Title
Presentation of Preliminary Capital Facilities Plan (CFP)
Issue:
Does the Council want to make any changes to the Preliminary CFP prior to sending to Planning Commission and advisory committees for review?
Committee Recommendation:
The Finance Committee will have its first look at the 2013 - 2018 CFP on Monday July 9th
City Manager's Recommendation:
Move to forward the Preliminary CFP to the Planning Commission and other advisory committees for their review and comments.
Staff Contact:
Jane Kirkemo, Administrative Services Director, 360.753.8499
Presenter(s):
Jane Kirkemo, Administrative Services Director
Background and Analysis:
Each year, the City Manager is required to present a six-year Capital Facilities Plan (CFP) to the City Council for adoption. The CFP must be balanced (revenues received realistically pay for proposed projects). Such planning involves determining not only where the facilities will be needed, but when; and not only how much they will cost, but how they will be paid for as well as maintained.
Because the City of Olympia collects impact fees for the Olympia School District, their CFP must be incorporated into our CFP document before final adoption. The school district's CFP is currently unavailable. In addition, any County projects within the Olympia boundaries or the Urban Growth Management Area (UGMA), should be included in the document.
Following this study session, the CFP is forwarded to the Planning Commission and other advisory committees and folded into the City's Operating Budget Process. The Planning Commission is currently scheduled to hold its CFP public hearing on August 6.
This six-year plan is almost 5% more than the previous CFP. The increase is predominantly from the bond for the Washington Center renovations and several major grants the city has received.
Neighborhood/Community Interests (if known):
Neighborhoods are always interested in the all of the projects in their area.
Note: The preliminary CFP document will be posted on the City's website for public access and review on Wednesday, July 11, 2012.
Options:
Add or delete projects to the Preliminary Capital Facilities Plan prior to making available for public review.
Financial Impact:
There are sufficient revenues from approximately 16 different sources to cover this plan. One financial area for discussion is the Real Estate Excise Tax (REET). The legislature made a change in 2012 allowing the use of 35% of the annual proceeds for operations and maintenance. This change will sunset in 2016. The current plan assumes all of the REET money will remain in the CFP.