Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
CLP
Agenda Item Title
Title
A Motion to Accept the Five Year Capital Improvement Plan (2017-2021) as Reviewed by the Village Board at the October 4, 2016 Meeting Regular Agenda and Incorporating Recommendations of the Finance Committee of the Village Board
End
Overview
Overview
The Village Board received the proposed Five Year Capital Improvement Plan on October 4, 2016 following its review by the Finance Committee August 29 and September 12, 2016. The Finance Committee completed a final review on October 10, 2016.
Body
Staff Recommendation
Approval.
Budget Impact
The first year of the plan (2017) will serve as the foundation for all capital expenditures in the FY17 budget which will be reviewed during October and November and anticipated that formal budget adoption will occur on December 5, 2016.
It is also noted that in order to improve the Village’s position when bidding capital projects and when scheduling construction of capital improvements, the adoption of a five year capital plan in advance of the annual budget will allow for staff to begin engineer design work and develop bid documents over the winter and be prepared for an early spring bid letting. Subject to approval of the five year CIP, staff will bring forward any contracts necessary for bid.
Background
While the CIP document by itself is not a formal, legal appropriation document, formal Village Board approval of this document will allow staff to include such capital expenditure amounts budgeted in FY17 to be incorporated into the Proposed Budget which will be provided to the Village Board and public as required under the budget public hearing scheduled for November 21, 2016.
Chapter 2 of the Municipal Code establishes the foundation for the Municipal Budget and provides:
• The Village fiscal year is January 1 - December 31 annually.
• The Board of Trustees must adopt the annual budget prior to the start of the Fiscal Year and passage of the annual budget shall be in lieu of passage of the appropriation ordinance.
• On or before the Village Board of Trustees' first regular meeting in November of each year, the Village Manager shall submit to the Board of Trustees an annual Municipal budget which contains estimates of revenues together with recommended expenditures in conformity with good fiscal management practice.
Alternatives
The Board could choose to schedule another special meeting to review the document in detail.
Previous Board Action
In addition to Finance Committee meetings held for reviewing the CIP document in detail, the document was presented to the Village Board for review and discussion on September 19 and October 4, 2016.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.