Minutes 06/26/2018 - Laserfiche WebLink

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June 26, 2018 Ayes: Clark, Lucas-Burke, Moody, Psimas, Smith, Whitaker, Rowe Nays: None 18 - 240 - Adoption of an ordinance establishing a monthly payment schedule for delivery of the City’s local share allocation of the FY 2019 Portsmouth Public Schools Operating Budget. Background:  The City of Portsmouth FY 2019 General Operating and Capital Improvement Program Budgets were adopted on May 8, 2018.  As part of this adoption, City Council appropriated for FY 2019 $52,796,045 for the local share to Portsmouth Public Schools (PPS). In addition, City Council approved discontinuing categorical appropriation and the need for quarterly appropriation to PPS. Discussion:  Currently, the local share to PPS is distributed throughout the fiscal year on a monthly basis. City staff prepared the FY 2019 Monthly Payment Schedule for the Portsmouth Public Schools.  The City Manager provided a copy of the payment schedule to Dr. Elie Bracy, III, Division Superintendent, on May 14, 2018.  As noted in the schedule, one twelfth of the $52,796,045 annual appropriation is scheduled for distribution to PPS each month. The scheduled monthly amount of $4,399,670.42 will be transferred to PPS on the last day of each month beginning July 31, 2018 for eleven months, with the twelfth payment to be made on June 14, 2019.  All unspent funds lapse at the end of the fiscal year. Financial Impact:  The financial impact of exceeding the demands of the payment schedule would directly impact the City’s ability to take advantage of investment opportunities and plan for cash flow needs. Recommended Action:  Adoption of the ordinance. Next Steps Following Council Action:  The Finance Department and the City Treasurer’s Office will work together to ensure the payments are made in accordance with the adopted payment schedule. Motion by Ms. Lucas-Burke, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in support of this item but voiced his concern with payments being made at the end of the month. “ORDINANCE ESTABLISHING A MONTHLY PAYMENT SCHEDULE FOR DELIVERY OF THE CITY’S LOCAL SHARE ALLOCATION OF THE FY 2019 PORTSMOUTH PUBLIC SCHOOLS OPERATING BUDGET.” Ayes: Clark, Lucas-Burke, Moody, Psimas, Smith, Whitaker, Rowe Nays: None 18 - 241 - Adoption of an ordinance to amend the FY 2018 Capital Improvement Fund Budget by authorizing the transfer of $125,000 from the Woodrow Wilson High School HVAC/Cooling Tower Replacement Project to the Mount Hermon Elementary School Roof Replacement Project. Background:  The Mt. Herman Elementary School Roof and HVAC Replacement project is a school CIP project scheduled for this summer.  The Woodrow Wilson High School (WWHS) HVAC/Cooling Tower Replacement project is also a school CIP project which was originally scheduled for this summer.