Title
Resolution to Amend the Fiscal Year 2024 Council Approved Budget and Appropriate a Total of $1,294,900 from the Capital Budget (Projects) Committed Fund Balance Account to Fund the War Memorial Stadium Locker Room Project
Purpose
PURPOSE/BACKGROUND:
During the fiscal year 2023 year-end closing process, General Fund savings were deposited in the Capital Budget (Projects) Committed Fund Balance Account to fund higher than planned costs driven by the recent significant inflation in construction and equipment costs for previously approved capital projects.
Discussion:
City Council is being requested to appropriate a portion of the fiscal year 2023 General Fund savings deposited in the Capital Budget (Projects) Committed Fund Balance Account, in the amount of $1,294,900, to fund the funding gap of the War Memorial Stadium Locker Room Project, based on construction bids received and that a portion of the funds set aside for the War Memorial Stadium Locker Room project were used to fund the new scoreboard at the Stadium.
Impact:
$1,294,900.
Recommendation:
Rec
Approve.
Body
WHEREAS, Fiscal year 2023 General Fund savings were deposited in the Capital Budget (Projects) Committed Fund Balance Account to fund increased costs of approved capital projects;
WHEREAS, City Council is being requested to appropriate a total of $1,294,900 from the Capital Budget (Projects) Committed Fund Balance Account to fund the War Memorial Stadium Locker Room Project; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hampton, Virginia that the Fiscal Year 2024 Council Approved Budget be amended and a total of $1,294,900 be appropriated from the Capital Budget (Projects) Committed Fund Balance Account to fund the War Memorial Stadium Locker Room Project.
BE IT FURTHER RESOLVED that the City Council authorizes the City Manager, or her designee, to take the necessary steps to implement the prescribed action.