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SUBJECT: 2023-2028 CAPITAL IMPROVEMENTS PLAN <br />DATE: JULY 18, 2023 PAGE 2 OF 3 <br />Funding and Long -Term Forecasts <br />Other than the Utility Funds, the Capital Projects Fund provides the majority of funding <br />for the C-I-P. Capital requests have been incorporated into the City's Long -Term <br />Financial Model to determine if there is adequate funding from revenue and reserves. <br />The following chart includes the 2023-24 Adopted CIP Projects, compares those with the <br />revenue projections, and calculates an estimated ending fund balance. <br />Long Term Model — Adopted CIP Program <br />Large fluctuations in revenue, expenditures and fund balances within capital project funds <br />are typical. The City does not have a formal reserve policy for its Capital Projects Fund. <br />However, the City has historically attempted to maintain enough reserves to mitigate <br />current and future risks (revenue shortfalls, unanticipated expenditures, etc.). The <br />projected fund balance at the end of 2028 is approximately $10.8 million. Staff believes <br />this level is adequate to mitigate potential risks. <br />Document Structure <br />Attached is a summary of the Adopted Six -Year Capital Improvements Plan for 2023 <br />through 2028. The full CIP Plan can be found on the City website, link, where further <br />detail, including each individual capital project worksheets. <br />1. A summary of the Adopted Six -Year Capital Improvements Plan for 2023 through <br />2028, each project and a separate line, and subtotaled by fund; and <br />CITY COUNCIL COMMUNICATION <br />16 <br />