Fiscal Note
This resolution amends the 2015 adopted capital budget and capital improvement plan (CIP) to delete and reschedule various capital projects. The net effect in 2015 is a reduction in general obligation borrowing of $1,725,000, with an estimated debt service reduction of $202,000. Total authorized 2015 general obligation borrowing would be $146,176,732.
The resolution reduces funding in the six-year CIP by $21.1 million in general obligation borrowing and $41.8 million all funds.
Title
Amending the 2015 Adopted City Capital Budget to reschedule and defer specific capital projects in the Capital Improvement Plan related to the Fire, Police, Streets and Planning and Community and Economic Development departments.
Body
WHEREAS, the Common Council adopted the 2015 City Capital Budget and Capital Improvement Plan (CIP) at its budget meeting that convened on November 11, 2014; and
WHEREAS, the CIP includes projects funded through general obligation debt of the City that must be repaid with City property taxes; and
WHEREAS, estimated debt service costs associated with implementing projects on the timetable in the CIP may have detrimental effects on the ability to fund the on-going costs of day-to-day City services; and
WHEREAS, the CIP includes projects for a new Midtown Police District facility, Fire Station 14, a Fire Department employee training facility, new neighborhood centers, and a biodigester facility; and
WHEREAS, these facilities are expected to add operating costs of at least $3 million annually to future City budgets; and
WHEREAS, state levy limits and constraints on City revenue options present challenges for financing the operating costs of these facilities while addressing on-going City services; and
WHEREAS, delaying and deferring these projects will help provide more time to plan for and accommodate associated operating costs; and
WHEREAS, the Fire Department employee training center was initially identified as a more immediate ...
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