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July 16, 2020
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<br /> Due to the uncertainty of COVID-19 economic impacts on the City’s revenues, City
<br />Council appropriated only the First Quarter of funding for the PPS FY 2021 General Fund
<br />and Risk Management Fund Operating Budgets. The first quarterly appropriation is
<br />$45,406,191, of which $14,181,424 is the local share.
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<br />Discussion:
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<br /> As part of the School Budget ordinance, City Council provided for the local share
<br />contribution to be paid to the Portsmouth Public Schools in twelve equal monthly
<br />installments, as shown on the Payment Schedule attached as Exhibit A. The scheduled
<br />monthly amount of $4,727,141 is generally transferred to PPS on the first day of each
<br />month, beginning July 1, 2020.
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<br /> However, PPS desires to adjust the monthly transfer amounts for the First Quarter.
<br />PPS is requesting this adjustment to provide adequate cash flow to cover healthcare and
<br />risk management obligations in July and August.
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<br /> Based on the total local share First Quarter appropriation of $14,181,424, PPS is
<br />requesting that the first two transfer amounts for July and August be $6,416,776 each,
<br />and that the transfer for September be $1,347,872, as shown on Exhibit B. The remaining
<br />monthly distributions for PPS for subsequent quarters will remain $4,727,141 (subject to
<br />appropriation, and provided that the revenues from the City are not impacted by COVID
<br />19).
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<br /> At the time Council acts on the proposed Ordinance, the July 1 transfer of
<br />$4,727,164 will have already taken place. The July balance of $1,689,635 would be
<br />transferred upon Council adoption of the Ordinance.
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<br /> All unspent funds will lapse at the end of the fiscal year, as provided in the School
<br />Budget ordinance and state law.
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<br />Financial Impact:
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<br /> Accelerating the payment schedule impacts the City’s ability to take advantage of
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<br />investment opportunities and plan for cash flow needs.
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<br />Staff Recommends:
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<br /> Adoption of the ordinance.
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<br />Next Steps Following Council Action:
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<br /> The Finance Department and the City Treasurer’s Office will work together to
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<br />ensure the payments are made per the revised payment schedule.
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<br />Motion by Mr. Moody, and seconded by Mr. Battle, to adopt the following
<br />ordinance, and was adopted by the following vote:
<br />
<br />“ORDINANCE REVISING THE MONTHLY PAYMENT SCHEDULE FOR DELIVERY OF
<br />THE CITY’S LOCAL SHARE ALLOCATION FOR THE FIRST QUARTER OF THE FY
<br />2021 PORTSMOUTH PUBLIC SCHOOLS OPERATING BUDGET.”
<br />
<br />Ayes: Battle, Clark, Glover, Lucas-Burke, Moody, Psimas, Rowe
<br />Nays: None
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<br />20 - 178 - Adoption of an ordinance to amend Section 10-102 of Chapter 10 of the
<br />Code of the City of Portsmouth, Virginia (2006), as amended, to change the voting
<br />location for Precinct Number 19 from Fairview Heights Baptist Church to Victory
<br />Elementary School, located at 2828 Greenwood Drive, and to formally change the
<br />name of Precinct Number 19 to “Victory Elementary School”.
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<br />Background:
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<br /> The Portsmouth Electoral Board recommends moving the polling place for Precinct
<br />No. 19, Fairview Heights Baptist Church, located at 4704 Deep Creek Blvd., to Victory
<br />Elementary School, 2828 Greenwood Drive. The precinct name and the location must be
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<br />changed.
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