BUDGET ESTIMATING NOTES Planning-level estimates for capital projects are provided; however, it is important to read these estimates in the context of the following conditions: f Given the broad scope of master planning, costing of capital recommendations is only considered a planning-level estimate. Planning-level estimates are meant for project budgeting, phasing, and comparative costing only, and are assumed to carry a contingency of +/- ~30%. Costs will continue to be clarified through future steps in planning and design for specific projects. f Estimates only consider capital costs in total, not a breakdown of funding sources. It is presumed that projects will be funded using a variety of strategies including those identified in Section 5.2.5 Funding Strategies. In some cases, project implementation may be contingent on the City securing outside sources of funding. The estimates in this plan are not intended for direct translation into municipal tax calculations. f Estimates do not include future land acquisition costs, or development of potential long-term major projects that are beyond the 10-year planning horizon, as these costs will vary widely. Land acquisition costs in particular will depend on the manner in which land is acquired.
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f Park Management Plans will provide additional clarity on costs for specific improvements within major parks and could identify new amenities or ideas which may increase or decrease estimate numbers. Estimating will be completed during these processes to provide more certainty. f As the community, and subsequently the parks system grows, staffing levels, maintenance requirements, and life-cycle needs must be considered. A general “ruleof-thumb” is to expect annual operational, maintenance, and life-cycle costs for a parks asset to be from 0.5% to 5% of the capital cost of a new park or facility. Costs will depend of project type, with facilities and active recreation parks (e.g., Community Parks, athletic fields, playgrounds) typically requiring more investment for operations and maintenance, and natural areas and trails typically requiring lower investment f Inflation is not included in the estimate. Presumably, improvements implemented five years from now will be more expensive than estimates allocated today due to inflation. f Where costs are identified as annual costs (e.g., regular investment in site furnishings or playgrounds), estimating is projected for a 10-year period.