Title
Public Hearing and Vote on the Fiscal Year 2024 - 2028 Capital Improvement Plan ("CIP")
Purpose
PURPOSE/BACKGROUND:
The recommended five-year schedule includes projects in the following expenditure categories: Economic Growth; Educated Citizenry; Excellence in Government; Living with Water; Placemaking; and Safe and Clean Community. Cost estimates for the recommended projects in the five-year CIP total $332,347,131.
Funding sources may include: General Fund Operating Revenues and Fund Balance; General Obligation Bond Proceeds; Literary Loans; Transfer - School Board; Stormwater Management Fund; various funding programs of the Virginia Department of Transportation; Urban Maintenance Contribution; and Wastewater Management Fund.
The Manager’s Recommended Budget for Fiscal Year 2024 incorporates the first year of the five-year CIP as the Capital Budget component.
Impact:
The Fiscal Year 2024 - 2028 Capital Improvement Plan totals $332,347,131.
Recommendation:
Conduct public hearing and vote.