Title
Resolution Authorizing an Advance of $875,000 to the Parks and Recreation Maintenance Projects, $1,549,250 to the Public Works Capital Projects and $3,839,294 to the School Maintenance Projects from the City’s General Fund Unassigned Fund Balance.
Purpose
PURPOSE/BACKGROUND:
Council is being asked to advance $875,000 to Parks and Recreation Maintenance Projects, a sum of $1,549,250 to Public Works Capital Projects to include the following projects; $5,000 for Gosnold Hope Park Maintenance Dredge, $100,000 for Salt Pond Dredging, $92,500 for Downtown Waterfront Bulkhead Repairs, $1,200,000 for Public Facilities Improvements, $51,750 for Public Works Yard Master Plan and $100,000 for Thomas Nelson Drive Hasting New Traffic Signal and $3,839,294 to School Maintenance and Improvement Projects. This advance is needed to properly procure and perform necessary work in a timely manner to meet deadlines, begin preliminary work and to work during the most opportune time. The advance funding will be returned to the General Fund Unassigned Fund Balance from the proceeds of the City’s 2017 General Obligation Bond Series when issued.
Discussion:
Impact:
None.
Recommendation:
Rec
Adopt Resolution authorizing the advance of $6,263,544 from the City’s General Fund Unassigned Fund Balance with the express intent of reimbursing the General Fund Unassigned Fund Balance from the proceeds of the City’s General Obligation Bonds, Series 2017 when issued.
Body
WHEREAS, the Hampton City Council appropriated via the FY2017 Capital Budget funds for Parks and Recreation Maintenance projects, Public Works capital projects and School Maintenance projects which are to be funded from the proceeds of a City General Obligation Bond Issue in FY 2017; and
WHEREAS, Council acknowledges that proceeds from a 2017 bond issue will not be available to permit 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; and
WHEREAS, the City Manager recommends an advance appropriation of $875,000 from the General Fund Unassigned Fund Balance to the Parks and Recreation Maintenance projects, $1,549,250 from the General Fund Unassigned Fund Balance to the Public Works capital projects and $3,839,294 from the General Fund Unassigned Fund Balance to the School Maintenance projects to provide funding on a temporary basis until the 2017 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 Hampton, Virginia, that the sum of $6,263,544 is hereby appropriated from the General Fund Unassigned Fund Balance and transferred to the Capital Projects Fund for the following projects: $875,000 for Parks and Recreation Maintenance projects, $5,000 for Gosnold Hope Park Maintenance Dredge, $100,000 for Salt Pond Dredging, $92,500 for Downtown Waterfront Bulkhead Repairs, $1,200,000 for Public Facilities Improvements, $51,750 for Public Works Yard Master Plan, $100,000 for Thomas Nelson Drive Hasting New Traffic Signal and $3,839,294 for School Maintenance projects. The advance funding shall be returned to the General Fund Unassigned Fund Balance as soon as practicable from the proceeds of the FY 2017 General Obligation Bond Issue.