Capital Improvement Plan Overview

2024-2028 Adopted Capital Improvement Plan

Capital Improvement Plan

The Capital Improvement Plan (CIP) is a five-year plan created with careful planning by City Staff. The Capital Improvement Plan is used to direct ongoing capital investments to achieve strategic goals.

Capital Improvement Plan Funding

Funding for the project costs in the Capital Improvement Plan come from a variety of sources. The City uses funds on hand and user fees to the greatest extent possible, and it also leverages outside funding in the forms of grants, State and Federal aids, and intergovernmental agreements. Bonds and promissory notes are issued when necessary to ensure funding for the capital investments needed to maintain services and achieve strategic goals of the City. Financial policies are used to direct the amount of bonds or notes issued in any given year. Moreover, the City has limitations when paying for capital projects on a pay-as-we-go basis. Under the levy limit statutes in the state, the City is not able to exceed the levy limit to pay for ongoing capital improvements. Instead, annual expenditures for streets, parks, and facilities must either be financed by drawing down limited fund balance or through the issuance of debt.

Capital Improvement Plan Expenditures

A capital project is deemed as such when the end product holds a value of at least $5,000 and possesses a useful life of greater than one year. Projects typically involve improvements to land, buildings, and equipment. Long-term plans pertaining to building maintenance, vehicle replacements, and development of the city, among others, are used to create the CIP. New projects are generally added in the latter years of the CIP. This allows staff to most effectively and efficiently direct the resources necessary for sound capital investment and management. Although the resources necessary for capital projects are planned through this process, staff completes careful analysis and consideration before implementing these projects.

List of Funds in the Capital Improvement Plan

Fund 402 - Water Improvement

Fund 404 - Sewer Utility

Fund 405 - Storm Water Improvements

Fund 406 - Parking Improvements

Fund 408 - Public Transit

Fund 412 - Fairfax Municipal Pool

Fund 422 - Central Equipment

Fund 430 - Environmental Improvements

Fund 434 - Land, Building, & Equipment

Fund 441 - Transportation & Improvements

Fund 450 - Parks & Recreation

Fund 467 - Tax Incremental District #11

Fund 468 - Tax Incremental District #12

Fund 470 - Tax Incremental District #14

Fund 471 - Tax Incremental District #15

Fund 495 - Redevelopment Authority