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TO: |
Local Advisory Council |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Dave Hancock, Chief Capital Services Officer |
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PRESENTER(S): |
Dave Hancock, Chief Capital Services Officer |
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Dan Hofer, Director of Capital Programming and Support |
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Greg Andrews, Senior Budget Analyst |
TITLE:
title
AR2024-11-02 - Resolution Approving the Proposed 2025-2029 Capital Plan and Recommending Adoption by the Authority’s Board of Trustees
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt Resolution AR2024-11-02 approving the 2025-2029 Capital Plan and recommending adoption by the Authority’s Board of Trustees
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 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 in 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 agency.
This proposed 5-Year Capital Plan covers the period from 2025 through 2029.
DISCUSSION:
Staff will present the final 5-year Capital Plan for 2025 through 2029 for the Local Advisory Council’s approval and recommendation. If recommended by the Local Advisory Council, the 2025-2029 Capital Plan will be brought to the Board of Trustees in December for final approval and adoption.
ALTERNATIVES:
The Local Advisory Council could recommend changes to the plan for consideration by the Board of Trustees.
FISCAL IMPACT:
This proposal details a capital investment plan to keep the system in a state of good repair and fund improvements to support ongoing system operations. The Five-Year Capital Plan has approximately $1.2 billion of planned investment, with a 2025 proposed Capital Budget of $303,664,000. The plan is funded by $363.2M in grants, $120.4M from state/local partners, $412.3M through financing, and $303.7M from UTA funds.
The first year of the plan is included in the 2025 Tentative Budget which the Local Advisory Council will have the opportunity to consult on at this meeting before going to the Board of Trustees for final adoption in December 2024.
ATTACHMENTS:
- AR2024-11-02
- 2025-2029 Capital Plan (as an exhibit to the resolution)