Minutes 04/09/2019 - Laserfiche WebLink

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April 09, 2019 - City Manager’s Report - 19 - 142 - Adoption of an ordinance amending the funding source in the FY 2019 Capital Improvement Fund Budget for the water treatment plant building assessment and repairs project from Revenue Bonds to Cash. Background:  The FY 2019 Capital Improvement Fund includes a project for the condition assessment for the Lake Kilby Water Treatment Plant Building located in the City of Suffolk.  In accordance with the FY 2019 Adopted Capital Improvement Budget, $150,000 in bond proceeds was appropriated for the project.  There is adequate reserve (fund balance) in the Public Utility Fund to fund this project. Discussion:  The ordinance prepared for City Council consideration amends the funding source ($150,000) for the water treatment plant building assessment and repairs projectfrom “revenue bonds” to “cash”. Financial Impact:  This ordinance will reduce the unrestricted Public Utility Operating Fund fund balance by $150,000 and increase the Public Utility Operating Fund budget (Transfer Out) by the same amount.  The ordinance will increase the FY 2019 Capital Project Fund Budget (Transfer In) by $150,000 for the water treatment plant building assessment and repairs project. Recommended Action:  Adoption of the ordinance. Next Steps Following Council Action:  The Finance Department will make the necessary budget adjustment. Motion by Ms. Lucas-Burke, and seconded by Mr. Clark, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE AMENDING THE FUNDING SOURCE IN THE FY 2019 CAPITAL IMPROVEMENT FUND BUDGET FOR THE WATER TREATMENT PLANT BUILDING ASSESSMENT AND REPAIRS PROJECT FROM REVENUE BONDS TO CASH.” Ayes: Battle, Clark, Glover, Lucas-Burke, Moody, Psimas, Rowe Nays: None 19 - 143 - Adoption of an ordinance establishing a Personal Property Tax Relief Percentage of 53% for Calendar Year 2019 Personal Property Tax Bills. Background:  In accordance with the Virginia Personal Property Tax Relief Act (PPTRA), the city is required to annually establish the personal property tax relief percentage to be applied to qualified vehicles.  The 2005 revisions to the Personal Property Tax Relief Act of 1988 (“the 2005 Amendments”) modified the method of state reimbursement for personal property tax relief from a variable percentage to a fixed sum of money payable to each locality.  The 2005 Amendments and Section 35-9 of the Portsmouth City Code require that the city annually establish a personal property tax relief percentage such that the total relief provided to qualifying taxpayers will exhaust the funds to be allocated to the locality by the Commonwealth.