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File #: 17-214    Version: 1 Name:
Type: Agendas Status: Passed
File created: 6/14/2017 In control: Board of Aldermen
On agenda: 6/20/2017 Final action: 6/20/2017
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.
Attachments: 1. ATTACHMENT A: CIP Resolution for Adoption, 2. ATTACHMENT B: CIP DOCUMENT REVISED

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: That the Board of Aldermen consider adopting the attached Revised CIP for FY 2017-18 through FY 2021-22 (Attachment A).