Title
Resolution to Amend the Fiscal Year 2019 Council Approved Budget and Accept and Appropriate Additional State Revenues for the General Fund of the City of Hampton (City and School Operations) and the Reclassification of a Revenue Account for the PC Replacement Program
Purpose
PURPOSE/BACKGROUND:
City Council is being requested to amend the Fiscal Year 2019 Council Approved Budget and accept and appropriate to the General Fund (City and School operations) additional State revenues received as prescribed on the attached worksheet and reclassify a revenue account.
Discussion:
On May 9, 2018, the City Council adopted a budget and appropriated monies for the General Fund of the City of Hampton, Virginia (the "City) [City and School operations] for Fiscal Year 2019. At the time of adoption, the Virginia General Assembly (the "State") had not yet approved the 2018-2020 biennium budget amendments introduced by the Governor on December 12, 2017. The City's Fiscal Year 2019 budget was adopted assuming receipt of the same amount of State revenues as was received in Fiscal Year 2018. On May 31, 2018, the State adopted a budget that increased the City's expected Fiscal Year 2019. After analyzing the impact of the state budget on the City and Schools funding, revenues are increasingby $448,640.
City Council is also being requested to approve the reclassification of a revenue account for the PC Replacement Program.
The attached worksheet reflects how the additional State revenues will be dispersed in the General Fund as well as the correct line-item account for the PC Replacement Program.
Impact:
The amount of additional revenues for Fiscal Year 2019 total $448,640. There is no fiscal impact on reclassifying the revenue account code for the PC Replacement Program. The action requested corrects a clerical error.
Recommendation:
Approve.
Body
WHEREAS, on May 9, 2018 the City Council of the City of Hampton, Virginia adopted a bu...
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