SUBJECT/RECOMMENDATION:
Title
Adopt the Fiscal Year 2016/17 Annual Capital Improvement Budget and establish a six-year plan for the Capital Improvement Program (CIP) and pass Ordinance 8947-16 on first reading.
Body
SUMMARY:
In accordance with Chapter 200 of the Florida Statutes and the rules governing Truth in Millage (TRIM) compliance, the City Council must hold two public hearing to adopt the final budget. The adoption of this ordinance and the related ordinances adopting the 2016/17 millage rate and operating budget are an integral part of fulfilling these requirements.
On June 30, 2016, the City Manager provided the City Council with a Preliminary Annual Operating and Capital Improvement Budget that outlined estimates of revenues and expenditures for the 2016/17 fiscal year. The City Manager presented the preliminary budget at the City Council meeting on July 21, 2016, and at the August 4, 2016 Special Budget Council Meeting for Council discussion and citizen input.
The total fiscal year 2016/17 Capital Improvement Fund budget presented here reflects an increase of $680,000 from the preliminary budget. This increase is due to the inclusion of the lease purchase funding in the Police Vehicles project (315-94238) for additional vehicles related to the take home vehicle program which was mistakenly left out of the Capital Improvement Fund in the preliminary budget. This change reflects an increase of $680,000 in fiscal year 2016/17 and $430,000 in fiscal year 2017/18 for a total increase to the six year plan of $1,110,000. Although this was missed in the Capital Improvement Fund, it was correctly included in the operating budget. The preliminary budget for the Police Department operating budget includes estimated debt payments for these additional vehicles. This is the only change to the Preliminary Capital Improvement budget at this time.