Submitted By
Steve Drazner, CFO
Agenda Item Title
Title
Review of the Recommended 2018-2022 Capital Improvement Plan (CIP).
End
Overview
Overview
This is the third meeting of the Finance Committee to review of the five-year Capital Improvement Plan (CIP). This meeting will review the Capital Improvement Fund, Building Improvement Fund, Fleet Replacement Fund and Equipment Replacement Fund.
End
End
Anticipated Future Actions/Commitments
Recommendation
The Village Board will review the CIP on Monday, September 25, 2017 as a part of a Special Meeting and the will be asked to adopt 2018-2022 Five Year Plan as part of the regularly scheduled meeting of the Village Board on October 2, 2017.
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) Madison Street TIF Fund #2072
6) CDBG Fund #2083
7) Water/Sewer Fund #5040
8) Parking Fund #5060
Chapter 2 of the Municipal Code establishes the foundation for the Municipal Budget and provides that:
? 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.
Below is a summary of the recommended CIP expenditures by Fu...
Click here for full text