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 21-94    Name:
Type: Motion Status: Passed
In control: President and Board of Trustees
On agenda: 10/18/2021 Final action: 10/18/2021
Title: A Motion to Adopt the Five-Year Capital Improvement Plan (2022-2026) as Reviewed and Discussed by the Village Board's Finance Committee on September 13, 2021, and September 27, 2021, as well as by the Full Village Board on October 4, 2021.
Attachments: 1. FY22-FY26 CIP for Adoption
Submitted By
Steven Drazner, Chief Financial Officer

Reviewed By
AMZ

Agenda Item Title
Title
A Motion to Adopt the Five-Year Capital Improvement Plan (2022-2026) as Reviewed and Discussed by the Village Board's Finance Committee on September 13, 2021, and September 27, 2021, as well as by the Full Village Board on October 4, 2021.

End
Overview
Overview
The Finance Committee reviewed and discussed the Recommended Capital Improvement Plan for fiscal years 2022 through 2026. The first year of the CIP (FY22) will be incorporated into the FY22 Budget, which, when adopted by the Board, will become the legal appropriations for the Village next fiscal year. The CIP for adoption under this agenda item will also serve as an important strategic planning document.

Body
Staff Recommendation
Approve the Motion.

Budget Impact
This is a planning document and does not appropriate funding. The first year of the CIP will be incorporated into the FY22 Recommended Budget, which, when adopted by the Board, will become the legal appropriations for the Village next fiscal year while the CIP serves as a planning document. The first year of the plan (FY22) will serve as the foundation for all capital expenditures in the FY22 budget while the outer years are for informational and strategic planning purposes only.

Background
While the CIP document by itself is not a legal appropriation document, the Village Board adoption of the CIP is used for strategic planning purposes for FY23-FY26. Additionally, the CIP document serves the important purpose of providing details of those capital amounts grouped together in the adopted budget.

The following modifications were made to the CIP document presented tonight for adoption based on the Board consensus vote at the October 4th meeting:

1) Fleet Fund page 150 - the cost of an electric vehicle was reduced from $58,000 to $49,000

2) Main CIP Fund page 36 - the cost for heated sidewalks along Marion Street was removed ($10...

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