Minutes 06/14/2005 - Laserfiche WebLink

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June 14. 2005 Motion by Mr. Heretick, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION REQUESTING THE ALLOCATION OF FUNDS THROUGH THE VIRGINIA DEPARTMANT OF TRANSPORTATION FISCAL YEAR 2005-2006 LOCAL PARTNERSHIP FUND. WHEREAS, the City Council of the City of Portsmouth desires to submit an application for an allocation of funds up to $3,854,760 through the Virginia Department of Transportation Fiscal Year 2005-2006 Local Partnership Fund; and WHEREAS, the City Council of the City of Portsmouth has identified a qualifying project for which federal funding can be replaced by state funding and agrees to manage and administer this project, and WHEREAS, $3,854,760 of these funds are requested to replace federal funds on Victory Boulevard Project #UOOO-124-136, C501, P1 01, R201, and WHEREAS, $3,854,760 of the replaced funds are to be transferred to a City project involving improvements to Cavalier Boulevard and McLean Street in the Portsmouth Commerce Park. In the alternative, the Pinners Point project has also been found to be a qualifying project to which the replaced funds, or a portion thereof, may be transferred. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Portsmouth hereby supports this application for an allocation of $3,854,760 through the Virginia Department of Transportation Local Partnership Fund." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 05 - 262 - Adoption of an ordinance to amend the Fiscal Year 2005 General Fund Operating Budget by increasing debt service expenditures in the amount of $85,853 for the lease/purchase financing of school buses and operating transfer revenue from the School Board. Vision Principle: Lifelong Learning Community. Background: . In FY 2004, the City entered into a Master Lease agreement with Bank of America Leasing & Capital for the lease purchase financing of equipment. . In FY 2005, the School Board decided to take advantage of the favorable interest rates available through the Master Lease agreement to finance the purchase of 19 school buses. Discussion: . Funds received from the School Board must be appropriated to cover debt service payments resulting from the lease purchase financing of 19 school buses. . Financial Impact: The total additional cost to fund the lease/purchase financing debt service payments is $85,853. Recommended Action: Adoption of an ordinance to amend the Fiscal Year 2005 General Fund Operating Budget by increasing debt service expenditures in the amount of $85,853 for the lease/purchase financing of school buses and operating transfer revenue from the School Board. Vision Principle: Lifelong Learning Community. Next Steps Following Council Action: . The CFO will oversee the processing of a budget action to increase the FY 2005 General Fund operating transfer revenue budget and the debt service expenditure budget by $85,853.