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TO: |
Board of Trustees |
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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
R2024-12-02 - Resolution Adopting the Authority’s 5-Year Capital Plan for the Years 2025-2029
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2024-12-02 to adopt the 2025-2029 Capital Plan as presented
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. In addition, Utah Code 17B-2a-808.2 requires the Local Advisory Council to review and approve all capital project development plans, including funding with a recommendation for the Board of Trustees to approve and adopt those plans and funding.
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. This plan was recently presented to and approved by the Local Advisory Council on November 6, 2024 under resolution AR2024-11-02.
DISCUSSION:
This plan has been discussed with the Board of Trustees beginning with the Board Budget Workshops in August. It was then presented to the board in October and to the Local Advisory Council in November. At this meeting, staff will present the final 5-year Capital Plan for 2025 through 2029 for the Board of Trustees approval and adoption. In addition, this plan was available for public comment at each of these meetings.
ALTERNATIVES:
The Board of Trustees could recommend changes to the plan for consideration.
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 $330,231,000. 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 and the proposed 2025 Final Budget being presented at this meeting.
ATTACHMENTS:
- R2024-12-02
- 2025-2029 Capital Plan (as an exhibit to the resolution)