TITLE
The Mayor and City Council shall discuss and possibly take action on the proposed 10-Year Capital Improvement Plan. Discussion and Action.
AGENDA ITEM DESCRIPTION
At the March 20, 2012 City Council Work Session, staff presented the draft 10-Year Capital Improvement Plan. Included in this presentation was a request for the UPRR Grade Separation for $937,187. A revised request for this project now includes funding for construction in FY13-14 and FY14-15 totaling $77.8 million. Total project costs are estimated at $78.7 million.
Overview
The Capital Improvement Plan (CIP) communicates timing and costs associated with acquiring, constructing and maintaining publicly financed facilities and improvements, typically those with a total cost of more than $25,000 and a useful life of three or more years. Capital expenditures that are typically less than $25,000 and a useful life of less than three years are expended from the City's operating funds.
Although the CIP plan is a 10-year estimate of the projects necessary to meet the capital priorities through FY21-22, only the FY12-13 request is formally adopted by Council.
The CIP is updated annually to reflect changing priorities and economic conditions. The plan also serves as a foundation to the City’s annual operating budget to ensure that certain capital projects and operating costs are sufficiently recovered and budgeted. Generally, all projects with in the first two years of the program need to have clearly available and approved sources of funding and allowance for maintenance and operating costs. Discussions surrounding the operations of the multi-generational center (aquatic center) and regional park (sports complex) will occur in subsequent operating budget discussions. All projects presented in this plan are projected to have clearly available and approved sources of funding.
Highlights of the 10-Year CIP are as follows:
· Total 10-Year CIP = $350.5 million
· Total Projects = 76
As FY12-13 is th...
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