Minutes 03/28/2000 - Laserfiche WebLink

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March 28, 2000 Figure 9: Summary of School Funding FY 2000 FY 2001 Adopted Proposed Percentage Budget Budget Chan~e Operating Fund $106,023,385 105,853,643 (0.2%) Grants Fund 12,650,181 14,818,045 17.1 Cafeteria Fund 6,625,000 6,695,000 1.0 Risk Management 570,260 570,260 Total Funds $ 125,868,826 127,936,948 1.6 % * Excludes Student Activity Funds State revenues, the majority of which are based on the number of students enrolled, have continued to increase, but the State must continue to do more, especially in the area of facilities. Studies have shown that one of the most pressing needs for school systems in Virginia is the school buildings themselves. Growing communities are faced with the cost of building new schools to prevent overcrowding, while older communities with more stable populations are faced with facilities needing costly renovations and repairs. The existence of backlog is not unique to the City, but is shared by the schools as well. To address this major capital need, the School Board approved a fifteen-year Facilities Plan. The City Council is supportive of this effort and the School Board has been responsive in addressing concerns of council and to proposing a plan that fits within the constraints of the City's Capital Improvement Program. The plan includes a combination of state funds, literary loans, School system year-end savings and city general obligation bonds as the means of funding this $70 million plan. It will require the use of all these funding streams to make this plan a reality. In September 1999, the City Council approved a special appropriation of more than $9 million that provided a significant jumpstart in implementing the plan. The funding for this appropriation included year-end savings by the Schools, one-time supplemental state funds and interest-free qualified zone academy bonds (QZABs). With respect to the QZABs, it is important to note that even though these bonds are interest free, the principal must be repaid by the City and increases the level of debt. Of the City's debt service discussed earlier in this message, approximately 45% of our general obligation debt payments specifically relate to capital funding for education. I believe this budget clearly demonstrates Council's commitment to education. CONCLUSION The balancing of every City budget is a challenge because the needs are so great and the resources limited. In Portsmouth, we are fortunate that our City Council has provided stable leadership and vision within clearly defined areas. Working within Council's "Spheres of Success," we are using every available resource to provide continuing efforts in attaining our fiscal strength, economic development and neighborhood quality goals. I believe this budget is clearly focused on these goals and focused on creating a better future for Portsmouth and its citizens." 2. Virginia Cooperative Extension Agency Motion by Mr. Whitehurst, and seconded by Mr. Robinett, to go into Closed Meeting pursuant to provisions of Section 2.1-344 of the Code of Virginia, to discuss or consider the following: the acquisition or sale of real property for a public purpose, as authorized by subparagraph A.3, with the subject property being primarily in the downtown area of the City; and discussion of appointments to boards and commissions, as authorized by subparagraph A. 1. The motion was adopted by unanimous vote.