The city unanimously adopted the Infrastructure and Capital Improvement Plan (ICIP) for Fiscal Years 2024-29 at the Aug. 24 Governing Body meeting, which results in an increase of $74 million.
The Governing Body adopted the Fiscal Year(FY) 2024 ICIP on May 25. The city’s capital program consists of 108 projects at a total estimated costs of $592 million over the next six years. The most significant portions of the capital program are water, wastewater and recycled water systems at $243.7 million and transportation at $193.2 million.
The city has identified funding sources for 75% of total capital spending planned through FY 2029 using both pay-as-you-go and debt financing, while 25% of the total capital program funding is to be determined.
The ICIP represents a multi-year projection of the city’s capital needs and financing requirements for capital renewal, replacement, acquisition and infrastructure development.
While the ICIP does not impact legal authority for capital spending outside of FY 2024, the document serves as the primary basis upon which subsequent annual capital budgets will be formulated.
Funds from the ICIP will also go toward city facilities, police department, fire rescue, roads, parks, recreation and senior services.
Details on the recommended plan and the city manager’s executive message can be found online.