B.  2006-2021 Capital Program

The purpose of this forum is to receive citizens' suggestions and comments regarding capital projects in the next 15 years.

Purpose

A capital improvements program is a plan for major projects and purchases including:

• buying land for parks, open space or other Town services;
• sidewalks;
• streetscape
• bikeways;
• greenways;
• park improvements;
• construction, renovation, expansion and improvement of Town buildings; and
• road, bridge and related improvements.

The Town’s capital programs have typically included a list of capital projects with cost estimates, a potential schedule and priorities for fifteen years, and existing or potential future funding methods for each project.

Identified funding sources may include current general revenues, money previously reserved for capital projects, grants, gifts and bond issues.

Many projects in the first year of the capital program normally are funded as part of the annual budget. Projects in the second through fifteenth years are normally not funded in the budget for the next year, although some may be financed through past bond issues, installment purchase contracts and other sources. Funding for most projects in the second through fifteenth years is considered in future annual processes.

Planning Process

Each year, the Town Council, citizens, boards and commissions, and staff consider the Town's capital project needs and possible funding sources for needed projects.

This process results in decisions by the Town Council regarding capital improvements that the Town may undertake as funding becomes available and is appropriated.

2006-07 Funding

As indicated in the initial 2006-07 budget information, we have assumed in our financial estimates that up to $1.7 million may be allocated for capital projects.  Of this amount, $283,000 is for projects under contract (Base Budget) and $1,417,000 is for projects not currently under contract (Potential Additions to Base).

2006-2021 Capital Program

A summary of the current capital program and long-range projections as adopted by the Council for 2005-2020 is attached as background information (please see Attachment 3).

Next Steps

Various boards and commissions will make recommendations to the Council regarding capital projects.  We will submit a recommended capital program on April 24th for a public hearing on May 10th.

The Council normally adopts a Capital Improvements program in June as part of overall decisions on the budget.