Title
Ordinance to Adopt a Budget and Appropriate Monies for the Capital Improvement Fund (Capital Budget) of the City of Hampton for Fiscal Year 2021 beginning July 1, 2020 and ending June 30, 2021
Purpose
PURPOSE/BACKGROUND:
This ordinance adopts a budget and appropriates monies for the Capital Improvement Fund (Capital Budget) of the City of Hampton as presented in the City Manager's Recommended Budget for Fiscal Year 2021.
Discussion:
This ordinance adopts a budget and appropriates monies for the Capital Improvement Fund (Capital Budget) for Fiscal Year 2021. The Capital Budget, as presented in the City Manager's Recommended Budget for Fiscal Year 2021, is based on the first year presented in the FY 2021-2025 (five-year) Capital Improvement Plan ("CIP"). The CIP was approved on April 22, 2020 after a public hearing. The budget includes both revenues and expenditures as prescribed on the attached budget schedule.
The public hearings necessary to adopt a budget and appropriate monies for the Capital Improvement Fund (Capital Budget) were duly advertised in the Daily Press on April 12, 2020, April 19, 2020, and April 26, 2020. Pursuant to Hampton City Code Sec. 2-50: "No ordinance or resolution appropriating money exceeding the sum of five million dollars ($5,000,000) or imposing taxes shall be passed on the same day of its introduction, except that an appropriation may be made on the same day of its introduction by consent of five (5) members of the council." This ordinance is being introduced on May 6, 2020. Final approval will be requested at City Council's meeting on May 13, 2020.
Impact:
The total revenues and expenditures for the Capital Improvement Fund (Capital Budget) are $83,540,560.00
Recommendation:
May 6, 2020: Approve on First Reading only.
May 13, 2020: Final Approval.
Body
BE IT ORDAINED by the City Council of the City of Hampton, Virginia that the attached budget is adopted and appropriations are hereby made for the Capital Improvement...
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