CIP Book FY 2023-27 - Final - Flipbook - Page 16
Capital Improvements Plan
- Eastern Area Expansion Engineering - Water Department
- Water Department Office & Compound CR44 - Water Department
- Lift Station 9 Rehabilitation – Wastewater Department
- Holding Pond Improvements – Wastewater Department
- Main WTP Expansion - Wastewater Department
- Carver Park Improvements – Parks & Recreation Department
- Heathrow WTP Ground Storage Tank - Wastewater Department
- Vehicles Replacement – Police Department
- Street Resurfacing Citywide – Public Works Department
- Sidewalk Replacements – Public Works Department
- Sewer Cleaning Truck - Wastewater Department
- Sorrento Pines Waterline and Reclaimed Water – Water Department
Funding Projections:
The following includes estimated Fund Balance amounts at the end of the Fiscal Year 2021-22. The
available projected revenues and expenditures are based on current revenue projections and the
average consumer price index (CPI) throughout the five-year planning period. According to Federal
Reserve data, the annual inflation rate increased to 8.5% in March, over the previous twelve months;
it would be the highest reading since December 1981.
The following should be noted:
1) The Sales Tax Referendum was renewed beginning January 1, 2018. Projections are based upon
current FY 21-22 estimated revenues, an annual 0% increase in FY 23-24, and FY 25-27 3% increase
in the revenue stream. The original FY 22-23 revenue estimate was $2,513,200 and $2,588,596 in FY
23-24 but now it is $2,448,000 in FY 22-23 and $3,048,000 in FY 23-24; projected revenue growth is
$394,204. Following inflation commodity and services cost increase, a 5% expenditure increase is
applied for FY 23-24 and 3% for FY 25-27.
2) CRA Funding is projected to increase by approximately the same percentage that General Fund
Ad Valorem revenues are projected to increase, conservatively estimated at 2% per year per FY
23-24 and 3% for FY 25-27. CRA CIP projects totaling $921,096 for the next five years. A 5% expenditure increase is applied for FY 23-24, and 3% for FY 25-27. Future values are undetermined until the
markets decide how to treat homeowners and landlords who are behind on their mortgage payments.
3) The Stormwater Fund projections are based upon current FY 21-22 estimated revenues, an
annual 0% increase in FY 23-24, and FY 25-27 3% increase in the revenue stream; 5% expenditure
increase is applied for FY 23-24, and 3% was applied for FY 25-27, that will fund seven projects
totaling $740,000 over the next five years. Since the last rate increase, it has been 12 plus years: $6
for residential and $12 for commercial properties. For the City to maintain an ability to continue
to support quality projects, we will need to look at a funding mechanism similar to the Water and
Wastewater program by having annual increases to avoid stagnation of the fund.
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