CIP - FY 2025-29 FINAL - Flipbook - Page 26
Capital Improvement Plan
Parks & Recreation Capital Expansion Fund
This fund is used to account for the accumulated revenues derived from Parks and Recreation
Impact Fees collected from newly constructed facilities. These impact fees are used to help defray
the cost of capital expenditures necessitated by growth and must be used for expansion of Parks
and Recreation needs and facilities.
Revenue projections are based on the current estimated revenues for FY 2023/24 with an assumed
annual increase of 3% used for FY 2024/29. To account for on-going inflation and the rising costs of
commodities and services, a 5% expenditure increase was used for FY 2024/26 and a 3%
expenditure increase was used for FY 2026/29.
The City will continue to maintain and enhance its parks and recreation facilities, honoring their
historical significance while ensuring they remain enduring assets for the community’s welfare and
remembrance.
Parks & Recreation Capital Expansion Funding Analysis:
Over the next five years, the total estimated cost of the Corey Roll Field improvements project
amounts to $708,125, and the projected ending fund balance is $201,927. This financial plan allows
for sufficient funding to accommodate any additional projects that may arise during this period,
allowing the City to remain adaptable to future needs.
By strategically using expansion funds, the City can ensure the realization of the park’s upgrades and
improvements without compromising other essential needs. Through prudent financial
management and collaborative efforts, the City will be able to uphold the heritage and significance
of the parks and recreation facilities, while enhancing the City’s overall beauty and functionality for
the benefit of the community.
NOTES:
1. Beginning Fund Balance in FY 2023/24 ties with ACFR for FY 2022/23 Year-end balance
2. Revenue Projections going forward include a 3% annual increase for FY 2024/29
3. CIP Expenditure projections for 2024/29 are based on estimated costs for CIP projects
4. Assumes that project budgets are fully spent each year going forward
14
