HomeMy WebLinkAbout1b. Joint Financial Planning Workshop Agenda 07/08/2014
JOINT WORKSHOP
AGENDA
Meeting Location:Meeting Date and Time:
Mount Prospect Village HallTuesday, July 8, 2014
Community Center6:30 P.M.
50 South Emerson Street
Mount Prospect, Illinois 60056
I.CALL TO ORDER
II.ROLL CALLVILLAGE BOARD
Mayor Arlene Juracek
Trustee Paul HoefertTrustee Steven Polit
Trustee John KornTrustee Richard Rogers
Trustee John MatuszakTrustee Michael Zadel
ROLL CALLFINANCE COMMISSION
ChairVincent Grochocinski
Commissioner Pam BazanCommissioner James Gregory
Commissioner John KellerhalsCommissioner Don Ocwieja
Commissioner Thomas Pekras
III.CITIZENS TO BE HEARD
IV.2015-2019CAPITAL IMPROVEMENTS PLAN
In 1997, the Village Board formally adopted its first comprehensive five-year Capital
Improvements Plan (CIP). The establishment of a formal five-year CIP provides a
comprehensive view of the Village’s capital needs for consecutive rolling five-year
windows. The CIP also addresses the Government Finance Officers Association best
practice recommendation for preparing and adopting a multi-year capital planning
strategy.
The proposed 2015-2019CIP is generally comprised of projects that involve the
purchaseor construction of long-lived, tangible assets at a cost of $25,000 or more. The
total cost of all requests for all years included in the plan is $64.3 million.
Many of the requests in the plan are simply continuations of established projects.
Others are projects not currently in progress but have been discussed by the Village
Board on previous occasions. Some requests are being presented for the first time
through the CIP. Given that the CIP is intended to afford a comprehensive view of the
Village’scapital needs, it is fitting that all of these project requests be included in the
proposed plan. Of the $64.3 million of project requests included in the proposed CIP,
$46.1 million, or 71.7%, is for the continuation of established projects including
approximately $19.0 million for street resurfacing.
A project’s inclusion in the CIP does not guarantee its funding and accomplishment. The
CIP is a planning document. As such, it is subject to change. The CIP is reviewed and
1
updated on an annual basis. The next CIP will cover the years 2016-2020.
2015project requests included in the proposed CIP amount to $12.5 million. This
amount reflects an increase of $1.0 millionfrom first-year projects in the 2014-2018CIP.
The increase is due to a fully funded street resurfacing program where the same
program had been reduced in the prior year due to funding shortfalls.Other projects
included in the first year of the plan include improvements to the water and sewer
system, improvements to the downtown area (signage, pedestrian improvements),
residential AMR system, and various improvements to village facilities. Of the total
projects proposed for 2015, $8.5million (approximately 68%) is for the continuation of
established projects.
The proposed 2015-2019CIP was distributed on June 20, 2014to the Finance
Commission and the Village Board. The CIPis scheduled for acceptance by the Village
Board at the July 15, 2014.
Staff will make a presentation on the projects included in the five-year plan and will be
on hand to answer questions and facilitate discussion.
V.MANAGER’S REPORT
Status
VI.ANY OTHER BUSINESS
VII.ADJOURNMENT
NOTE:ANY INDIVIDUAL WHO WOULD LIKE TO ATTEND THIS MEETING BUT BECAUSE OF A DISABILITY
NEEDS SOME ACCOMMODATION TO PARTICIPATE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE
AT 50 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000 or djarosz@mountprospect.org
2