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 second 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 Capital Fund, Fleet Replacement Fund, Building Improvement Fund and continue the prior discussion related to Equipment Replacement Fund.
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Anticipated Future Actions/Commitments
Recommendation
The CIP is tentatively scheduled to be presented to the Village Board on September 19, 2016 and tentatively scheduled for adoption on October 4, 2016.
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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 budget which contains estimates of revenues together with recommended expenditures in conformity with good fiscal management practice.
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