Subject:
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Consider a supplemental appropriation for various purposes in the gross amount of $7,365,566
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Presented By: City Staff.
Recommendation and Review
This agenda item combines two supplemental appropriations into one public hearing as follows:
(1) At its November 25, 2014 meeting, City Council approved various uses of surplus General Fund unappropriated fund balance for capital project and operating purposes. This supplemental appropriation transfers these amounts to the various budget line items.
A portion of the first supplemental appropriation is funding for the January 1, 2015 pay study implementation. These funds will be placed into a pay study reserve account in the General Fund. It is requested that the City Manager is authorized to transfer these budgeted funds within and between the various funds and departmental budgets of the city as needed.
(2) A supplemental appropriation to budget various VDOT grant and revenue sharing funds for three projects. These projects include transportation enhancement grant funding received for East Market Street safety improvements ($185,191.17) and revenue sharing funding for the Reservoir Street project ($2,000,000) and Northend Greenway project ($600,000). The supplemental also appropriates the remaining residual interest earnings from the 2011 bond issue for the Reservoir Street project ($2,375.12)
The supplemental appropriations represent an increase of over 1% of the total city budget. Code of Virginia Section 15.2-2507 requires a public hearing for budget amendments that exceed 1% of the budget.