Planning Commission Meeting Date: July 18, 2024
To: Members of the Planning Commission
From: Jake Reilly, Community Development Director
Title
Review and Discussion of the 5-year Capital Improvement Plan.
Body
Action Requested:
The Northfield Planning Commission will review and discuss the 5-year 2025-2029 Capital Improvement Plan (CIP).
Summary Report:
The attached presentation and documents information on both the CIP and Capitol Equipment Plan (CEP). The CIP helps implement the goals of a jurisdiction's comprehensive plan, ensure timely construction or renovation of infrastructure to provide the level of services identified in the comprehensive plan, and help coordinate a locality's priority on projects with those reflected in other supporting plans or documents like the Strategic Plan and Climate Action Plan. This helps a locality review and prioritize projects eligible for Federal and State transportation funds when the projects are needed.
Alternative Options:
N/A
Financial Impacts:
• Identifies funding sources for each capital improvement.
• Provides a baseline (recommended capital budget) for the annual budget.
• Coordinates capital and operating budgets.
• Creates transparency around the process of selecting and funding capital projects.
• Informs the public about future needs for capital improvements.
Tentative Timelines:
N/A