Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ID 22-137    Name:
Type: Report Status: Regular Agenda
In control: Finance Committee
On agenda: 9/12/2022 Final action:
Title: Review of the Recommended Five Year Capital Improvement Plan (CIP) 2023-2027 for the Parking Fund (capital only), Water and Sewer Fund (capital only), Fleet Replacement Fund, Equipment Replacement Fund, Sustainability Fund (capital only), and Madison Street TIF Fund
Attachments: 1. 4.1CIP Ranking Diagram, 2. 30.0 Parking Fund, 3. 34.0 Water Fund, 4. 22.0 Fleet Replacement Fund, 5. 26.0 Equipment Replacement Fund, 6. 13.5 Sustainability Fund, 7. 10.0 Main Madison TIF Fund
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Submitted By                     

Steve Drazner, CFO

 

Agenda Item Title

Title

Review of the Recommended Five Year Capital Improvement Plan (CIP) 2023-2027 for the Parking Fund (capital only), Water and Sewer Fund (capital only), Fleet Replacement Fund, Equipment Replacement Fund, Sustainability Fund (capital only), and Madison Street TIF Fund

End,

Overview

Overview

As part of the budget process, the Finance Committee is provided a staff recommended five-year recommended Capital Improvement Plan (CIP).  This first year is presented for inclusion in the FY23 budget and future years are provided to identify future capital needs in the Village.  After the Finance Committee reviews the recommended plan, the Finance Committee will forward a recommendation to the Village Board for approval.

 

Body

Anticipated Future Actions/Commitments

Staff will prepare the final document for Village Board adoption in October. 

 

 

Report

 

Monday September 12, 2022

 

1)                     Parking Fund (capital items only)

2)         Water and Sewer Fund (capital items only)

3)                     Fleet Replacement Fund

4)                     Equipment Replacement Fund

5)                     Sustainability Fund (capital items only)

6)                     Madison Street TIF

 

Thursday September 29, 2022

 

1)                     Main Capital Fund

2)                     CDBG Fund (capital items only)

3)                     Building Improvement Fund

 

 

The recommended CIP is developed in consultation with the Public Works Director, and multiple other operating departments.  The Village Manager, Deputy Village Managers, and CFO held multiple discussion reviews and discuss all requested projects with operating departments in order to prioritize projects.

 

Dedicated CIP revenues include the local gasoline tax ($.06 gallon), home rule sales tax (1.0 %) and cannabis tax (3.0% recreational sales).  These taxes are anticipated to bring in approximately $500,000, $4,400,000, and $300,000, respectively.  Excluding grants, dedicated revenue sources to the Main CIP Fund total about $5.3 million.