Title
Ordinance to Adopt a Budget and Appropriate Monies for the Risk Management Fund of the City of Hampton (City and Schools) for Fiscal Year 2022 beginning July 1, 2021 and ending June 30, 2022
Purpose
PURPOSE/BACKGROUND:
This ordinance adopts a budget and appropriates monies for the Risk Management Fund of the City of Hampton (City and Schools) as presented in the City Manager's Recommended Budget for Fiscal Year 2022.
Discussion:
This ordinance adopts a budget and appropriates monies for the Risk Management Fund of the City of Hampton for Fiscal Year 2022. The Risk Management Fund is one of four (4) Internal Service Funds. The budget includes revenues and expenditures as prescribed on the attached budget schedule.
The public hearings necessary to adopt a budget and appropriate monies for the Risk Management Fund were duly advertised in the Daily Press on April 18, 2021 and April 25, 2021. 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 5, 2021. Final approval will be requested at City Council's meeting on May 12, 2021.
Impact:
The total revenues and expenditures for the Risk Management Fund budget are $8,439,755.
Recommendation:
May 5, 2021: Approve on First Reading only.
May 12, 2021: 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 Risk Management Fund of the City of Hampton (City and Schools) for Fiscal Year 2022 beginning July 1, 2021 and ending June 30, 2022.