Title
To discuss and consider a recommendation to the City Council on the Parks & Recreation Five-Year Capital Improvement Program (CIP) Budget and Five-Year Tree Capital Improvement Program (CIP) Budget.
Summary
As required by the City Charter, the Planning and Zoning (P&Z) Commission annually reviews and submits a Five-Year Capital Improvement Plan to the City Council and City Manager at least 120 days before the beginning of the budget year that starts in October. The plan must include a prioritized list of projects that are programmed with a recommended year of construction. A Five-Year Tree Capital Improvement Plan that meets the same criteria is an Ordinance requirement for the Parks and Recreation Commission and will be considered with this item as well.
For FY19, the Parks & Recreation Commission and City Staff is submitting and recommending a total project list that meets the requirements of the City's Charter, but is also submitting a priority list of projects recommended for funding during the FY19 budget year. Included in the list are three (3) projects that are highlighted as preferred projects if a General Obligation (GO) Bond Election is called during this fiscal year. They are also submitting and recommending the tree project list. These documents are attached.
There are different funding mechanisms for capital improvement projects; two of which are Certificates of Obligation (CO) and General Obligation (GO) bonds. A Certificate of Obligation (CO) is a bond secured by property tax in which does not require voter approval. Unlike a CO, a General Obligation (GO) bond is required to be approved by the voters, and the debt service typically placed on top of the tax rate. Currently, the City uses CO and GO bonds to fund roadway, drainage, sidewalk and park projects. Smaller projects may even be funded out of the General Fund if the project is a high priority to the citizens and City Council.
Staff Recommendation
Staff recommends the ...
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