Minutes 03/22/2021 - Laserfiche WebLink

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March 22, 2021 One such opportunity is with the proposed casino. Developers of the Rivers Casino plan to open the first Casino in Portsmouth–and the region, as early as 2023, contingent upon the Virginia Lottery Board’s approval and issuance of the license to begin construction. The Casino project is estimated to cost the developer $300 million, and provide the City $16 Million in annual tax revenue. The Casino is anticipating 1,300 permanent jobs and another 1,400 jobs for construction. The company estimated a $200 million annual financial impact on the local Portsmouth and Hampton Roads economies. The Government Finance Officers Association (GFOA) recommends that use of fund balance should be for emergencies and one time uses such as funding of capital projects. It should not be used to fund recurring operating expenses. Even with the planned use for FY 2022, the city would still maintain a percentage above 25%. However, with the City’s fiscal challenges, high level of nontaxable real property, high debt level and retirement system liabilities, fund balance serves as an important balancing factor that enables it to maintain its current bond rating as well as weather unforeseen emergencies. Our Future As our economic vitality and net position improves, Portsmouth will be a beneficiary of the local and region's increased prosperity. To the extent of the hope of an economic upswing, its success will be contingent upon our independent efforts to maximize our creativity and development and strengthen our community. Continuing to build upon our roadmap is essential for the City to succeed as it aligns priorities by aggressively continuing to build an economy while also creating an environment that restores, repurposes, and reinvents a diverse community that will have a lasting impact on our citizenry, neighborhoods, and our partners. Thank you.