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Capital Improvement Plan (CIP) through 2036
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BACKGROUND SUMMARY:
The Town's budget committee (BCOM) and Town Manager present the Capital Improvement Plan (CIP) through 2036 for Council's review and approval. The CIP is a list of proposed capital projects that are outside of the Town's day-to-day operations and are anticipated to be funded through a biennial bond issue as well as additional outside funding sources, either in whole or in part. Additionally, water and sewer projects, which are funded from water and sewer fees, are included.
The 2020 CIP proposes funding for construction of a new police station, including project management; funds for development of two public parking garages; and several other smaller projects, plus water and sewer infrastructure projects funded by water and sewer fees. The 2022 CIP proposes several roadway and sidewalk projects, partially funded by outside funds; park projects; and public parking facility construction as part of the county's Patrick Henry Library renovation project; plus water and sewer projects. These two upcoming project years will be discussed in more detail at the Council work session.
The budget committee, including the Town Manager, discussed and reviewed all projects with department heads. The package presented includes a status update on projects from the 2014 bond issue forward, a summary of outside funding by source, anticipated projects through 2036 with the impact on debt service cash flow demonstrated, and the total outstanding debt balance after each projected bond issue.
Additionally, as we do not anticipate issuing the 2020 bond until the fall of 2020 when construction bids on the police station are expected to be finalized, the finance director will also discuss which 2020 projects staff proposes to fund in advance of the bond issue, so that project operations may continue. The anticipated minor increase in interest expense from the proposed earlier funding is included in th...
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