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<br />oRDItWCIID:006.;89 - <br /> <br />AN ORDINANCE APPROPRIATING $734,829 IN THE FY 2006-2007 GENERAL <br />FUND OPERATING BUDGET FOR EXPENDITURE ON THE HARBOR <br />CENTER JOINT VENTURES SETTLEMENT AND THE FIRST COLLEGE <br />EDUCATIONAL CAPITAL PROJECT. <br /> <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br /> <br />I. That the sum of $734,829 is appropriated in the FY 2006-2007 General <br />Fund Operating Budget to provide for an additional risk management charge related to a <br />settlement with Harbor Center Joint Ventures ($660,000) and for a Capital Improvement <br />Program transfer to the Capital Projects Fund for the First College educational capital <br />project ($74,829). <br /> <br />2. That the sources of the appropriated funds are $660,000 from the fund <br />balance designation for subsequent year expenditures as of June 30, 2006 and $74,829 of <br />unused FY 2004-2005 school operating funds received as an operating transfer from the <br />Portsmouth Public Schools for re-appropriation in FY 2006-2007. <br /> <br />3. That estimated revenues in the FY 2006-2007 General Fund Operating <br />Budget are increased by $734,829. <br /> <br />4. That this ordinance shall take effect on the date of its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on September 26, 2006. <br /> <br />Teste: <br /> <br />City Clerk <br />