TITLE: Title
Revised Capital Improvement Plan FY 2017-18 through FY 2021-22
PURPOSE: To review and consider for adoption the Revised CIP for FY 2017-18 through FY 2021-22.
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DEPARTMENT: Town Manager and Finance
CONTACT INFORMATION: David Andrews, 919-918-7315; Arche McAdoo, 919-918-7439
INFORMATION: The CIP presented to the Board of Aldermen on February 21, 2017 has been revised to reflect the Town’s ability to meet certain debt and operating revenues. The $51.8 million CIP presented earlier would have required $35.2 million of debt financing over the next five years, which would be unsustainable. We have revised the total CIP to $35.5 million for FY 2017-18 through FY 2021-22.
FISCAL & STAFF IMPACT: The CIP will required an additional $25.6 million over the next five years. No funds for capital projects are appropriated in the CIP. Capital projects are funded by the Board of Aldermen through adoption of a Capital Project Ordinance or in the annual general fund budget.
RECOMMENDATION:r That the Board of Aldermen consider adopting the attached Revised CIP for FY 2017-18 through FY 2021-22 (Attachment A).