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HomeMy WebLinkAboutAdopt the Curb Replacement Fund within the Capital Improvements Program Commission Memorandum REPORT TO: Honorable Mayor and City Commission FROM: Chris Kukulski, City Manager Anna Rosenberry, Finance Director SUBJECT: Adoption of the Capital Improvements Plan (CIP) for 2012-2016 – CURB REPLACEMENT FUND Item Type: Consent MEETING DATE: November 29, 2010 RECOMMENDATION: Adopt the attached Curb Replacement Fund Capital Improvements Plan for 2012-2016. BACKGROUND: On November 8, 2010, we presented the attached Curb Replacement Fund capital improvement plan. At that time, public comment and commissioner input was sought. As a result of that meeting, we have made the following changes, which have been incorporated into the schedules for your adoption tonight: 1. Removal of references to specific curb projects. In doing so, we removed items CR02 and CR03, and have described the projects in general in CR01. 2. Addition of language in the CR01 project description that specifies a preference for leveraging or combining this money with other funding to accomplish more curb replacements. 108 FISCAL EFFECTS: Once adopted, the Capital Improvements Plan becomes the basis of the City Manager’s Recommended Budget for FY12. ALTERNATIVES: As suggested by the City Commission. Report compiled on: November 16, 2010 109 Curb Replacement FundCapital Improvement PlanFinancial SummaryCurrent YearFY11 FY12 FY13 FY14 FY15 FY16Projected Beginning Reserve Balance Dedicated to CIP‐$                 92,903$              228,709$         407,418$    280,746$     229,573$       Plus:  Street Mtc Revenues Dedicated to Curb Replacement 42,903$           85,806$              128,709$         173,328$    218,827$     221,015$       Plus:  Gas Tax Dollars for Curb Replacements50,000$           50,000$              50,000$           50,000$       50,000$        50,000$         Less:  Scheduled CIP Project Costs‐$                      ‐$                  (350,000)$   (320,000)$    (500,000)$   Projected Year‐End Cash Dedicated to CIP 92,903$           228,709$            407,418$         280,746$    229,573$     588$             Assumptions Made for Revenue Estimates: Current YearFY11 FY12 FY13 FY14 FY15 FY16Estimated Annual Street Mtc Revenues 2,043,000$        2,145,150$            2,145,150$       2,145,150$    2,166,602$     2,188,268$      Estimated Annual Increase 5% 0% 0% 1% 1% 1%Total Estimated Revenues 2,145,150$        2,145,150$            2,145,150$       2,166,602$    2,188,268$     2,210,150$    Current Revenues Dedicated to CIP % 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%  Plus:  Increase Dedicated to Curb Replacements 2.0% 2.0% 2.0% 2.0% 2.0% 0.0%  Total % Dedicated to CIP 2.0% 4.0% 6.0% 8.0% 10.0% 10.0%Total Estimated Revenues Dedicated to Curb Replacement CIP 42,903$              85,806$                 128,709$          173,328$       218,827$        221,015$       ProjectedProjected600,000.00500,000.00400,000.00300,000.00200,000.00100,000.000.00FY12 FY13 FY14 FY15 FY16 UnscheduledCurb Replacement Fund Projects110 CIP PROJECT FUNDPROJ.DEPARTMENTPROJECT NAMEFY12FY13FY14FY16UnscheduledFY15Curb Replacement FundCR01STREETSCURB REPLACEMENTS$350,000$320,000$500,000Summary for  Curb Replacement Fund (1 item)Totals by year:$350,000 $320,000$500,000FY12FY13FY14FY15FY16Unscheduled111 CIP Project Fund Curb Replacement Fund PROJECT NUMBER CR01 DEPARTMENT STREETS PROJECT NAME CURB REPLACEMENTS FY12 FY13 FY14 $350,000 FY15 $320,000 FY16 $500,000 Unscheduled DESCRIPTION OF PROJECT This item is the replacement of existing deteriorated curbs and gutters. We estimate that approximately 6-8 blocks (both sides of the street) would be able to be replaced each year, if this were the only source of project funding. Preference will be give to funding projects that can combine or leverage this money with other funds, in order to accomplish more total curb replacements. Eligible curbs are those listed as "failing" on the City's curb condition inventory. ALTERNATIVES CONSIDERED Do not replace the curbs ADVANTAGES OF APPROVAL This aging infrastructure will be repaired. ADDITIONAL OPERATING COSTS IN THE FUTURE, IF FUNDED FUNDING SOURCES 100% Curb Replacement Fund New Replacement Equipment Project 112