Council hears resolution for Capital Improvement Plan

Published 9:00 am Thursday, March 7, 2024

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Suffolk Va. –Suffolk City Council unanimously approved the Capital Improvement Program and Plan for fiscal year 2025-2034 with a vote of 7-0 — Councilman Roger Fawcett was not present during the voting — during the Wednesday, Feb. 21, meeting.

Interim Director of Budget Charles Meek provided a brief overview of the CIP, which included three amendments: a transportation project on the Suffolk Bypass Ramps at Pitchkettle Rd costing $20 Million from state/federal funding through years six through 10, the Phoenix Bank Block project as part of the Downtown Implementation Plan initiatives and the Public Utilities Water System Upgrade project to replace Mahan and Day St with Cedar Lake Water System improvements in FY 25 and 26. Meek provided more details on the Phoenix Bank Block project.

“Additionally, we received feedback from council regarding the Phoenix Bank Block project, and as a result, staff is recommending a third amendment to accelerate $250,000 programmed for the Phoenix Bank Block project in FY 26 to FY 25,” Meek said. “This will increase funding for the Phoenix Bank project in the Downtown Implementation Plan initiatives to $550,000 in FY 25 to go along with existing funding already approved in previous years.”

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For the CIP’s five year overview, planned expenditures across the public utilities, fleet, stormwater, transit, and general government funding see a combined total of $78,626,921 for 2024-2025 and $74,586,139 in 2025-2026. The five year subtotal from 2024 through 2029 sees a total of $383,058,361. The six to 10-year total was listed as $1,167,343,331, with the 10 year total listed at $1,550,401,692.

On funding sources to support the projects, the Public Utilities Fund sees combined support from both Public Utilities Revenue Bonds and Transfer from the Public Utilities Fund. The Fleet Fund sees support from General Obligation Bonds, while the Stormwater Fund has a combined mix of Stormwater Fund Transfer and Stormwater Revenue Bonds. Likewise, the Transit Fund sees support from State/Federal Grant Funds. On each fund’s 10 year totals, Public Utilities Fund sees $170,430,043, with the Fleet Fund seeing $14,500,000. Stormwater Fund and Transit Fund also see $25,660,750 and $2,761,996 respectively. Finally, General Fund cash and Capital Reserve funds total $60.9 million.