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TO: |
Local Advisory Council |
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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
AR 2021-11-01 - Resolution Approving the Proposed 2022-2026 Capital Plan and Recommending Approval by the Authority’s Board of Trustees
end
AGENDA ITEM TYPE:
LAC - Resolution
RECOMMENDATION:
Adopt resolution AR2021-11-01 approving the proposed 2022-2026 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 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 2022 through 2026.
DISCUSSION:
Staff will present the updated draft 5-year Capital Plan for 2022 through 2026 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 back to the Board of Trustees in December 2021 for final approval.
Staff presented the draft 5-year Capital Plan to the LAC on September 15th, 2021. Input was received and the plan was updated. The updates include the following:
• Added rail maintenance capital projects for training yard and training aids to support the Agency’s new Rail Maintenance Apprenticeship program
• Advanced 5600 West BRT/Westside Express project to 2022 for design effort
• Refined project estimates for some capital projects
ALTERNATIVES:
The Local Advisory Council may make recommendations for revisions to be considered by the Board of Trustees when adopting the final plan.
FISCAL IMPACT:
Once the UTA Board approves the final 5-year Capital Plan, the capital budget for fiscal year 2022 will be incorporated into UTA’s proposed 2022 overall budget. The 5-year capital plan will inform the Agency’s 5-year financial plan.
ATTACHMENTS:
• AR 2021-11-01 - Resolution Approving the Proposed 2022-2026 Capital Plan and Recommending Approval by the Authority’s Board of Trustees
• Updated 5-year Capital Plan