2026 Ordinances - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 2026-43 AN ORDINANCE APPROVING THE FY 2027-2031 CAPITAL IMPROVEMENT PROGRAM AND APPROPRIATING $140,813,798 IN THE FY 2027 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 2027 through 2031 and the funding for Year One of the Capital Improvement Program, subject to receipt of the means of financing designated herein; and WHEREAS, public hearings have 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, 2026 and ending June 30, 2027, is as follows: State Categorical Aid $ 20,582,550 Operating Transfers In $ 28,807,700 General Obligation Bonds $ 66,350,000 Revenue Obligation Bonds $ 24,538,548 Revenue from Assets $ 535,000 Total Capital Improvements Funds Revenue $ 140,813,798 2. That the five-year FY 2027-2031 Capital Improvement Program is hereby approved with fiscal years 2028 through 2031 being non -appropriated subsequent planning years. 3. That the sum of $140,813,798 be, and the same hereby is, appropriated for expenditure in the following categories and amounts to implement the FY 2027 Capital Improvement Program: Sewer $ 22,300,000 Water $ 16,000,000 Drainage and Street Improvements $ 23,897,798 Education $ 10,200,000 Industrial and Economic Development $ 5,400,000 Leisure Services $ 950,000 Municipal Facilities $ 50,790,000 Parking $ 500,000 Fleet Management $ 10,776,000 Total Capital Improvements Funds Expenditures $ 140,813,798