Title
Resolution authorizing the advance of $11,363,300 from the City's General Fund Unassigned Fund Balance for projects approved in the Fiscal Year 2017 (FY2017) and Fiscal Year 2018 (FY2018) Capital Budgets with the express intent to reimburse the General Fund Unassigned Fund Balance the same amount from the proceeds of the City's General Obligation Bonds Series 2018 when that series is issued
Purpose
PURPOSE/BACKGROUND:
Council is being asked to advance a total sum of $11,363,300 from the General Fund Unassigned Fund Balance to provide funds to be applied to the following capital projects: (1) $898,495 to Parks, Recreation, and Leisure Services Maintenance Projects; (2) a sum of $7,514,805 to Public Works Capital Projects ($350,000 for Hampton Roads Center Parkway at Big Bethel Road, $398,750 for Mallory Street Improvements, $397,685 for North King Street Streetscape {Lincoln Street to I-64}, $453,370 for Pembroke Avenue Reconstruction-Phase 3, $1,200,000 for Salt Dome Replacement, $415,000 for Community Sailing Center {Fort Monroe}, $1,800,000 for FY2017 Maintenance of Public Properties and $2,500,000 for FY2018 Maintenance of Public Properties); and (3) $2,950,000 to the Hampton City Schools Maintenance Projects. Those projects were approved in the FY2017 and FY2018 Capital Budgets and will ultimately be funded from the proceeds of the City’s FY2018 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, and to work during the most opportune time.
Impact:
None, projects and funding amounts were previously approved by Council.
Recommendation:
Approve.
Resolution authorizing the advance of $11,363,300 from the City's General Fund Unassigned Fund Balance for projects approved in the Fiscal Year 2017 (FY2017) and Fiscal Year 2018 (FY2018) Capital Budgets with the express intent to reimburse the General Fun...
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