Title
Receive quarterly Capital Improvement Plan update and discuss and consider action to approve the 5-year Capital Improvement Plan (CIP) for FY 2021-2025 related to transportation, parks and trees, facilities, water, wastewater and reclaimed water.
Summary
As required by the City Charter, the Planning and Zoning (P&Z) Commission annually reviews and submits a 5-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. Please refer to the CIP Memo for specific project and details on funding source and timing of each proposed project.
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 or Utility Fund if the project is a high priority to the citizens and City Council. Voters approved $61 million in general obligation bonds in 2014 and 2015 for parks and roadway improvements ($28 million in 2014 and an additional $9 million in 2015 for Weiss Lane). Voters also approved $21.1 million for roadway projects in November of 2018. Utility projects are typically funded by the Utility Fund, capital recovery fees (impact fees from new development) and COs. Utility COs are funded through utility revenue guaranteed by the tax rate. Additional available funding sources are provided in the 5-year attached CIP document.
On April 23, 2020, the Parks and Rec...
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