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TO: |
Board of Trustees |
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THROUGH: |
Mary DeLoretto, Interim Executive Director |
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FROM: |
David Hancock, Acting Chief Service Development Officer |
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PRESENTER(S): |
Bill Greene, Chief Financial Officer |
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David Hancock, Acting Chief Service Development Officer |
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Dan Hofer, Manager Capital Assets and Project Controls |
TITLE:
title
Utah Transit Authority Draft Five-Year Capital Plan - 2022 through 2026
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Informational item for discussion
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.
UTA’s second 5-year Capital Plan was approved last year for the period from 2021 through 2025. This current draft 5-Year Capital Plan covers the period from 2022 through 2026.
DISCUSSION:
Staff will present the proposed draft 5-year Capital Plan for 2022 through 2026 for review and discussion. Subsequently, staff will present the draft plan to the UTA Local Advisory Council on September 15, 2021 for their information and input. As project delivery schedules are updated, and carryover forecasts are determined, it is anticipated that the 5-YearCapital Plan will be refined and updated to reflect the carryover forecasts. The updated 5-Year Capital Plan will be brought back to the Board and the LAC later this fall for Board review, consultation by the LAC, and final approval by the Board.
ALTERNATIVES:
N/A
FISCAL IMPACT:
Once the UTA Board approves the final 5-year Capital Plan, the proposed capital budget for fiscal year 2022 will be incorporated into UTA’s proposed 2022 overall budget. The 5-year capital plan will support the overall 5-year financial plan.
ATTACHMENTS:
Draft 5-year Capital Plan