Title
Resolution to Amend the Fiscal Year 2025 Council Approved Budget and Appropriate $28,885 from the Capital Fund (Capital Projects Fund) Restricted Fund Balance to the Capital Fund (Capital Projects Fund) for the Transportation Initiative Project
Purpose
In 2020, the City of Hampton (“City”), by its City Council, approved Resolution 20-0005 to change the name of Magruder Boulevard to Neil Armstrong Parkway. As part of the name change, three (3) interstate signs were required to be fabricated and installed by the Virginia Department of Transportation (“VDOT”) at an approximate cost of $40,000 to $60,000. In February 2021, the City’s Department of Public Works (“Public Works”) received an invoice from VDOT for total sum of $60,000 and remitted payment of same to VDOT. In May 2024, VDOT completed installation of the wayfinding signage for the project (UPC 117249). Upon completion, VDOT identified an account balance from the project that was returned to the City before the close of Fiscal Year 2024, and are currently held in the Capital Fund (Capital Projects Fund) Restricted Fund Balance. It is proposed by Public Works that these funds be appropriated to the Capital Fund (Capital Projects Fund) for the Transportation Initiative Project to be available for the City’s local match that may need funded during Fiscal Year 2025 on eligible VDOT projects, such as Revenue Sharing Projects and Transportation Alternatives Projects.
Impact
These funds will provide the local match on other VDOT projects.
Rec
Approve resolution.
Body
WHEREAS, in 2020, the City of Hampton (“City”), by its City Council, approved Resolution 20-0005 to change the name of Magruder Boulevard to Neil Armstrong Parkway;
WHEREAS, as part of the name change project, three (3) interstate signs were required to be fabricated and installed by the Virginia Department of Transportation (“VDOT”), for which the City was invoiced and paid the total sum of $60,000 to VDOT;
WHEREAS, upon completion of the sign installation by VDOT, VDOT identified an account balance of $28,885 from the project to be returned to the City;
WHEREAS, the $28,885 was returned to the City prior to the close of Fiscal Year 2024 and is currently held in the Capital Projects Fund Restricted Fund Balance;
WHEREAS, the City’s Public Works Department has determined that these funds could be used to satisfy local match requirements that may be required in Fiscal Year 2025 on any eligible VDOT project if appropriated to the Capital Projects Fund for the Transportation Initiative Project; and
WHEREAS, these funds were not previously included in the Fiscal Year 2025 Council Approved Budget.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hampton amends the Fiscal Year 2025 Council Approved Budget and hereby appropriates $28,885 from the Capital Fund (Capital Projects Fund) Restricted Fund Balance to the Capital Fund (Capital Projects Fund) for the Transportation Initiative Project; and
BE IT FURTHER RESOLVED, that the City Manager, or her authorized designee, is hereby authorized to take any and all necessary actions to carry out the purposes of this Resolution.