Title
Resolution to Amend the Fiscal Year 2026 Council Approved Budget to Accept and Appropriate $80,472.74 from the General Fund's Unassigned Fund Balance Related to the Peninsula Stadium Authority Dissolution for War Memorial Stadium Operations to the General Fund - Parks, Recreation, and Leisure Services Budget
Purpose
PURPOSE/BACKGROUND:
The City Council of the City of Hampton formally dissolved the Peninsula Stadium Authority ("Stadium Authority") and established the War Memorial Stadium Advisory Board ("Stadium Board") by resolutions approved during its June 11, 2025 Legislative Session. The Stadium Board and the Stadium facility will be supported by the City's Parks, Recreation, and Leisure Services Department. Upon dissolution, the City received from the Stadium Authority its remaining funds on deposit of $80,000.00, which were deposited in the City's General Fund's Unassigned Fund Balance. In addition, as the Stadium Authority's successor in interest, the City received a vendor refund in the amount of $472.74 subsequent to the dissolution, which was also deposited in the City's General Fund's Unassigned Fund Balance. This proposed resolution appropriates $80,472.74 from the General Fund's Unassigned Fund Balance to be used for ongoing maintenance, operations, or capital needs related to War Memorial Stadium under the Parks, Recreation, and Leisure Services (PRLS) Department.
Discussion:
See Purpose/Background.
Impact:
This action will increase both General Fund revenues and expenditures by $80,472.74. There is no net impact to fund balance, as the appropriation is revenue-backed. The funds will support War Memorial Stadium operations under the PRLS budget.
Recommendation:
Rec
Approve resolution.
Body
WHEREAS, the Peninsula Stadium Authority (the "Authority") was dissolved by City Council by resolution on June 11, 2025; after which the Authority's assets were transferred to the City of Hampton, including cash in the amount of $80,000.00;
WHEREAS, as the Authority's successor in interest, the City has also received $472.74 vendor refund;
WHEREAS, those funds are to be used for the ongoing maintenance, operations, and capital needs for the continued operation of the War Memorial Stadium (the "Stadium");
WHEREAS, the City's Parks, Recreation, and Leisure Services Department has been designated to operate the Stadium;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hampton, Virginia that the Fiscal Year 2026 City Council Approved Budget is hereby amended to appropriate $80,472.74 from the General Fund's Unassigned Fund Balance to Parks, Recreation, and Leisure Services Operating Budget for the purpose of supporting War Memorial Stadium operations and needs.