Regular Meeting
11/20/23 06:00 PM
Finance
Heidy Riley
Budget
Doc ID: 5507
AGENDA ITEM
AGENDA MATTER:
APPROVAL OF UPDATED FY2023/2024 CAPITAL IMPROVEMENT PROGRAM BUDGET EXECUTIVE SUMMARY:
Finance staff, in collaboration with affected City departments, has been working to update the FY 2023/2024 Capital Improvement Program (CIP) budget. This update was coordinated to take into consideration a variety of factors, including completed capital projects, carry-forward amounts from the prior fiscal year and changes to the scope of proposed projects.
DISCUSSION:
As part of the annual budgetary process, staff coordinates with various City departments to review the final expended amounts for Capital Improvement Projects (CIP) through June 30, 2023, to determine the budget carryforward amounts from Fiscal Year 2022/2023. Staff reviewed the status of existing projects and discussed any changes to these projects in order to reallocate available resources.
Capital projects are generally large-scale ventures in terms of cost, size, and benefit to the community.
The underlying strategy of the CIP is to plan for infrastructure needs, construction projects, major rehabilitation / upgrades, and preservation of public facilities that are necessary to provide the community with safe and efficient City services. A detail is provided for the FY 2023/2024 Capital Improvement Projects and the funding sources in Attachment A.
FISCAL IMPACT:
Detail provided in Attachment A.
RECOMMENDED ACTION:
Staff recommends that the City Council take the following actions:
1. Adopt the updated FY 2023/2024 CIP Budget and appropriate the funding, including the associated revenue and expenditure transfers, as identified in Attachment A.