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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Mary DeLoretto, Chief Service Development Officer |
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PRESENTER(S): |
Bill Greene, Chief Financial Officer |
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David Hancock, Director Capital Development |
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Dan Hofer, Director Capital Assets and Project Controls |
TITLE:
title
2023-2027 Five Year Capital Plan
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Support from the Board to advance the Capital Plan to the December 21, 2022 board meeting for adoption
BACKGROUND:
UTA’s 5-year Capital Plan is required to be updated every year, per the UTA Board of Trustees Policy 2.1 Financial Management. The 5-year Capital Plan includes all construction, capital improvements, major equipment purchases, and other special projects requiring expenditures over $25,000. This includes projects that are funded partially or fully by outside funding sources, such as grants or local partners.
The plan is required to be financially constrained and maintain assets at a state of good repair, to protect UTA’s capital investments, and minimize future maintenance and replacement costs. Five-year forecasts help mitigate the challenges of applying a one-year budget to multi-year projects and support long-range financial planning and prudent management of the Enterprise.
This proposed 5-Year Capital Plan covers the period from 2023 through 2027.
DISCUSSION:
Staff will present the final 5-year Capital Plan for 2023 through 2027 for the Board’s initial review. The plan will then be brought to the December 21, 2022 board meeting for formal approval of the 2023-2027 Five Year Capital Plan and adoption of the 2023 Capital Budget.
Staff presented the updated draft 5-year Capital Plan to the UTA Local Advisory Council on November 2, 2022. The Local Advisory Council approved the 5-year Capital Plan in resolution AR2022-11-01 with a recommendation to the Board to adopt the 5-year Capital Plan as presented.
There are several technical adjustments to the 5-year Plan that will be discussed by staff at the December 7, 2022 Board meeting. They are not substantive in nature.
ALTERNATIVES:
The Board of Trustees could recommend changes to the plan.
FISCAL IMPACT:
Approval of this document doesn’t have any immediate financial impacts.
ATTACHMENTS:
• 2023-2027 Five Year Capital Plan - December 2022 Draft