Minutes 12/10/2024 - Laserfiche WebLink

Home Browse Search

December 10, 2024 Next Steps Following Council Action:  Finance will make the appropriate budget adjustments Motion by Mr. Hugel, and seconded by Ms. Lucas-Burke, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE ACCEPTING WITH APPRECIATION A DONATION IN THE AMOUNT OF $100 FROM THE TIDEWATER BAPTIST MISSIONARY AND EDUCATIONAL CONVENTION INCORPORATED AND APPROPRIATING SAID FUNDS TO THE FY 2025 SOCIAL SERVICES FUND FOR USE BY THE DEPARTMENT OF SOCIAL SERVICES TO SUPPORT FOSTER CHILDREN AT CHRISTMAS. ” Ayes: Hugel, Lucas-Burke, Moody, Tillage, Whitaker, Glover Nays: None 24 - 373 - Adoption of an ordinance to authorize Portsmouth Public Schools to establish a Capital Reserve Fund. Background:  In 2024, the Virginia General Assembly amended Section 22.1-100 of the Virginia Code to authorize school boards, with the concurrence of the local governing body, to establish a capital reserve fund to capture local funds that were appropriated to the school board but unspent during the fiscal year.  By letter dated September 18, 2024, School Board Chairman Dr. Cardell C. Patillo requested that the City permit PPS to establish a capital reserve fund.  The proposal was discussed at City Council’s Public Work Session on October 22, 2024, and the City Manager subsequently met with the PPS Superintendent to develop an ordinance authorizing the creation of a PPS capital reserve fund. Discussion:  The proposed ordinance authorizes PPS to establish a capital reserve fund that complies with all requirements of Section 22.1-100.  The capital reserve fund would be funded by local funds that were appropriated by City Council to PPS in the annual budget but not expended by PPS prior to the end of the fiscal year.  PPS would not be permitted to deposit more than $7,000,000 in the capital reserve fund in any given fiscal year, and the total amount of funds deposited would never be allowed to exceed $21,000,000 (not including interest gained from PPS’s investment of the funds).  PPS would only be permitted to spend capital reserve fund money for capital projects or emergency capital needs. Financial Impact:  The funds deposited in the capital reserve fund would be money appropriated by City Council to the PPS budget that was not expended by PPS prior to the end of the fiscal year. Staff Recommends:  Adoption of the ordinance. Next Steps Following Council Action:  PPS will establish the capital reserve fund. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in support of this item. Motion by Mr. Hugel, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE TO AUTHORIZE PORTSMOUTH PUBLIC SCHOOLS TO ESTABLISH A CAPITAL RESERVE FUND. ”