Title
Resolution to Amend the Fiscal Year 2021 Council Approved Budget and Appropriate $253,997 from the Capital Projects Fund Restricted Fund Balance to the Capital Projects Fund Transportation Initiative Project
Purpose
PURPOSE/BACKGROUND:
Over the past several years, the method for distributing transportation dollars has changed. The Virginia Department of Transportation ("VDOT") used to provide funds, called Urban Formula funds, directly to the City of Hampton (“City”) in the form of quarterly payments. The Urban Formula funds have ended and are no longer being provided as funding. Funds are now competitively sourced through other funding programs such as the Smart Scale program.
Discussion:
There is currently available $253,997 in the Capital Projects Fund Restricted Fund Balance for VDOT road construction projects which was previously received from Urban Formula funds. It is proposed that these funds be appropriated to the Capital Projects Fund Transportation Initiative Project to be used for the City’s local match on eligible VDOT projects such as Revenue Sharing Projects and Transportation Alternatives Projects.
Impact:
These funds will provide local match on VDOT projects.
Recommendation:
Rec
Approve
Body
WHEREAS, $253,997 is currently available in the Capital Projects Fund Restricted Fund Balance for Virginia Department of Transportation (“VDOT”) road construction projects;
WHEREAS, the City of Hampton Public Works Department has determined that these funds may be used on any eligible VDOT project if appropriated to the Capital Projects Fund Transportation Initiative Project; and
WHEREAS, these funds were not previously included in the Fiscal Year 2021 Council Approved Budget.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hampton amends the Fiscal Year 2021 Council Approved Budget and hereby appropriates $253,997 fro...
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