Master Proposed Book FY2023

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 2022-2026. 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 2022-2026, the total funding sources are $205,922,725, and the total expenditures are $205,848,950. 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 2023 CIP expenditures of $47,356,220 will be certified as part of the fiscal year 2023 operating budget. The 2023 CIP funding sources of $47,958,995 will also be certified as part of the fiscal year 2023 operating budget. Budgeted fiscal year 2023 Capital Projects Fund revenues and transfers in also include a transfer in from the TIF funds to reimburse for prior year expenditures of $25,758. Total Capital Projects Fund fiscal year 2023 budgeted revenues and transfer in are $47,984,753. The changes to the 2022 CIP are amended into the fiscal year 2022 operating budget. The fiscal year 2022 Capital Projects Fund expenditure budget also includes totals from the carry forward of prior year projects that must be re-appropriated with the State. The amounts being carried forward from prior years are not included in the five-year CIP totals. The revised Capital Projects Fund expenditures for fiscal year 2022 are $77,959,172; the revised budget includes the 2022 CIP expenditures of $28,788,020

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