Minutes 03/26/2018 - Laserfiche WebLink

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March 26, 2018 City Council Four “”Big Things” City Council during their retreat updated the “FOUR BIG THINGS” or priorities to coincide with the vision and guiding principles. They are:  Laser-focus on Education  Tell the Portsmouth Story  Create a Smart City  Crawford Gateway Revitalization Budget Theme – Review, Reflect, Refocus, & Restore: Over the past three years, the budget mantra of Review, Reflect Refocus and Restore remains, unwavering throughout the organization’s year-round budget process which leads to financial acuity in every aspect of budget management and the delivery of municipal services. Allow me to share our mantra:  Review – take a formal assessment or examination of all aspects of the budget  Reflect – think deeply and carefully, about the goals, and formulate cost-effective plans  Refocus – focus (attention and resources) on doing things differently, setting priorities in programs or using different approaches to the delivery of services and  Restore– provide new energy to maximize the city’s resources aligned with the City Council’s Vision. FY 2019 Budget Overview: The FY 2019 Proposed General Fund Budget totals two hundred forty-one million, seven hundred twenty-six thousand, one hundred and thirty-six dollars ($241,726,136), two point seven million dollars ($2.7 million) or a 1% increase over the FY 2018 Budget. The overall proposed budget totals seven hundred twenty million, one hundred two thousand and sixty-nine dollars ($720,102,069). BALANCEDNO I am pleased to present the Proposed FY 2019 Budget which is with NEW TAXES OR FEES . The Proposed FY 2019 Budget continues the recurring annual rate increase of 5% for the water and sewer rates to cover direct costs and promote efficient service delivery. While we have experienced an increase in the taxable value of real estate in the city for the coming fiscal year, we continue to be limited to nearly flat revenues due to legal challenges affecting our tax collections from major property anchors in our city. This revenue challenge has limited the ability to include all of the needed funding recommendations to meet financial policy requirements in the coming fiscal year. FY 2019 Budget Highlights: The city’s sound, conservative financial policies, and guidelines ensure the long-term financial stability of the city. Adherence to these policies assures a competitive bond rating and the ability to borrow funds for long-term capital needs at an effective interest rate. This proposed budget recommends five million, seven hundred thousand dollars ($5.7 million) of General Fund Balance for one-time operational and Capital projects. The proposed Fund Balance allocation maintains the city’s policy in reserving 15% of General Fund revenues. The city continues to maintain Double-A Ratings from three credit rating agencies, with a strong investment rating Stable Outlook, which is a . Economic Development – Overarching Theme & Strategic Budget Initiatives: The overarching theme for the Proposed FY 2019 Budget Process is Economic Development.