Title
Ordinance to Adopt a Budget and Appropriate Monies for the Capital Improvement Fund (Capital Budget) of the City of Hampton for Fiscal Year 2019 beginning July 1, 2018 and ending June 30, 2019
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 2019.
Discussion:
This ordinance adopts a budget and appropriates monies for the Capital Improvement Fund (Capital Budget) for Fiscal Year 2019. The Capital Budget, as presented in the City Manager's Recommended Budget for Fiscal Year 2019, is based on the first year presented in the five-year Capital Improvement Plan ("CIP"). The CIP was approved on April 25, 2018, 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 15, 2018 and April 22, 2018. 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 2, 2018. Final approval will be requested at City Council's meeting on May 9, 2018.
Impact:
The total revenues and expenditures for the Capital Improvement Fund (Capital Budget) are $51,502,422.
Recommendation:
May 2, 2018: Approve for First Reading only.
May 9, 2018: 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 Fund (Capital Budget) of ...
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