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March 25, 2019 The New Portsmouth where employees are courageous decision makers with financial acuity, to ensure cost effectiveness, government efficiency, and protection over the city’s financial resources. City Council Four “Big Things” During the City Council Retreat, City Council updated the “FOUR BIG THINGS” or priorities to coincide with the vision and guiding principles. They are:  Portsmouth…the Best Place for Business;  Portsmouth…the Best Place to Live;  Tell the Portsmouth Story; and  Life-long Learning. Budget Theme – Review, Reflect, Refocus, Restore, & Reimagine Over the past three years, our mantra of Review, Reflect Refocus and Restore remain unwavering throughout the organization leading to financial acuity in every aspect of budget management and the delivery of services. For the Proposed Budget for FY 2020, I added a new “R” to the mantra, Reimagine. Our mantra is defined as:  Review– take a formal assessment or examination of all aspects of the budgets with the possibility or intention of instituting change where necessary.  Reflect– think deeply and carefully about goals and formulate cost-effective plans with careful consideration for all budget recommendations.  Refocus – focus (attention and resources) on doing things differently, setting priorities in city programs or using different approaches to the delivery of services through combining services and collaboration.  Restore – strengthen and re-establish (attention or resources) for all core city programs and service delivery. Provide new energy to maximize the city’s resources aligned with the City Council’s Vision.  And the newest “R”, Reimagine – form a mental image of something not present in our city, rethink it, believe it, and fantasize about it. We will become whatever we image. FY 2020 Budget Overview The FY 2020 Proposed General Fund Budget totals two hundred forty-eight million, four $248,405,876), hundred five thousand, eight hundred and seventy-six dollars ( the amount is six point seven million dollars ($6.7 million) or a two-point-seven percent (2.7%) increase over the FY 2019 Budget. The overall proposed budget totals seven hundred sixteen million, seven hundred fifty-eight thousand, three hundred and twenty-four dollars $716,758,324) (. BALANCEDNO I am pleased to present the Proposed FY 2020 Budget which is with REAL ESTATE TAX INCREASE for a fourth year in a row. The Proposed FY 2020 Budget includes necessary service fee increases aligned within state and federal requirements and continues the recurring annual rate increase of five percent (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 the city. This revenue challenge has limited the ability to include all of the new requests for funding in the FY 2020 Budget which required the Budget Team to look intrinsically and carefully at all recommendations in the proposed FY 2020 Budget. Smart City…Wise Choices – Overarching Theme The overarching theme for the Proposed FY 2020 Budget Process is Smart City...Wise Choices. A smart city is defined as a municipality that uses information and communication technologies to increase operational efficiency, share information with the public and improve both the quality of government services and the citizenry.