Title
Public Hearing and Vote on FY 2025-2029 Capital Improvement Plan (CIP)
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 2025-2029 Manager's Recommended Capital Improvement Plan (CIP) includes projects in the following expenditure categories: Economic Growth; Educated Citizenry; Excellence in Government; Family Resilience and Economic Empowerment; Living with Water; Placemaking; and, Safe and Clean Community. Cost estimates for the recommended projects in the current five-year CIP total $434,230,139.
Funding sources may include: the Economic Development Fund; General Fund Operating Revenues and Fund Balance; General Obligation Bond Proceeds; Hampton Roads Convention Center Fund; Stormwater Management Fund; Resilient Hampton Bond Proceeds; Urban Development Action Grant; various funding programs of the Virginia Department of Transportation; and, the Wastewater Management Fund.
The FY25 Manager’s Recommended Budget incorporates the first year of the five-year CIP as the Capital Budget component.
Impact:
The FY 2025-2029 CIP totals $434,230,139.
Recommendation:
Conduct a public hearing and vote.