Minutes 03/29/2016 - Laserfiche WebLink

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March 29, 2016 • New Revenue System – City Treasurer & Commissioner of the Revenue • School roof replacements • Social Services new phone system • County Garage replacement The debt service sinking fund, previously established, will remain. However, the debt service cost spikes (previously anticipated) have leveled off as a result of refinancing and borrowing. Thus, the remaining reserve does not need to be increased and can be used in the upcoming years for financing costs and unique economic development opportunities. Regional Economic Outlook/Revenues The Hampton Roads’ economy is expected to grow at a slightly higher rate (1.59%) in 2016 than in 2015 (1.14%). The deceleration of Department of Defense (DOD) spending has led to slow economic growth in Hampton Roads. We expect defense spending to increase slightly during 2016. The economic effects are likely to be realized in 2017. Annual civilian employment in our region is expected to increase by about 7,100 jobs during 2016. Employment growth is likely to be concentrated in businesses providing professional and business services, construction, leisure and hospitality, and health care services. The region's unemployment rate is expected to fall from 5.07% in 2015 to 4.30% in 2016. Retail sales in the region are expected to grow by 3.6% in 2016. During 2015, hotel revenues in Hampton Roads increased by 6.5%. Factors contributing to higher tourism revenue during 2016 will continue to be the same as those observed during 2015. City Assessor’s Report The report from the City Assessor’s Office revealed the following positive indicators:  Increasing new construction starts – second consecutive year  National market indicators positive for more than three consecutive years  Market stability has increased significantly  Continued strong growth in the multi-family sector of the commercial market Restructuring of Municipal Services In addition, to filling key positions, municipal services were realigned to create better, efficient and effective ways to deliver services. The realignment of the core services of landscaping, cemeteries, outdoor recreation maintenance, and events logistics are now realigned to their core service delivery Department of Parks, Recreation and Leisure Services (PRLS). In addition, events planning and oversight of Willett Hall are now realigned with PRLS from Marketing, Communications and Tourism with key emphasis on improved delivery of services and customer outreach. The realignment of Permits & Inspections, Planning and Zoning consolidates the former Department of Neighborhood Advancement thereby properly aligning the city’s Zoning Administration with Article 40 of the City Code.