Submitted By
Steve Drazner, CFO
Reviewed By
CLP
Agenda Item Title
Title
Review the Recommended Five Year Capital Improvement Plan (2017-2021) and Direct Staff to Prepare the Necessary Actions for Approval of the Plan in October 2016.
End
Overview
Overview
Staff is transmitting the recommended five-year Capital Improvement Plan (CIP) to the Village Board for review and consideration at a future meeting. The Finance Committee held two meetings - August 29 and September 12, 2016, to review the document with the Village Manager, CFO and Department Directors. In addition, the CIP document was presented for a first reading at the September 19, 2016 Village Board meeting. It is the consensus of the Finance Committee that additional discussion is needed related to the Fiber Optic Project.
Body
Staff Recommendation
Review the five-year Capital Improvement Plan (CIP) for the Village.
Fiscal Impact
The first year of the plan (2017) will serve as the foundation for all capital elements of the FY17 recommended Village budget which will be reviewed during October by the Finance Committee of the Village Board.
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
This is the second year in which staff has formally presented a full five year Capital Improvement Plan (CIP) for review by the Finance Committee of the Village Board over two meetings - August 29 and September 12, 2016.
The FY17 Recommended Budget which is schedule to be reviewed by the Finance Committee during October will be comprised of the first year of the adopted CI...
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