Minutes 11/13/2018 - Laserfiche WebLink

Home Browse Search

November 13, 2018 18 - 429 - Adoption of an ordinance authorizing the appropriation of $500,000 from the General Fund – fund balance to the Non-Departmental, Benefits-Retiree Supplement line item in the FY 2019 General Fund budget for the purpose of funding a one-time supplement in the gross amount of $500 to beneficiaries under the Portsmouth Supplemental Retirement System and the Fire and Police Retirement System. Background:  Per City Code, Section 12-5, City Council is required to approve all budget transfers over $100,000.  On October 23, 2018, there was a consensus of City Council to provide a $500 supplement to retirees and beneficiaries of a deceased member in the city’s closed retirement plans, the Portsmouth Supplemental Retirement System (PSRS) and the Fire and Police Retirement System (FPRS).  The total number of beneficiaries receiving the supplement is approximately 1,000, which equates to $500,000.  Unassigned fund balance will be utilized to fund the supplement. Discussion:  The FY 2018 operating budget appropriated $5.8 million of fund balance from the General Fund. Based on unaudited draft General Fund financial statements at fiscal year end June 30, 2018, the actual use of fund balance was approximately $1 million, which is significantly less than the amount budgeted.  The proposed ordinance appropriates $500,000 from the General Fund – Unassigned Fund Balance to the Non-Departmental, Benefits-Retiree Supplement line.  It is anticipated that the one-time supplemental payment will be distributed in December 2018. Financial Impact:  This budget appropriation will allow the city to provide a supplement to eligible PSRS and FPRS beneficiaries. Recommended Action:  Adoption of the ordinance. Next Steps Following Council Action:  The Finance Department will complete the necessary budget adjustments. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. Motion by Mr. Moody, and seconded by Ms. Psimas, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE APPROPRIATING THE SUM OF $500,000 FROM THE GENERAL FUND – UNASSIGNED FUND BALANCE TO THE NON-DEPARTMENTAL, BENEFITS – RETIREE SUPPLEMENT LINE ITEM IN THE FY 2019 GENERAL FUND BUDGET FOR THE PURPOSE OF FUNDING A ONE-TIME SUPPLEMENT IN THE GROSS AMOUNT OF $500 TO BENEFICIARIES UNDER THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM AND THE FIRE AND POLICE RETIREMENT SYSTEM.” Ayes: Clark, Lucas-Burke, Moody, Psimas, Smith, Rowe Nays: None 18 - 430 - Adoption of a resolution authorizing the City Manager to approve change orders totaling more than 25% of the construction contract with Gaston Brothers Utilities, LLC for the High Street Sewer Relocation Project.