Capital Project Funds are established to account for the acquisition, development, improvement, and construction of major facilities or other infrastructure and/or equipment other than those financed by proprietary fund operations. These projects are generally large in scale and typically take multiple years to complete. The City operates and budgets for nine (9) Capital Project Funds.
Click on the links above for more detailed information about each fund.
Revenues and Other Sources
Revenues and other sources for all Capital Project Funds total $33,710,619. This amount includes an available estimated beginning fund balance of $13,481,920. This is an increase of $12,516,100, or 59.05% from the fiscal year 2023 adopted budget of $21,194,519. The increase in budget from the prior year is partially due the $5,000,000 transfer for the construction of the Burns Road Community Center and increase in impact fee's due to the substantial amount of growth from development at Avenir.
Revenues and Other Sources by Type
Impact Fees comprise the largest share of the Capital Project Funds revenues and total $11,702,000, or 34.7% of total revenues. The estimated beginning fund balance total $13,481,920, or 40.0% of the total revenues and sources of funding.
- An Impact Fee is typically a one-time fee assessed to a builder or developer for new construction within the City. Impact Fees are used to help cover the financial burdens attributed to an increase in public services needed for new growth. Otherwise, the costs for the increased demand would fall on existing taxpayers.
It is important to note that amended, adopted, and proposed budget numbers include Beginning Fund Balance amounts, while actual and estimated actual do not. In accordance with Generally Accepted Accounting Principles, actual amounts reflect only revenues recognized each year. Beginning Fund Balance represents resources received and recognized in prior years as revenue but are available for appropriation in future years.
Expenditures and Other Uses
Expenditures for all Capital Project Funds total $33,710,619. This amount includes an estimated ending reserves balance of $12,711,983. Fiscal year 2024 expenditures and other uses are balanced with the total revenues and other sources.
Expenditures and Other Uses by Type
The estimated ending reserves balance total $12,711,983, or 37.7% of the total expenditures and uses. Other significant uses of expenditures and their totals include:
- Debt Service - $3,342,225
- Capital Outlay - $14,283,146
- Other Uses (Transfers) - $3,373,265
It is important to note that amended, adopted, and proposed budget numbers include Reserves, while actual and estimated actual do not. In accordance with Generally Accepted Accounting Principles, actual amounts reflect only expenditures recognized each year. Reserves represent funds that are held for restricted purposes or may be reallocated for specific purposes throughout the fiscal year.