EXECUTIVE SUMMARY 2018 Capital Budget and Ten Year Capital Improvement Plan (CIP)
BACKGROUND For the 2018 budget, staff has updated the Ten Year CIP that includes the following:
Summary List of all capital improvements for the current budget year and the subsequent nine years Cost estimates, justification and methods of financing The estimated annual impact on the operating budget of operating and maintaining the facilities to be constructed
The Town of Parker CIP provides a ten year horizon for capital improvement planning and provides Town Council the best cost estimates for every project on these ten year spreadsheets. Cost estimates for each project are a best-guess estimate and detailed engineering has generally not been completed. The items listed for 2018 become the capital budget. Every project in other future years represents only a plan. Council appropriates funds only for 2018 after listening to citizen input, prioritizing based on Council goals and debating and potentially changing any or all of these items. Capital spending under this CIP is controlled through separate funds:
General Fund Public Improvements Fund Parks and Recreation Fund Recreation Fund Stormwater Utility Fund Information Technology Fund Fleet Fund
The multi-fund structure is required by the need to account for various dedicated revenue streams and is also useful in helping the Town maintain a broad focus across of the needs of the community. It is especially important the Stormwater operations be managed as an independent business as required by governmental accounting standards for enterprise funds. This summary highlights funds directed at existing infrastructure and new projects and the reasons why they are included in the CIP. Debt service is not included in the CIP since it is accounted for in a separate Debt Service Fund and the principal and interest payments are included in the Town’s operating budget. New capital for 2018 is $2,015,000, replacement and maintenance of existing capital is $10,944,045 and machinery, equipment and software is $2,300,500 for a total proposed 2018 capital budget of $15,259,545.
Capital Budget and 10 Year CIP
View the Town of Parker's 2018 Annual Budget