Subject:
Title
9:45 p.m. - 10:30 p.m. Capital Improvements Plan with Revisions
Body
BACKGROUND SUMMARY:
The Capital Improvement Plan for 2026 - 2038 was discussed at a work session on September 16. At the time, Council wished to further review the plan for suggested project changes. Since then, support for a proposed aquatics and fitness facility gained more support. This project is possible to begin design in the near future with the addition of a 1% increase in the meals tax rate for a period of ten years.
Changes from the last plan presented include the increase in meals taxes, addition of funding for the Town Hall first floor redesign and a feasibility study for the Nutley Property Yard later in the plan. Also included is a summarized list of changes from the 2024 adopted plan and a list of potential unfunded projects, given the current level of funding.
OVERVIEW:
The Town does not intend to borrow more funds until the fall of 2025. Raising the meals taxes to 4% allows the addition of the aquatics and fitness facility to start in early 2025.
The whole 12-year plan is presented with project descriptions for the 2026 bond issue and the 2028 bond issue only.
SUMMARY/STAFF IMPRESSIONS:
Department staff will be available to discuss projects in more detail with Council. The goal is to ensure funding needs are met to Council's satisfaction.
RECOMMENDATION:
Recommended Action
Staff recommends Council review the CIP plan and give staff direction to proceed with the plan. A request for plan approval is on the 10/28/2024 Council agenda.