Capital Planning

Each year as part of its budget process, the City will evaluate and update the five-year Capital Plan. The purpose of the multi-year plan will be to guide capital improvements, enhance financial planning, and communicate long-term strategic project goals. To adequately finance the plan, the City will use a number of sources including fee revenue, general fund operating funds, general obligation bonds, grants, road use tax and tax increment financing. The five-year plan will include large capital equipment purchases (defined as equipment costing more than $15,000 with a useful life of more than five years) as well as capital projects. Finally, the City has stated that it will use 60% of the Local Option Sales and Services Tax to abate the property tax rate and allocate 40% to capital projects. It should be noted that the Capital Plan is a guiding document and may be changed by the Council in response to grant or other funding opportunities as well as development needs throughout the year.