Title
Resolution to Amend the Fiscal Year 2026 Council Approved Budget to Appropriate $715,057.37 from the Hampton Coliseum Fund’s Net Position to the Hampton Coliseum's Capital Outlay Account
Purpose
PURPOSE/BACKGROUND:
At the end of each fiscal year, all capital projects that have a remaining balance are closed into the respective fund’s Net Position. A balance of $715,057.37 remained unspent in the Hampton Coliseum Fund. These funds are intended to be used for facility capital improvements.
This resolution seeks to appropriate the unspent balance for uses on those capital projects. This appropriation will allow continued support for capital projects and preserve the funding already allocated for this purpose. These funds are for facility capital improvements and are intended to be used across multiple years for chair replacements, warehouse refurbishment, new facility generators, plaza and exterior colored lighting and replacement of trip gear/electrical, and security cameras.
Discussion:
City Council approval is required to appropriate prior year unspent funds for facility capital improvements.
Impact:
The total amount of $715,057.37 is requested to be appropriated for FY 26 to be available to the Coliseum for facility capital improvements.
Recommendation:
Rec
Approve the Resolution.
Body
WHEREAS, a balance of $715,057.37 in unspent funds for capital projects that remained at the end of Fiscal Year 2025 has been closed into the Hampton Coliseum Fund’s Net Position;
WHEREAS, the funds are intended to support facility capital improvements over multiple years;
WHEREAS, a resolution is required to appropriate the funds from Net Position;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hampton, Virginia hereby amends the Fiscal Year 2026 Council Approved Budget to appropriate $715,057.37 from the Hampton Coliseum Fund’s Net Posit...
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