Capital Projects manages the accounting operations for Capital Improvement Projects and performs the following functions:
- Contract Payments
- Fund Management
The Capital Improvement Program is a multi-year plan covering a minimum of five years that forecasts spending for all anticipated capital projects. The plan addresses both repair and replacement of existing infrastructure as well as the development or acquisition of new facilities, property, improvements and capital equipment to accommodate future growth. As a planning tool, it enables the City to identify needed capital projects and coordinate facility financing, construction, operation and scheduling. The Capital Improvement program encompasses three components.
- General: Projects in this component are funded from general government resources such as property tax, sales tax and the issuance of authorized bonds.
- Transportation: Projects in this component are funded from the authorized additional sales and use tax at the rate of one half of one percent, state infrastructure bank loans and sales tax revenue bonds.
- Water and Wastewater Utility: Projects in this component are funded from the sale of water and wastewater services, utility impact fee and the issuance of revenue bonds.