Title
Adoption of the Capital Improvement Plan and Community Reinvestment Plan.
Body
Summary:
City staff updates the Capital Improvement Plan every year and reflects proposed expenditures for a five-year period. The Community Reinvestment Plan is an extension of the CIP and reflects and additional five years of larger proposed capital expenditures to serve as a guide for the future. These capital items are incorporated into the 2018 Annual Operating Budget.
Background:
Capital expenditures are generally considered durable goods the City purchases during the course of the year and are generally considered to be: (i) land / real estate / property, (ii) equipment and vehicles, and (iii) infrastructure. Because of the cost of these items, they require special attention for providing for their expenditure, which frequently includes multi-year planning, phasing of large projects, and sometimes debt financing. Most funds have some degree of capital projects.
With regard to multi-year planning, the most crucial year is obviously the first year of the CIP, as it must be incorporated into the overall city budget currently being developed. Each successive year becomes more flexible as it is more difficult to project. As a result, these years and expenditures oftentimes become "place-holders" as a planning tool and a reminder that they need to eventually be addressed, and are subject to future changes based on priorities, age, use, cost, need, etc.
There are a few notable changes to the format of the CIP material. The CIP is again displayed in the traditional five-year chart with its respective list of expenditures broken down by department. Each departmental CIP Chart has an accompanying description of the various capital items containing photos and brief narratives providing further information and background on the item.
Each chart includes the itemized surcharge amount for the Public Art Dedication consistent with Ordinance 16-005. Actual public art surch...
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