Title
Resolution Authorizing an Advance of $8,721,005 from the City's General Fund Unassigned Fund Balance to the Capital Projects Fund for certain Hampton City Schools Maintenance and Technology Investments, Maintenance of Public Properties (Facilities), Citywide Street and Traffic Maintenance, Virginia Department of Transportation (VDOT) Local Match, Citywide Street Resurfacing, and Enhanced Park Maintenance & Buckroe Boardwalk Projects
Purpose
PURPOSE/BACKGROUND:
City Council is being asked to advance a total sum of $8,721,005 from the General Fund Unassigned Fund Balance to provide funds to the Capital Projects Fund for certain Hampton City Schools Maintenance and Technology Investments, Maintenance of Public Properties (Facilities), Citywide Street and Traffic Maintenance, Virginia Department of Transportation (VDOT) Local Match, Citywide Street Resurfacing, and Enhanced Park Maintenance & Buckroe Boardwalk Projects. These projects were approved in the FY2021 and FY 2022 Capital Budget and will ultimately be funded from the proceeds of the City's FY 2022 General Obligation Bond Series when it is issued. The current advance is recommended to allow the City to procure and perform necessary work in a timely manner to meet deadlines, begin preliminary work during the most opportune time.
Impact:
None.
Recommendation:
Rec
Approve.
Body
WHEREAS, the Hampton City Council ("Council") approved and appropriated funds via the FY2021 and FY 2022 Capital Projects Fund for certain Hampton City Schools Maintenance and Technology Investments, Maintenance of Public Properties (Facilities), Citywide Street and Traffic Maintenance, Virginia Department of Transportation (VDOT) Local Match, Citywide Street Resurfacing, and Enhanced Park Maintenance & Buckroe Boardwalk Projects, which are to be funded from proceeds of a City Obligation Bond Issue to be issued in FY 2022;
WHEREAS, Council acknowledges that proc...
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