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File #: 20-82    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 1/21/2020 In control: Board of Aldermen
On agenda: 2/11/2020 Final action:
Title: Capital Improvement Plan FY 2020-21 through FY 2024-25 PURPOSE: To present a report to the Town Council on the proposed Capital Improve Plan (CIP) for FY 2020-21 through FY 2024-25
Attachments: 1. Rsltn to Accept Report on CIP, 2. Attachment B - FY21-25 CIP - Feb 11 2020
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TITLE: Title

Capital Improvement Plan FY 2020-21 through FY 2024-25

PURPOSE:  To present a report to the Town Council on the proposed Capital Improve Plan (CIP) for FY 2020-21 through FY 2024-25


DEPARTMENT: Town Manager and Finance 


CONTACT INFORMATION:  David Andrews, 919-918-7315; Arche McAdoo, 919-918-7439 


INFORMATION:  The updated CIP for FY 2020 through FY 2024-25 (Attachment B) concentrates on the completion of current projects, storm water improvements, financing the 203 Project, and renovation of current facilities.  The CIP through FY 2024-25 totals $58.9 million and includes an appropriation of $26.9 million for projects that are currently underway; and $32.0 million for proposed additional projects. 



The largest project underway is the 203 Project with a revised estimated cost of $15.6 million.  This is a joint development between the Town and Orange County to develop facility to house the Orange County Southern Branch Library, Town recreational programs, and other possible uses.  The County is expected to contribute $6.6 million and the Town anticipates using a combination of cash and debt financing to covers its $9.0 million share.  Financing for this project is anticipated in FY 2021.  The final costs for the 203 Project may change as the final design and construction plans are finalized.


Renovation of existing Town facilities continues to be a need and high priority.  For fiscal years, 2022 through 2025, we anticipate needing $10.7 million for renovation of Town Hall, Century Center and Fire Station #1.  We anticipate, at this point, using a combination of cash and debt financing for these renovations, depending upon final cost estimates and the overall financial condition of the Town.  Also, we know that the Public Works facilities, located in a flood area, is in need of significant improvements.  We are currently exploring the possibility of securing federal funds to relocate this facility to a non-flood area.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              


Capital projects for storm water management are included at an estimated cost of $1.67 million over the next five years.  These projects are to be funded by the Storm Water Fee established in FY 2018-19, and revised in FY 2019-20.

For replacement of vehicles and equipment, the Fleet Management Division in Public Works estimates a need for $3.0 million over the next five years.  Each year when the annual operating budget is developed, vehicles and equipment scheduled for replacement undergo another evaluation and priorities are established, and only the highest priorities are funded.  The actual vehicles and equipment to be acquired in any given year will continue to be dependent upon the Town’s financial condition and debt tolerance.  


FISCAL & STAFF IMPACT:  The CIP does not appropriate funding for capital projects.  Rather, capital projects are funded by the Town Council through the adoption of a Capital Project Ordinance or in the annual General Fund budget.  


RECOMMENDATION: That the Town Council accept the Report on the Capital Improvement Plan for FY 2020-21 through FY 2024-25, and approve the attached resolution (Attachment A).