Minutes 04/10/2018 - Laserfiche WebLink

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April 10, 2018 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. Clark, and seconded by Ms. Psimas, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF PERCENTAGE OF 53% FOR CALENDAR YEAR 2018 PERSONAL PROPERTY TAX BILLS.” Ayes: Clark, Lucas-Burke, Moody, Psimas, Whitaker, Rowe Nays: None 18 - 139 - Adoption of an ordinance to amend Chapter 30 of the Code of the City of Portsmouth, Virginia (2006) by establishing a new Article V titled “Other Post- Employment Benefits Trust”. Background:  At the March 12, 2018 Work Session, City Council directed staff to take the necessary measures for the City to join the VML/VACo Pooled OPEB Trust Fund.  A resolution will be presented on April 10, 2018 for Council consideration to authorize the City to join the Pooled Trust Fund.  The resolution also appoints the Board of Trustees of the Portsmouth Supplemental Retirement System (the “Retirement Board”) as the Trustee of the City’s interest in and investment with the Fund. Discussion:  The proposed City Code amendment grants the Retirement Board the statutory authority to serve as the City’s OPEB Trustee. Financial Impact:  The City’s participation in an OPEB Trust Fund will help address future liabilities and improve the City’s financial statements and future financial outlook. Recommended Action:  Adoption of the ordinance. Next Steps Following Council Action:  Upon adoption by City Council of this ordinance and the resolution authorizing the City to join the Pooled OPEB Trust Fund, the Retirement Board will enter into a Trust Joinder Agreement with the Fund and, with the advice of City staff and financial advisors, select an investment portfolio. Motion by Ms. Lucas-Burke, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE TO AMEND CHAPTER 30 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) BY ESTABLISHING A NEW ARTICLE V TITLED “OTHER POST-EMPLOYMENT BENEFITS TRUST”. ” Ayes: Clark, Lucas-Burke, Moody, Psimas, Whitaker, Rowe Nays: None 18 - 140 - Adoption of a resolution to adopt a Trust for Other Post-Employment Benefits. Background:  Over the past several years the Government Accounting Standards Board (GASB) has established new standards to govern accounting for non-pension “other post- employment benefits” (OPEB) provided by governments to their former employees.