Laserfiche WebLink
AGENDA ITEM – 1C <br /> <br />MEMORANDUM <br /> DATE: June 15, 2020 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Gayle Bauman, Finance Director <br />SUBJECT: 2021 – 2025 Capital Improvement Plan (CIP) <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A Various <br /> <br />Council Should Consider <br />Provide feedback to staff on Preliminary 2021 – 2025 CIP Plan. <br /> <br />Background <br />Annually, the City prepares a five (5) year Capital Improvement Plan for budgeting and forecasting. <br />The focus of the CIP is on the maintenance and protection of the City’s existing assets, <br />redevelopment, and investment in new initiatives. The CIP is part of the budget process, but it is <br />not a budget, it is a plan, and one that changes often. The CIP does not commit the council to the <br />proposed projects, nor implement the assumptions made during the preparation; however, this is <br />the basis for the 2021 Budget as we continue with its preparation. <br /> <br />The city has a finite amount of resources, so prioritizing and then being able to finance projects is <br />crucial for ensuring the city’s long-term sustainability and being responsible stewards of the city’s <br />investments. Staff has been working on completing a comprehensive study of the City’s current <br />and future needs for infrastructure projects to better estimate project costs and ensure more accurate <br />forecasting of available fund balances. <br /> <br />Discussion <br />A preliminary plan has been prepared and is attached which includes a summary of projects, sources <br />of funds, and estimated fund balances (since the operating budgets have not yet been completed, <br />these fund balances are estimated operating costs). Project detail information is not included at this <br />time as we are focusing on cash flow rather than detailed descriptions. Information is included on <br />street and park projects going out ten (10) years even though our CIP is only for five years. Please <br />note that project timelines are subject to change and that the current timeline is City Staff’s best <br />estimate. <br /> <br />The 2020-2024 CIP was a $15.3 Million plan, while the proposed 2021-2025 CIP is listed for $15.7 <br />Million in expenditures. This is a 3.1% increase from the previous year’s program or $475,838. <br />The biggest change is found in street projects.