Title
Resolution Authorizing Advances from the City's General Fund Unassigned Fund Balance of $966,000 to the Parks and Recreation Maintenance Projects; $146,630 to Public Works Capital Projects to include $100,000 for Pine Chapel Road and $46,630 for Pembroke Avenue Reconstruction - Phase 3; $628,354 to the Buckroe Acquisition Project; and $1,448,206 to the School Maintenance Projects
Purpose
PURPOSE/BACKGROUND:
Council is being asked to advance a total sum of $3,189,190 from the General Fund Unassigned Fund Balance to provide funds to be applied to the following capital projects: (1) $966,000 to Parks and Recreation Maintenance Projects; (2) a sum of $146,630 to Public Works Capital Projects ($100,000 for Pine Chapel Road and $46,630 for Pembroke Avenue Reconstruction - Phase 3); (3) $628,354 to the Buckroe Acquisition Project; and (4) $1,448,206 to the School Maintenance Projects. Those projects were approved in the FY2017 Capital Budget 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.
Recommendation:
Rec
Adopt Resolution authorizing the advance of $3,189,190 from the City's General Fund Unassigned Fund Balance 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.
Body
WHEREAS, the Hampton City Council approved and appropriated funds via the FY2017 Capital Budget for multiple projects, including Parks and Recreation Maintenance Projects, Public Works Capital Projects, Buckroe Acquisition Projects, and School Maintenance Projects which are to be funded from proceeds of a City General Obligation Bond Issue to be issued in FY2018; ...
Click here for full text