Subject:
Title
Proposed Capital Improvement Plan (CIP) 2028-2042
Body
DATE(S) OF PRIOR COUNCIL CONSIDERATION OF THIS ISSUE:
June 8, 2026 – Town Council Work Session
Aug. 24, 2026 – Town Council Work Session
Sept. 14, 2026 – Town Council Work Session
EXPLANATION AND SUMMARY:
The Capital Improvement Plan (CIP) serves as the Town's long-range planning document for major capital investments in public infrastructure, facilities, parks, transportation, utilities, technology, and other public assets. The proposed 2028–2042 CIP has been developed through a collaborative planning process involving Town departments, the Budget Committee, the Finance Department, and the Town Manager. The document incorporates all known capital needs identified during the planning process and reflects current project priorities, estimated costs, funding sources, and implementation schedules.
The proposed CIP includes approximately $107.0 million in planned bond-funded capital investments over the 15-year planning period. The funding model is based on conservative financial assumptions and utilizes the Town's dedicated 4% Meals Tax, along with other available funding sources, to support the Town's capital program. The proposed financing plan is designed to maintain the Town's AAA bond rating, meet existing debt obligations, preserve and maintain existing public infrastructure and facilities, and provide flexibility for future Town Council priorities.
Current capital projects in progress include the Southside Park ballfields and Caffi Field improvements. The proposed 2028 bond program totals $20.8 million and includes investments in Waters Field improvements, the Teen Center remodel, Glyndon Park turf replacement, Community Center parking lot improvements, and additional Southside Park improvements.
A significant change from the previously adopted CIP is the indefinite deferral of the Aquatics and Fitness Center, previously estimated at approximately $28 million. The funding capacity t...
Click here for full text