Title
Presentation of the Draft FY2022- 2026 Capital Improvements Plan (CIP)
Body
Issue/Request:
Presentation of the Draft FY2022- 2026 Capital Improvements Plan (CIP)
Key Issues:
• The FY2022-2026 CIP includes projects and annual programs with estimated total costs of $359,037,000 over the five year period.
• The City's 5-year CIP is updated each year with the first year of expenditures adopted as part of the next fiscal year budget.
• The City Charter requires City Council to adopt the CIP by resolution.
• An electronic version of the Draft FY22 CIP is attached for reference.
• A paper copy of the FY2022-2026 CIP is also available in the City Clerk's Office for viewing.
Proposed Committee Motion:
Background:
The City's 5-year Capital Improvements Plan (CIP) serves as a planning document that incorporates both project and financial planning for infrastructure improvements throughout the city. The plan is organized into eight categories: Public Works/Water Utilities Programs; Airport; Bridges, Streets & Signals; Facilities; Parks & Recreations; Stormwater; Sanitary Sewer; and Water.
The plan is updated each year to remove completed projects, add new projects, and revise cost estimates and schedules of ongoing projects as appropriate. It is financially constrained to match anticipated expenditures with anticipated revenues. The first year of the 5-year plan is adopted as part of the annual budget process.
By state law, all publicly constructed projects must be presented at a public hearing. The City also includes the CIP as part of the Comprehensive plan, for which the Planning Commission has oversight responsibilities. Therefore, City Staff will present the CIP to the Planning Commission for a public hearing to meet both of these requirements. State and Federal agencies have been promoting “virtual” public meetings over the past several years. In an effort to promote wider dissemination and reach more residents, the FY22-26 CIP will be available for public review and comment as part of a virtual public meeting on the City’s website between April 12 and May 17. The webpage is: <https://cityofls.net/public-works/infrastructure-capital-projects/capital-improvement-plan-cip/cip-public-hearing>
The FY2022-2026 CIP includes proposed funding of $359,037,000 over the five year period. This total is an increase from the FY2021-2025 total of $326,389,000. The increase in the total is due primarily to construction cost inflation. Construction cost inflation has been offset by increased sales tax revenues for dedicated CIP funding, adding the Use Tax revenues to dedicated CIP funds, and recently awarded State/Federal grants.
Impact/Analysis:
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Timeline:
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Presenter
George Binger, Deputy Director of Public Works / City Engineer
Recommendation
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Committee Recommendation
Committee Recommendation: [Enter Recommendation Here]