City of Newport News

The board discussed current financial performance and reviewed an update on a Deferred Retirement Option Plan (DROP) study, ultimately deciding to table further action on the proposal due to concerns regarding fiscal prudence, increased liabilities, and potential negative impacts on both the fund and employees. Additionally, the board reviewed and approved a non-occupational partial disability rating for an applicant case.

This Strategic Plan for Newport News Waterworks outlines key priorities for optimizing operations and projects, aiming to propel the organization into a future of resilience, collaboration, and innovation. The plan is structured around six strategic focus areas: Partner Confidence, Engaged and Valued Workforce, Innovative and Efficient Operations, Resilient Infrastructure, High-Quality Water, and Financial Sustainability. The overall vision is to be a trusted water leader recognized for collaboration, innovation, and its highly skilled and motivated employees, committed to reliably providing high-quality water, supporting public health and safety, and fostering regional economic growth.

The meeting included a review of financial performance for the Pension, Post Retirement, and LODA funds, noting positive year-to-date returns and the impact of geopolitical tensions on global markets. Meketa provided an overview of 2026 capital market expectations and reviewed the quarterly performance report for the period ending December 31, 2025. Updates were provided regarding the status of the DROP study and the scheduling of future committee meetings. Additionally, the Board reviewed a disability application, resulting in the approval of a 40% non-occupational partial disability rating for the applicant.

The Board conducted elections for the Chair and Vice Chair for the 2026 calendar year. The Investment Committee provided a review of the financial performance, market conditions, and a recap of fund activities from the previous year. Additionally, the Board re-adopted the electronic meeting policy in accordance with the Virginia Freedom of Information Act and reviewed the committee list for the upcoming year.

This plan updates the 1997 Lee Hall Area Plan to promote revitalization and sensitive development within the Lee Hall community. It is guided by four main goals: to preserve historic character, protect natural resources, improve neighborhood connectivity, and encourage sensitive development. The vision aims to maintain Lee Hall's rural-like experience, safeguard its extensive woodlands, wetlands, and historical highlights, while enriching community life with essential enhancements and needed services.