BACKGROUND
Planning for capital improvements is an ongoing process; as needs change within the City, capital programs and priorities must be adjusted. The Capital Improvement Plan (“CIP”) serves as the primary planning tool for systematically identifying, prioritizing and assigning funds to critical City capital development, improvements and associated needs.
The City's capital improvement plan process begins in the spring when all departments are asked to prepare capital improvement updates and requests on the department’s ongoing and proposed capital projects. Individual departments prepare submittals identifying potential funding sources and requesting commitment of funds for their respective projects.
The CIP is updated annually and submitted to the City Commission for adoption. The 2016/17 – 2020/21 Capital Improvement Plan and FY 2016/17 Capital Budget was adopted on September 27, 2016 by resolution 2016-29582.
The First Amendment to the FY 2016/17 Capital Budget was approved on November 9, 2016 by resolution 2016-29637.
The Second Amendment to the FY 2016/17 Capital Budget was approved on January 11, 2017 by resolution 2017-29717.
Section 166.241(4)(c.), Florida Statutes, requires that a municipality’s budget amendment must be adopted in the same manner as the original budget. Administration recommends adopting the resolution for the third amendment to the FY 2016/17 Capital Budget.
THIRD AMENDMENT TO THE FY 2016/17 CAPITAL BUDGET
The Third Amendment to the FY 2016/17 Capital Budget deappropriates funding for the Light Rail/Modern Streetcar project in the amount of $36 million as listed below.
| Concurrency Mitigation Fund |
$ 5,000,000 |
| Resort Tax 2% |
$ 10,000,000 |
| RDA-Non TIF |
$ 8,000,000 |
| RDA Garages |
$ 7,000,000 |
| RDA Anchor Shops |
$ 6,000,000 |
| Total |
$ 36,000,000 |