Summary
To: Infrastructure Board
From: Ashley Bernal, via Gay Lancaster, Town Manager
Date: 8/12/2024
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Subject:
Title
CIP Discussion
Summary:
As there was an update provided regarding current projects, this update serves as a discussion point for future and upcoming projects.
End
Body
Previous Commission Action: Discussion of CIP, approval of 2023-2024 budget.
Background/Problem Discussion: A copy of the 2024-2025 CIP has been included for the board's review.
Revenue:
Most general lines (Infrastructure Millage, Penny, etc.) will remain relatively stable with modest increases. After some historical analysis, staff discovered that the Electric Utility Tax has been returning revenue values that were lower than expected. The CIP has been adjusted accordingly. The largest increase in revenue is interest, which we show increasing by $290,000. Additionally, a new line has been added to denote revenue from Dividends, which are from our State Board of Administration (SBA) account.
Moving forward, staff has outlined potential grants available through the Hazard Mitigation Grant Program (HMGP) that is available from the state. This program allows municipalities to receive up to 75% of a project's expenditures subsequent to an emergency event, such as a hurricane. In 2024-2025, a small dredge for Harold's Lake and the Belleair Creek Study are expected to receive funding. While appropriations revenue has been identified, staff has not included specific numbers in future year forecasts because is not a guaranteed source of funding.
Expenditures:
The construction project list for 2024-2025 consists of the following:
* Completion of Carl/Shirley Avenue (November 2024)
* Rex Beach Park Renovation (December 2024)
* Repiping the Public Works washbay (January 2025)
* Hardening the Recreation building (February 2025)
The Bluff Study should be completed in December of 2024, with findings presented in ea...
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