Capital Improvement Plan
~ All Funds
Summary & Description
The capital planning process and Capital Improvement Plan (CIP) were established to provide routine processes and procedures for identifying and advocating the current and future capital needs of the City of Nassau Bay. Through the capital planning process, the City strives to realize several goals:
- Create a process that enables informed decisions and choices that are consistent with the short- and long-term problems, opportunities, and policy
issues resulting from the CIP; and gives consideration to the public needs.
- Assess short- and long-term financial impact of capital projects.
- Ensure coordination between staff and elected officials in the planning and implementing of capital projects.
- Identify and determine future infrastructure needs and establish priorities among projects so the available resources are used to the best advantage.
Projects in the Five-Year Capital Improvement Plan have been prioritized based on the extent to which each addresses the following criteria: external (statutory) requirements; public health and safety; effect on operating and maintenance costs; level of service; availability of outside financing; and economic development.
In addition, each project meets the City's definition of a capital improvement project: any project or physical public improvement that results in a permanent addition to the City's fixed assets or revitalization/improvement that extends a fixed asset's useful life or increases its usefulness or capacity. A capital improvement has an estimated service life of at least five years and generally has a value of at least $5,000.
The Five-Year Capital Improvement Plan for fiscal years 2022-2026 includes proposals totaling $42.2 million, with about $21.3 million occurring in the first four of those years. Funding sources are not identified for years beyond the current fiscal year. Given the City's financial position and cash management strategies, it may be necessary to delay projects or issue debt in order to complete some of the proposed projects. The City will aggressively seek grants and other funding opportunities to leverage tax dollars.
It is also important to review and highlight the projects that were completed in FY2021 as part of the FY2021 Budget and CIP. They total almost $1.2 million and are depicted in the Completed Projects section.