Title
Resolution Authorizing an Advance of $1,425,000 from the City's General Fund Unassigned Fund Balance to the Capital Projects Fund for School Maintenance Projects, Hampton Correctional Facility Maintenance Projects, and Public Properties Maintenance Projects.
Purpose
PURPOSE/BACKGROUND:
City Council is being asked to advance a total sum of $1,425,000 from the General Fund Unassigned Fund Balance to provide funds to the Capital Projects Fund for certain Hampton City Schools, Hampton Correctional Facility, and Public Properties maintenance projects as itemized in the City’s Capital Improvement Plan. Those projects were approved in the FY 2020 Capital Budget and will ultimately be funded from the proceeds of the City’s FY 2020 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 Hampton City Council (“Council”) approved and appropriated funds via the FY 2020 Capital Projects Fund for certain Hampton City Schools, Hampton Correctional Facility, and Public Properties maintenance projects as itemized in the City’s Capital Improvement Plan, which are to be funded from proceeds of a City General Obligation Bond Issue to be issued in FY 2020;
WHEREAS, Council acknowledges that proceeds from a FY 2020 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 work during the most opportune time;
WHEREAS, the City Manager recommends an appropriation of $1,425,000 from the General Fund Unassigned Fund Balance to the Capital Projects Fund to provide advanced funding for certain Maintenance Projects on a temporary basis until the 2020 General Obligation Bonds are issue...
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