Title
Resolution Authorizing the Appropriating of $36,787.36 from the Capital Projects Fund Restricted Fund Balance and $288,935 in Urban Construction Initiative Funding to the Capital Projects Fund Transportation Initiative Project
Purpose
PURPOSE/BACKGROUND:
Over the past several years, the distribution of transportation dollars has transformed. The Virginia Department of Transportation ("VDOT") used to provide funds, called Urban Formula funds, directly to the City in the form of quarterly payments. In fiscal year 2010, the Urban System changed and these funds are no longer being provided as funding is now competitively sourced through programs like Smart Scale.
Discussion:
The $36,787.36 that is currently available in the Capital Projects Fund Restricted Fund Balance for VDOT road construction projects was from previous Urban Formula quarterly payments. The $288,935.00 in State Urban Construction Initiative Funding was received in the third quarter of fiscal year 2018. It is proposed that these funds be transferred to the Transportation Initiative Project for use as the City match on eligible VDOT projects.
Impact:
Transfer of these funds will provide the local match on VDOT projects.
Recommendation:
Rec
Approve
Body
WHEREAS, $36,787.36 is currently available in the Capital Projects Fund Restricted Fund Balance for Virginia Department of Transportation ( VDOT) road construction projects;
WHEREAS, the City of Hampton has received State Urban Construction Initiative Funding totaling $288,935 in the third quarter of fiscal year 2018; and
WHEREAS, the Public Works Department has determined that these funds may be used on any eligible VDOT project.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hampton approves the appropriation of $36,787.36 from the Capital Projects Fund Restricted Fund Balance and $288,935.00 from the Urban Construction Initiative Funding to the Capital Projects Fund Transportation Initiative...
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