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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 #: MOT 23-95    Name:
Type: Motion Status: Passed
In control: President and Board of Trustees
On agenda: 10/30/2023 Final action: 10/30/2023
Title: A Motion to Adopt the Five-Year Capital Improvement Plan (2024-2028) as Reviewed and Discussed by the Village Board's Finance Committee on September 11, 2023, and September 26, 2023
Attachments: 1. CIP Fiscal Years 2024-2028 Presentation (5), 2. FY24-FY28 Proposed for Adoption CIP

Submitted By                     

Donna M. Gayden, Interim Chief Financial Officer

 

Reviewed By

A.M. Zayyad, Deputy Village Manager

 

Agenda Item Title

Title

A Motion to Adopt the Five-Year Capital Improvement Plan (2024-2028) as Reviewed and Discussed by the Village Board’s Finance Committee on September 11, 2023, and September 26, 2023 

 

End

Overview

Overview

The Finance Committee reviewed and discussed the Recommended Capital Improvement Plan for fiscal years 2024 through 2028.   The first year of the CIP (FY24) will be incorporated into the FY24 operating budget, which, when adopted by the Board, will become the legal appropriations for the Village next fiscal year. The CIP for adoption under this agenda item will also serve as an important strategic planning document.

 

Body

Staff Recommendation

Adopt the Motion.

 

Budget Impact

This is a planning document and does not appropriate funding.   The first year of the CIP will be incorporated into the FY24 Recommended Budget, which, when adopted by the Board, will become the legal appropriations for the Village next fiscal year while the CIP serves as a planning document.  The first year of the plan (FY24) will serve as the foundation for all capital expenditures in the FY24 budget while the outer years are for informational and strategic planning purposes only.   

 

Background

While the CIP document by itself is not a legal appropriation document, the Village Board’s adoption of the CIP will allow it to be used for strategic planning purposes for FY25-FY28.

 

Additionally, the CIP document serves the important purpose of providing details of capital improvement expenditures throughout the operating budget. 

 

Please note that even with adoption of this strategic planning document, the Village Board still has discretion to modify any FY24 capital expenditures up and until the operating budget is adopted in December.

 

Alternatives

The Village Board could seek additional information.

 

Previous Board Action

The 2023 - 2027 CIP was adopted on November 21, 2022.

 

Citizen Advisory Commission Action

N/A

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A