TITLE
The Mayor and City Council shall discuss and possibly take action on approving the proposed 5-Year Capital Improvement Plan (Plan). Discussion and Action.
AGENDA ITEM DESCRIPTION
The 5-Year Capital Improvement Plan (Plan) is a 5-year estimate of the projects necessary to meet the capital priorities through FY19-20. The Plan was used as the basis for preparing the final FY15-16 Construction Improvement Projects (CIP) budget.
The Plan communicates timing and costs associated with acquiring, constructing, and maintaining publicly financed facilities and improvements with a total cost over $25,000 and a useful life of three or more years. Capital expenditures that are less than $25,000 with a useful life of less than three years are typically expended from the City's operating funds.
The Plan is updated annually to reflect changing priorities and economic conditions. All projects within the five years of the program have clear available and approved sources of funding and an allowance for maintenance and operating costs. Projects listed in “future years” do not have clear available and approved sources of funding.
Highlights of the 10-Year CIP are as follows:
· Total 5-Year CIP = $143.0 million
· Total Projects = 91
As FY15-16 is the only year formally adopted by Council, highlights of the FY15-16 requests are as follows:
· Total CIP Requests = $62.5 million (includes $28.3 million in grant funded projects)
· Total CIP Requests excluding grant funded projects = $34.2 million
· Total Projects = 64
CIP Sources of Funding
CIPs are funded by a variety of sources. Some of the noteworthy funding sources proposed to fund the FY15-16 requests include:
· General Governmental CIP Fund - Revenues in this fund consist of construction sales tax revenues.
· County Road Tax Fund - Revenues are from the Pinal County, voter-approved half-cent sales taxes.
· Development Impact Fee Funds - Revenues are from impact fees, meant to offset the impact of growth, at the time b...
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