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TO: |
Local Advisory Council |
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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
AR2022-11-02 - Resolution Approving the Proposed 2023-2027 Capital Plan and Recommending Approval by the Authority’s Board of Trustees
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt resolution AR2022-11-02 approving the 2023-2027 Capital Plan and recommending approval 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 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 agency.
This proposed 5-Year Capital Plan covers the period from 2023 through 2027.
DISCUSSION:
Staff will present the 5-year Capital Plan for 2023 through 2027 for the Local Advisory Council’s recommendation and approval. After recommendation by the Local Advisory Council, the Final 5-year Capital Plan will be brought to the Board of Trustees in December for final approval.
ALTERNATIVES:
The Local Advisory Council could recommend changes to the plan for consideration by the Board of Trustees.
FISCAL IMPACT:
The Five-Year plan details capital investments to keep the system in a state of good repair and fund improvements to support ongoing system operations. The first year of the plan (2023) is included in the 2023 Tentative Budget which the Board will consider for adoption in December 2022.
The 5-year Capital Plan will inform the Agency’s financial plans.
ATTACHMENTS:
• AR2022-11-02 - Resolution Approving the Proposed 2023-2027 5-year Capital Plan and recommending approval by the Board of Trustees
• 2023-2027 Five Year Capital Plan