FY2024 Proposed Budget

CAPITAL PROJECTS FUND The Capital Projects Fund accounts for the collection and disbursement of funds related to capital improvements or significant capital equipment. The City annually updates and issues a five-year capital improvement program (CIP). This program is the planning guide for the City’s issuance of bonded debt and for the construction and replacement of the City’s buildings and infrastructure. The first two years of the five-year capital improvement program (CIP) are certified as part of the operating budget in the Capital Projects Fund. The current five-year CIP is for years 2023-2027. Additional information for the City’s five-year CIP program including maps and photos is available on the City’s web page: https://www.icgov.org/budget under the Capital Improvement Program heading. Capital improvement projects involve the construction, purchase, or renovation of city facilities or property. Most of the projects are specific, non-recurring major improvements to the City's physical plant, are permanent in nature, and are greater than $25,000 and have a useful life of three years or more. The City also budgets annually recurring project funds for non-specified improvements of a specific nature; these funds are to be spent on improvements that meet the same definition above. Funding sources for capital improvement projects may be from operating funds, bond proceeds, grants, donations, and a variety of other funding sources. The three largest sources of funds are operating transfers in, bonded debt, and state and federal grants. For the CIP for years 2023-2027, the total funding sources are $255,725,100, and the total expenditures are $253,000,100. The difference between the total expenditures and the total funding sources over the five-year period is a result of prior plan funding sources that are being utilized to cover current plan expenditures such as engineering and design. The 2024 CIP expenditures of $65,737,220 will be certified as part of the fiscal year 2024 operating budget. The 2024 CIP funding sources of $71,182,220 will also be certified as part of the fiscal year 2024 operating budget. Budgeted fiscal year 2024 Capital Projects Fund revenues and transfers in also include a transfer in from the TIF funds to reimburse for prior year expenditures of $1,046, other local government funding of $30,000 to be used on a future project and $75,000 of CDBG funds to be used on a project yet to be determined. Total Capital Projects Fund fiscal year 2024 budgeted revenues and transfer in are $71,288,266.

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