Title
Resolution Authorizing an Advance of $12,159,440 from the City's General Fund Unassigned Fund Balance to the Capital Projects Fund for Hampton City Schools Maintenance; Maintenance of Public Properties; Parks, Recreation and Leisure Services Maintenance; and, the Human Services Relocation
Purpose
PURPOSE/BACKGROUND:
City Council is being asked to advance a total sum of $12,159,440 from the General Fund Unassigned Fund Balance to provide funds to the Capital Projects Fund for Hampton City Schools Maintenance; Maintenance of Public Properties; Parks, Recreation and Leisure Services Maintenance; and, the Human Services Relocation. These projects were approved in the FY 2024 Capital Budget and will ultimately be funded from proceeds of the City’s next General Obligation Bond Series, when issued. The advancement of funds is recommended to allow the City to procure and perform necessary work in a timely manner to meet deadlines, begin preliminary work, and to work during the most opportune time.
Impact:
None.
Recommendation:
Approve.
Body
WHEREAS, the Hampton City Council (“Council”) approved and appropriated funds via the Capital Projects Fund for Hampton City Schools Maintenance; Maintenance of Public Properties; Parks, Recreation and Leisure Services Maintenance; and, the Human Services Relocation as itemized in the City’s Capital Improvement Plan which are to be funded from proceeds of the City's next General Obligation Bond Series, when issued;
WHEREAS, Council acknowledges that proceeds from the respective bond issue will not be available in sufficient time to permit the procurement and performance of necessary work in a timely manner to meet deadlines, begin preliminary work, and work during the most opportune time; and
WHEREAS, an appropriation of $12,159,440 from the General Fund Unassigned Fund Balance to the Capital Projects Fund is recommended to provide advanced funding for Hampton City Schools Maintenance; Maintenance of Public Properties; Parks, Recreation and Leisure Services Maintenance; and, the Human Services Relocation until the respective General Obligation Bonds are issued, at which time the advanced funds will be returned to the General Fund Unassigned Fund Balance.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hampton, Virginia, that the total sum of $12,159,440 is hereby appropriated from the General Fund Unassigned Fund Balance and transferred to the Capital Projects Fund for the following projects: $6,287,500 for Hampton City Schools Maintenance; $3,000,000 for the Maintenance of Public Properties; $2,171,940 for Parks, Recreation and Leisure Services Maintenance; and, $700,000 for the Human Services Relocation.
BE IT FURTHER RESOLVED that this advanced funding shall be returned to the General Fund Unassigned Fund Balance as soon as practicable from the proceeds of the next General Obligation Bond Series, not yet issued.