Title
Resolution Authorizing an Advance of $575,000 from the City’s General Fund Unassigned Fund Balance to the Local Match for the Commerce Drive Extension Capital Project
Purpose
PURPOSE/BACKGROUND:
Council is being asked to advance a total sum of $575,000 from the General Fund Unassigned Fund Balance to provide funds to be applied to the local match for the Commerce Drive Extension Capital Project. This project was approved in the FY2018 Capital Budget and the local match will ultimately be funded from the proceeds of the City’s 2018 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
Approve the Resolution.
Body
Whereas, the City Council of the City of Hampton, Virginia (“Council”) approved via the FY2018 Capital Budget, funds for the Commerce Drive Extension Capital Project funded from the proceeds of a City General Obligation Bond Issue in 2018;
Whereas, Council acknowledges that proceeds from a 2018 Bond issue will not be available in sufficient time to permit the procurement and performance of necessary work in a timely manner to meet deadlines, begin preliminary work, and to work during the most opportune time; and
Whereas, the City Manager recommends an advance appropriation of $575,000 from the General Fund Unassigned Fund Balance to the Commerce Drive Extension Capital Project to provide funding of the required local match on a temporary basis until the 2018 General Obligation Bonds are issued, at which time the advanced funds will be returned to the General Fund Unassigned Fund Balance.
Now, therefore, be it resolved, by the City Council of Hampton, Virginia, that the sum of $575,000 is hereby appropriated from the General Fund Unassigned Fund Balance and transferred to the Public Works Commerce Drive Ex...
Click here for full text