Minutes 03/25/2019 - Laserfiche WebLink

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March 25, 2019  Portsmouth Community Concerts, Inc. (PPCI): 1,2,3 Let’s Dance and Boost Your Brain Power Move! Outreach programs from Portsmouth Public Schools students at the Edmonds Center.  Richmond Ballet: Minds in Motion residencies in the Fall of 2019 at two th Portsmouth Public Schools. These are two-week residency for 4 graders. This is the fourth year of the program.  Tidewater Community College: a partnership with the Portsmouth Campus of Tidewater Community (TCC), which offers a Truck Driving Program every eight (8) weeks, to attract and hire graduates who obtain a Class A commercial driver’s license (CDL).  Eastern Virginia Medical College (EVMS): provides research and vital services needed within the community. Fund Balance Usage The city has maintained a healthy financial position despite a period of modest revenue growth. The strength of Portsmouth’s fund balance has historically been a critical counterbalance to other important areas of the city’s credit rating profile. 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 four point eight million dollars ($4.8 million) of General Fund Balance for the OPEB Trust Fund and one-time operational and Capital projects. The proposed Fund Balance allocation maintains the city’s policy in reserving fifteen percent (15%) of General Fund revenues. Today, the city maintains Double-A Ratings from three credit rating agencies, with a strong investment rating. Stable Outlook, which is a Realignment of Fees, Rates, and Taxes An important element of the city’s financial policies is to review fees, rates, and taxes annually. The city’s Budget Team analyzed current and future cost to determine ways to provide quality services to maximize efficiencies and minimize cost. We are proposing new increases to:  Cigarette Tax – a five cents increase from ninety cents to ninety-five cents ($.90 to $.95)  Hotel Occupancy Tax – increase from zero to three dollars ($3.00) to support cultural arts and tourism  Stormwater Rate – a seventy-five cents increase ($.75) from ten dollars and fifty cents to eleven dollars and seventy-five cents ($10.50 to $11.75)  The proposed FY 2020 Budget 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. We are proposing a one dollar decrease to the Waste Management Rates (Residential Solid Waste Fee) from thirty dollars and sixteen cents ($30.16) to twenty-nine dollars and sixteen cents ($29.16). Capital Improvement Program The city’s Capital Improvement Program supports projects that improve the economic development and infrastructure needs of the city and public schools.