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Newport News Now

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Newport News Now is a daily e-newsletter that launched in March 2016. Articles that ran in our newsletter between March 2016 and March 2018 are available on these pages. Newsletters produced beginning in April 2018 can be viewed on our new daily newsletter page.

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Nov 14

Recommended Capital Improvements Plan Under Review by City Council

Posted on November 14, 2016 at 9:16 AM by Communications Department

During the October 25th City Council Work Session, the City Manager’s Recommended FY 2018 – FY 2022 Capital Improvements Plan (CIP) was presented. The CIP is the City’s five-year plan that establishes both a schedule and a funding strategy for high-priority capital projects and equipment purchases.
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The total recommended CIP across all funds (General Fund and the user-fee funds) for the five-year period totals $577.8 million. The Recommended CIP provides funding to address the City’s most critical and strategic capital investments during the upcoming five-year period. This plan allows for effective management of the City’s debt capacity and that limits the impact of debt service (borrowing) on the Operating Budget.

The Recommended General Fund Supported CIP for FY 2018 through FY 2022 totals $416,737,000 from all sources of funds. Of this total, 37.8% will be financed through borrowing funds (that is, the issuance of general obligation bonds); 10.9% will come from operating budget cash capital; 49.5% will be supported through grant funds; and 1.8% will be funded by other sources of funds (e.g. developer participation). The bulk of the General Fund Recommended Plan supported by Cash Capital and General Obligation Bonds will fund projects in four categories: School Division, Streets and Bridges, Public Buildings and Community Development.

City Council will review and discuss the Recommended CIP during November and December. It is anticipated that any adjustments required to the plan will be incorporated to allow for adoption of the plan by City Council in December or January. Once adopted, the CIP becomes a schedule of capital spending commitments for the initial year (FY 2018) and a plan for capital investments for the subsequent four years (FY 2019 - 2022). The CIP is updated on an annual basis to adjust for new and/or changing capital priorities and requirements and to refine approved project details to reflect the most accurate currently available information regarding project timing and costs. The Recommended CIP and prior approved CIPs are available online at https://www.nnva.gov/168/Capital-Improvement-Plan.