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UlWaff No 2 23 -39 AN ORDINANCE APPROVING THE FY 2024 -2028 CAPITAL IMPROVEMENT PROGRAM AND APPROPRIATING $77,834,000 IN THE FY 2024 CAPITAL IMPROVEMENT FUND, SUBJECT TO RECEIPT OF THE MEANS OF FINANCING DESIGNATED HEREIN. WHEREAS, the City Manager has submitted to the City Council the Capital Improvement Program for FY 2024 through 2028 and the funding for Year One of the Capital Improvement Program, subject to receipt of the means of financing designated herein; and WHEREAS, a public hearing has been held to receive public comments on the five -year Capital Improvement Program and on funding for Year One of the Capital Improvement Program. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That the estimated means of financing for the Capital Improvement Program for the City of Portsmouth, Virginia, for the period beginning July 1, 2023 and ending June 30, 2024, is as follows: State Categorical Aid $ 13,285,000 Charges For Services $ 35,000 Operating Transfers In $ 28,311,000 General Obligation Bonds $ 10,913,000 Revenue Bonds $ 25,290,000 Total Capital Improvements Funds Revenue $ 77,834,000 2. That the five -year FY 2024 -2028 Capital Improvement Program is hereby approved with fiscal years 2025 through 2028 being non - appropriated subsequent planning years. 3. That the sum of $77,834,000 in the FY 2024 Capital Improvement Fund be, and the same hereby is, appropriated for expenditure in the following categories and amounts to implement the FY 2024 Capital Improvement Program: Sewer $ 16,000,000 Water $ 11,350,000 Drainage and Street Improvements $ 24,825,000 Education $ 1,650,000 Industrial and Economic Development $ 200,000 Leisure Services $ 2,525,000 Municipal Facilities $ 13,635,000 Fleet Management $ 7,649,000 Total Capital Improvements Funds Expenditures $ 77,834,000