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Hampton plans $4.2M use of fund balance for capital program and $354K for PC replacement
Summary
Staff said the FY23 plan uses about $4.2 million of unassigned fund balance for capital improvements and would allocate approximately $354,000 to a PC replacement program funded by a portion of year-end budget savings.
Finance staff told council that the city intends to use part of its unassigned fund balance for one-time capital items and technology refreshes. "For 2023, we plan to use about $4,200,000 from an unassigned fund balance for the capital improvement program," Finance Director Carl Daughtry said.
Daughtry also described a PC replacement program funded by allocating 15% of year-end budget savings to replace citywide technology, estimating $354,000 would be available for that program in FY23. These uses of fund balance are one-time actions and staff emphasized they are not recurring operating revenue.
