Title
Resolution Authorizing an Advance of $500,000 from the City's General Fund Unassigned Fund Balance to the Capital Projects Fund for the Site Characterization Project
Purpose
PURPOSE/BACKGROUND:
City Council is being asked to advance a total sum of $500,000 from the General Fund Unassigned Fund Balance to provide funds to the Capital Projects Fund for the Site Characterization Project as itemized in the City’s Capital Improvement Plan. This project was approved in the FY 2021 Capital Budget and will ultimately be funded from the proceeds of the City’s FY 2021 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 and take advantage of cost savings currently available by coordinating this work with a larger project being pursued by the Downtown Hampton Development Partnership.
Impact:
None.
Recommendation:
Rec
Approve the Resolution.
Body
WHEREAS, the Hampton City Council (“Council”) approved and appropriated funds via the FY 2021 Capital Projects Fund for the Site Characterization Project as itemized in the City’s Capital Improvement Plan which is to be funded from proceeds of a City General Obligation Bond Issue to be issued in FY 2021;
WHEREAS, Council acknowledges that proceeds from a FY 2021 bond issue will not be available in sufficient time to permit the procurement and performance of necessary work in a timely manner and take advantages of cost savings now available to do the work;
WHEREAS, the City Manager recommends an appropriation of $500,000 from the General Fund Unassigned Fund Balance to the Capital Projects Fund to provide advanced funding for the Site Characterization Project on a temporary basis until the 2021 General Obligation Bonds are issued, at which time the advanced funds will be returned to the General Fund Unassigned Fund Balance;
...
Click here for full text