Title
Resolution to Appropriate $498,349 from Unassigned Fund Balance for the Peninsula Town Center CDA Payment
Purpose
PURPOSE/BACKGROUND:
The City of Hampton serves as a pass through agency for special assessment taxes and fees collected on the behalf of the Peninsula Town Center CDA.
Discussion:
The revenues collected for the Peninsula Town Center CDA exceeded the amount budgeted.
Impact:
There is no impact to the recommended action.
Recommendation:
Rec
Approve.
body
WHEREAS, the City serves as a pass through agency for the Peninsula Town Center CDA payments;
WHEREAS, the revenues for the Peninsula Town Center CDA exceeded the approved budget for Fiscal Year 2016 and need to be appropriated to the Peninsula Town Center CDA; and
WHEREAS, there is no fiscal impact to the City of Hampton.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HAMPTON, VIRGINIA that $498,349 be appropriated from the Unassigned Fund Balance to support payment made to the Peninsula Town Center CDA. and will take effect immediately upon adoption.