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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 of Capital Development |
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Dan Hofer, Director of Capital Assets and Project Controls |
TITLE:
title
R2022-12-04 - Resolution Adopting the Authority’s 2023-2027 Capital Plan
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2022-12-04 adopting UTA’s 2023-2027 Five Year Capital Plan and incorporating the 2023 Capital Plan into UTA’s 2023 Final Budget
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:
The draft 2023-27 Capital Plan was presented to UTA’s Local Advisory Council on November 2nd where they adopted resolution AR2022-11-02 to approve and recommend adoption by the Board of Trustees.
The Board of Trustees reviewed the draft plan at their October 26 Board meeting, and again on December 07 where final revisions were discussed.
On Dec 21st staff will present the final 5-year Capital Plan for 2023 through 2027 for board approval by resolution.
ALTERNATIVES:
The Board of Trustees could recommend changes to the plan.
FISCAL IMPACT:
Approval of this resolution will result in the adoption of the nearly $1.4 billion 2023-2027 Five Year Capital Plan. Additionally, the 2023 Capital Budget of $318,997,000 will be incorporated into UTA’s 2023 Final Budget being considered by the Board at their December 21st meeting.
ATTACHMENTS:
• R2022-12-04 Adopting the Authority’s 2023-2027 Capital Plan, including:
o Exhibit A - 2023-2027 Five Year Capital Plan