If the city hadn spent so much money on public-private partnerships, wouldn it have millions of dollars to help keep NAS Oceana, its largest employer, happy?
No. Public-private partnerships do not divert money from the city’s coffers. Quite the contrary: they generate a significant, positive net return to the city, which provides additional funding for schools, public safety, waste management and other city services – without taxing residents. The investment partnership is becoming a hallmark of municipal finance as cities seek creative ways to shift the cost of providing services away from residents’ real estate taxes. Our primary goals in creating public-private partnerships are building and diversifying our tax base, increasing efficiency, and enhancing the quality of life for citizens. As a rule, General Fund tax dollars do not support the “major projects” that the city has undertaken during the past few years, including Town Center, Lynnhaven Mall expansion, 31 Ocean public infrastructure at 31st Street, the Convention Center, and the Performing Arts Center. Virginia Beach has been cited as one of the best-managed large cities in the n
