Submitted By
Steve Drazner, CFO
Agenda Item Title
Title
Presentation and Discussion of the Recommended Five Year Capital Improvement Plan (CIP) 2023-2027 for the Main Capital Fund, Community Development Block Grant (CDBG) Fund, and Building Improvement Fund
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Overview
Overview
As part of the budget process, the Finance Committee is providing a staff recommended five-year Capital Improvement Plan (CIP). This first year is presented for inclusion in the FY23 budget and future years are provided to identify extended 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 adoption.
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Anticipated Future Actions/Commitments
Staff will prepare the final document for Village Board adoption in November.
Report
Monday September 12, 2022 (previously held)
1) Parking (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 internal reviews and discussed all requested projects with operating departments in order to prioritize and ascertain that such projects have reasonable timelines based on the current staffing of public works, and specifically engineering.
The major 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.
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