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6 <br />WHEREAS <br /> , numerous regional and local studies have identified the value of the <br />Rivanna watershed and have linked the conditions of local streams within the watershed <br />to the health of the Rivanna River; and <br /> <br />WHEREAS <br /> , several studies, including stream assessments conducted by the City <br />of Charlottesville, have indicated that streambank erosion is the most significant source <br />of sedimentation in Meadow Creek and the Rivanna watershed and have identified the <br />need for restoration and enhancement of the creek and its riparian buffer; and <br /> <br />WHEREAS <br /> , the City of Charlottesville collaborated with The Nature <br />Conservancy to develop a series of Meadow Creek stream restoration project proposals <br />for funding consideration through the Virginia Aquatic Resources Trust Fund (VARTF); <br />and <br /> <br />WHEREAS <br /> , proposals have been approved by VARTF and $3.7 million dollars <br />has been designated to complete these restoration projects along the Meadow Creek in <br />Greenbrier Park and surrounding lands; and <br /> <br />WHEREAS <br /> , one of the requirements for expenditure of these funds is the <br />establishment of a permanent conservation easement covering the area of the restoration <br />project; and <br /> <br />WHEREAS <br /> , permanent conservation of natural areas is an effective mechanism <br />to ensure protection and appropriate management of natural resources in a community; <br />and <br /> <br />WHEREAS <br /> , natural resources management and stewardship is consistent with <br />goals and commitments made by the City of Charlottesville; and <br /> <br />WHEREAS, <br />the formal decision associated with granting the conservation <br /> <br />easement is forthcoming and will include a public hearing; <br /> <br />NOW, THEREFORE, BE IT RESOLVED <br /> , that the City Council of the City of <br />Charlottesville endorses the concept of establishing a permanent conservation easement <br />across the City-owned lands surrounding Meadow Creek, primarily Greenbrier Park, <br />which lands will be restored by The Nature Conservancy to improve stream health using <br />VARTF funds. <br /> <br />REPORT <br />: FY 2011 BUDGET GUIDELINES AND LONG-TERM FINANCIAL <br />FORECAST <br /> <br /> Ms. Leslie Beauregard, Director of Budget and Performance Management, said <br />that the City has again won the GFOA Distinguished Budget award. She provided an <br />update on revenue trends for FY 2010: real estate is flat/slightly down; personal property <br />tax is down slightly; sales tax is down; BPOL tax is level; and meals and lodging taxes <br />are down. She reviewed the proposed budget process for FY 11, reviewed the financial <br />forecast, presented proposed short and long-term budget guidelines; and gave the timeline <br />for the budget. <br /> <br /> Mr. Norris said the question has been asked, given the projected hole in the <br />budget in coming years, why not use surplus funds to plug the hole. <br /> <br /> Ms. Beauregard said surplus funds are one-time funds and using them for <br />operating expenses would not be good financial management. She said they could be <br />used for CIP projects. <br /> <br />PUBLIC HEARING/APPROPRIATION <br />: FY 2009 YEAR END APPROPRIATION <br /> <br /> Mr. Bernard Wray, Director of Finance, said surplus funds could be put into a <br />reserve. He recommended that $1.7 million of the surplus be put into the CIP for future <br />programming. He reviewed actual revenues year to date and highlighted transfers <br />recommended to departments and the CIP. <br /> <br />