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 16-122    Name:
Type: Motion Status: Passed
In control: President and Board of Trustees
On agenda: 10/17/2016 Final action: 10/17/2016
Title: A Motion to Accept the Five Year Capital Improvement Plan (2017-2021) as Reviewed by the Village Board at the October 4, 2016 Meeting Regular Agenda and Incorporating Recommendations of the Finance Committee of the Village Board
Attachments: 1. Consolidated CIP
Submitted By
Steven Drazner, Chief Financial Officer

Reviewed By
CLP

Agenda Item Title
Title
A Motion to Accept the Five Year Capital Improvement Plan (2017-2021) as Reviewed by the Village Board at the October 4, 2016 Meeting Regular Agenda and Incorporating Recommendations of the Finance Committee of the Village Board

End
Overview
Overview
The Village Board received the proposed Five Year Capital Improvement Plan on October 4, 2016 following its review by the Finance Committee August 29 and September 12, 2016. The Finance Committee completed a final review on October 10, 2016.

Body
Staff Recommendation
Approval.

Budget Impact
The first year of the plan (2017) will serve as the foundation for all capital expenditures in the FY17 budget which will be reviewed during October and November and anticipated that formal budget adoption will occur on December 5, 2016.

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
While the CIP document by itself is not a formal, legal appropriation document, formal Village Board approval of this document will allow staff to include such capital expenditure amounts budgeted in FY17 to be incorporated into the Proposed Budget which will be provided to the Village Board and public as required under the budget public hearing scheduled for November 21, 2016.

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 F...

Click here for full text