Title
Public Hearing and Adoption of FY 2027-2031 Capital Improvement Plan
Purpose
PURPOSE/BACKGROUND:
The Capital Improvement Plan (CIP) is a recommended five-year expenditure plan that addresses the acquisition of property and equipment, new construction, and other major improvements to the City's capital assets. The FY 2027-2031 Manager's Recommended Capital Improvement Plan (CIP) includes projects with an estimated cost of $489,482,149, in the following expenditure categories and funding sources:
Expenditure Categories:
Economic Growth; Educated Citizenry; Excellence in Government; Family Resilience and Economic Empowerment; Living with Water; Placemaking; and Safe and Clean Community.
Funding Sources may Include:
General Fund Balance Transfer; Committed Fund Balance: Drainage Program; P. C. Replacement Program Fund Balance; General Fund Operating Revenues; Dedicated Tax Rate for School Investments; Photo Enforcement Revenues; Urban Maintenance Contribution; Capital Budget (Projects) Fund Balance; General Obligation Bond Proceeds; Hampton Coliseum Fund Net Position; Hampton Roads Convention Center Fund Bond Proceeds and Net Position; HUD-Economic Development Initiatives (EDI) Funds; Lease Financing Proceeds; Stormwater Management Fund and Resilient Hampton Bond Proceeds; Transfer from the School Board; various funding programs of the Virginia Department of Transportation; and, the Wastewater Management Fund.
The FY27 Manager’s Recommended Budget incorporates the first year of the five-year CIP through the Capital Budget and the budgets for those Enterprise Funds for which capital projects are contemplated for FY27.
Impact:
The FY 2027-2031 CIP totals $489,482,149.
Recommendation:
Rec
Conduct a public hearing and vote.