Subject:
Title
Consider a supplemental appropriation in the amount of $9,874,000 for the issuance of bonds in December 2015 and for VDOT Revenue Sharing Funds
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Presented By: City Staff
Recommendation and Review
On December 22, 2015, the city issued $7,622,000 in bonds to finance the (1) Park View water tank project, (2) renovations to Fire Station No. 1, (3) Reservoir Street improvement project, and the (4) Pleasant Valley Road bridge replacement project.
Included in the supplemental appropriation is $2,252,000 available from VDOT Revenue Sharing funds for the Reservoir Street improvement project and the Pleasant Valley Road bridge replacement project.
This represents 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. A public hearing notice was advertised in the January 5, 2016 Daily News-Record.