Focusing on continued investment in neighborhoods, City Council held the first reading on the City’s proposed Capital Improvement Program (CIP) at its formal meeting this afternoon. The CIP is a planning tool used to identify needed capital projects and select the appropriate financing and timing for those projects. The CIP is prepared each year based on priorities identified at the City Council retreat and input from various City departments. The first year of the plan serves as the coming year’s capital budget. The subsequent years of the plan are planning years and subject to annual appropriation by City Council.
The proposed FY2019-20 CIP budget of $31,875,185 is divided into four funding categories:
Funding for the CIP is derived from multiple revenue sources:
Below are funding highlights for the Infrastructure category, with sources including Utility/Parking Funds, General Fund, Tourism Funds and TIF Funds:
Below are funding highlights for the Economic Development category, with sources including General Funds, Tourism Funds and TIF Funds:
Below are funding highlights for the Public Safety category, funded primarily from the General Fund
Below are funding highlights for the Parks & Recreation category, with sources including General Fund, Tourism Funds and TIF Funds:
The CIP also includes in excess of $5,000,000 over the next five years from the General Fund to finance the preservation and production of affordable housing and acquire land for future affordable housing opportunities.
Second reading and adoption of the proposed CIP are scheduled for Monday, May 13 at 5:30 p.m. at the formal meeting of City Council.