Title
Resolution Approving FY 2016 Year End Budget Adjustments and Appropriating Funds for Uncompleted Capital Projects Funded by the Economic Development Fund
Purpose
PURPOSE/BACKGROUND:
The City Charter requires City Council to approve any appropriations transferred from one department to another department and any appropriation of additional revenues. Also, at the end of each fiscal year, all capital projects (except projects funded with bond proceeds) that have a remaining balance are closed into the Fund Balance of the project's funding source. In order to complete these projects, the remaining funds must be re-appropriated by City Council.
Discussion:
The attached represents year end budget adjustments required for fiscal year 2016, along with a list of projects and amounts to be re-appropriated as requested by the project coordinator.
The adjustments which require City Council notification will be sent to City Council under separate cover.
Impact:
There is no fiscal impact to the recommended action.
Recommendation:
Rec
Approve.
Body
BE IT RESOLVED, by the City Council of the City of Hampton, Virginia that the attached year end budget adjustments pertaining to fiscal year 2016 be approved and re-appropriate $36,105.98 from the Economic Development Fund Balance to complete projects on the attached list for Fiscal Year 2017.