Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
CLP
Agenda Item Title
Title
A Motion to Approve the Five Year Capital Improvement Plan (2018-2022) as Reviewed by the Finance Committee of the Village Board on September 11th, September 12th, and September 19th and at a Special Meeting of the Village Board on September 25th
End
Overview
Overview
This is the Recommended Five Year CIP. At the request of the Board, a memo is attached which identifies projects that can be deferred, totaling $1 million. Staff continues to recommend inclusion of the projects in 2018.
Body
Staff Recommendation
As requested by the Village Board at the September 25, 2017 discussion, staff prepared a list of possible cuts to the FY18 capital, fleet, building maintenance and equipment replacement funds budget of $1 million. Individual trustees have also asked for delay of the acceptance of the plan until the FY18 Village Budget is adopted. Staff continues to recommend that the Plan be adopted at this time as it does not appropriate project funding, rather it identifies a five year priority for capital expenditures. The Village Board's decision to fund capital should be guided by the CIP, although the CIP itself is not the controlling document.
In addition, an updated CIP dated October 6, 2017 is being prepared to include by project, a priority classifications using the following schedule:
A Essential and immediate need;
B Essential but may be delayed;
C Optional but beneficial of the Village through increased productivity, safety, etc.;
D Optional but beneficial to the Village in social, cultural or aesthetic ways;
F Future need (i.e. proposed in years 2 - 5)
N/A - Project complete, no 2018 or future expenditures
Budget Impact
The first year of the plan (2018) will serve as the foundation for all capital expenditures in the FY18 budget which will be reviewed during October and November with anticipated formal budget adoption on December 4, 2017....
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