Staff:
Agenda:
|
Lisa Mills, Finance Director
1/23/2023 |
AGENDA REPORT
Cape Girardeau City Council
|
23-002
|
SUBJECT
Capital Improvement Program (CIP) 2023-2028
EXECUTIVE SUMMARY
The draft CIP is attached for consideration. The total value of proposed capital projects over the 5 year planning period is $131,056,789 for projects and $88,126,241 for contingent projects.
BACKGROUND/DISCUSSION
The Capital Improvements Program is a planning instrument that drives the evaluation and identification of capital infrastructure projects in need of renovation, repair and/or construction. The document contains two categories: Recurring/Grant Revenue Projects and Tax Initiative Projects.
The Department category consists of area specific projects requiring funding sources from the respective funds, recurring revenue sources and grant opportunities. The Tax Initiative category consists of projects designated specifically within the voter-approved tax initiatives currently active.
The CIP relates these projected capital needs to the financial sources that will support their realization and the time-frame in which both the financing and work will take place. Capital improvements programming is the process by which capital projects are identified, prioritized, and selected and thus incorporated into the long-range fiscal and strategic plans of the City.
The CIP document is designed to report to the City Council, the public, City staff and other interested parties the capital management and strategies of the City. Each of the City’s departments was given the opportunity to provide input in planning and implementation of the Capital Improvement Program.
FINANCIAL IMPACT
Capital projects are funded through a variety of methods, including long-term financing, user fees, grants, assessments, tax levies, and reserve balances. The total Capital Improvements Program included herein includes a total of $131,056,789 for projects, which have identified funding from various revenue sources. The Contingent Program is a program of currently unfunded projects totaling approximately $88,126,241. This data shows the importance of the continuation of existing sales tax revenues including the Transportation Trust Fund and Parks/Stormwater Sales Tax.
SUSTAINABILITY: ECONOMIC, ENVIRONMENTAL AND SOCIAL IMPACTS
The CIP is a fiscally prudent plan designed to ensure the City meets the needs of investment in its core infrastructure to sustain the economic, environmental and social well-being of the City for now and into the future.
PUBLIC OUTREACH
The CIP will be the subject of a Public Hearing on March 6, 2023.
|