Submitted By
Steve Drazner, CFO
Agenda Item Title
Title
Review of the FY17 Recommended Capital Improvement Plan (CIP).
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Overview
Overview
This is the first meeting of the Finance Committee to review of the five-year Capital Improvement Plan (CIP), and as a part of this meeting staff will present those CIP projects or expenditures assigned to the Equipment Replacement and Parking Funds.
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Anticipated Future Actions/Commitments
Recommendation
The Finance Committee will be asked to schedule a second meeting in early September to review the remainder of the CIP in advance of the tentatively scheduled special meeting of the Village Board on September 12, 2016 which will review the recommended CIP in its entirety. It is anticipated that the recommended CIP will be brought before the Village Board for consideration of approval on September 19, 2016.
Body
Report
The five-year recommended CIP includes all recommended capital expenditures. Depending on the CIP project or purchase, these expenditures are allocated either directly to one of the four CIP specific Funds or to an operating department budget. The following Village Funds contain budgeted CIP expenditures:
1) Capital Improvement Fund #3095
2) Building Improvement Fund #3012
3) Equipment Replacement Fund #3029
4) Fleet Replacement Fund #3032
5) Colt Westgate Fund #4002
6) Madison Street TIF Fund #2072
7) CDBG Fund #2083
8) Water/Sewer Fund #5040
9) Parking Fund #5060
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 budg...
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