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TO: |
Board of Trustees |
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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
R2021-12-06 - Resolution Adopting the Authority’s 2022-2026 Capital Plan
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt Resolution R2021-12-06 adopting the 2022-2026 Capital Plan
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 final 5-year Capital Plan for 2022 through 2026 for board approval. Once approved the 2022 capital budget will be incorporated into the final UTA 2022 overall budget that will be presented to the board for approval on December 15th.
Staff presented the updated draft 5-year Capital Plan to the UTA Local Advisory Council on November 17th, 2021. The Local Advisory Council approved and recommended in resolution AR2021-11-01 that the Board approve the 5-year Capital Plan as presented.
ALTERNATIVES:
The Board of Trustees could recommend changes to the plan.
FISCAL IMPACT:
Once the UTA Board approves the final 5-year Capital Plan, the capital budget of $228,057,748 for fiscal year 2022 will be incorporated into UTA’s Final 2022 budget. The 5-year capital plan of $1,245,020,439 will inform the Agency’s 5-year financial plan.
ATTACHMENTS:
• R2021-12-06 - Resolution Adopting the Authority’s 2022-2026 Capital Plan