Title
Ordinance to Adopt a Budget and Appropriate Monies for the Hampton Roads Convention Center Fund 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 Hampton Roads Convention Center Fund 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 Hampton Roads Convention Center Fund of the City of Hampton for Fiscal Year 2019. The Hampton Roads Convention Center Fund is one of four (4) Enterprise Funds. The budget includes revenues and expenses as prescribed on the attached budget schedule.
The public hearings necessary to adopt a budget and appropriate monies for the Hampton Roads Convention Center Fund 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 Hampton Roads Convention Center Fund budget are $10,220,450.
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 Hampton Roads Convention Center Fund of the City of Hampton for Fiscal Year 2019 beginning July 1, 2018 and ending June 30, 2019.