaining to the City’s second Enterprise Zone. Vision Principle: A Robust Economy for Working Men and Women. (b) - Adoption of a resolution authorizing and directing the City Manager to execute an Enterprise Zone Local Incentives Grants Funding Agreement between the City and the Economic Development Authority of the City of Portsmouth regarding the City’s second Enterprise Zone. Vision Principle: A Robust Economy for Working Men and Women. Background:  On June 11, 2013, City Council approved certain local incentives in conjunction with the City’s application to the Virginia Department of Housing and Community Development (DHCD) for the designation of a second Enterprise Zone. Portsmouth received its second Enterprise Zone on January 1, 2014. The designation is a state and local partnership and is a method to stimulate job creation, private investment and revitalization.