City of Newport News

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.

This document outlines the Sherwood Site Master Plan and the Grissom Library Concept Design presented to the City Council. The plan aims to create a comprehensive civic hub at the Sherwood site, emphasizing placemaking, connectivity, and economic revitalization. Key focus areas include co-locating various City services, enhancing public spaces, and developing a new Grissom Library based on extensive community input. The overall vision is to establish a vibrant, accessible, and green destination that fosters arts, culture, education, and community well-being, while providing modern and inclusive learning environments for all ages.

The meeting included a presentation by Cherry Bekaert regarding the Fiscal Year 2025 Annual Comprehensive Financial Report (ACFR), where an unmodified or "clean" opinion was issued on the Fund's financial statements. The Committee on Investments reported that the Pension Fund gained approximately 0.8% net of fees in November 2025, with estimated assets provided. The Benefits and Welfare Committee update indicated that Cheiron is working on updating the Deferred Retirement Option Plan (DROP) Study with revised 2025 numbers, expected in early January 2026. New business involved expressing appreciation for two departing Board members for their commitment and contribution.

The joint meeting addressed several key financial and administrative matters. The Committee on Investments reviewed the October 31, 2025 financials, noting a fund loss of approximately 0.6% for the month, with total assets over $1.25 billion. The Investment Consultant provided an update on October market conditions, noting global economic data unavailability due to a government shutdown, a Federal Reserve interest rate cut, and shifts in debt performance. Recommendations were made and approved to rebalance the Pension, OPEB, and LODA Funds from equities to fixed income/cash due to strong equity market performance. Old Business included a summary of the General Employee / Public Safety Representative Election results, confirming Mr. Christopher Perry and Ms. Alison Funaiock as new Board members commencing in 2026. New Business involved receiving a report from Cheiron on the 2025 actuarial valuations for the Pension, OPEB, and Line of Duty Act (LODA) Funds, detailing funding percentages and projected contribution amounts.

The meeting included a funds review, an investment consultant update, and a private markets co-investment opportunity. The board also discussed retiree open enrollment and provided an update on the General Employee / Public Safety Board Representative Election. Additionally, the board held a closed session to discuss a disability annuity review, ultimately denying a request for continuation of NNERF dependent benefits.