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A. Purpose: The Village of Heyworth hereby develops this Capital Improvement Program ("CIP") to help ensure the Village's credit worthiness and to provide a functional tool and comprehensive guidelines for capital planning.
B. Period Covered By The CIP: The Village shall prepare a five- year CIP for each department that should be updated and adopted annually by the Village Board.
C. Eligible Types Of Capital Improvements And Assets: Capital improvements and assets that can be included in the CIP are those that can have a useful life of three (3) years or longer and a cost exceeding one thousand dollars ($1,000.00), which may include, but is not limited to:
1. Rehabilitation and/or replacement of existing infrastructure, facilities, and properties owned and operated by the Village.
2. Reconstruction of the infrastructure, facilities and property owned by the Village.
3. Construction of new infrastructure, facilities and properties of the Village if financially, economically and practically justified.
4. Acquisition of land for such infrastructure.
5. Equipment and vehicles of the Village.
D. Cost Considerations For The CIP: The following costs and considerations should be considered and may be included in the CIP:
1. The costs needed for adequate and timely maintenance, repair, restoration, and modernization of current physical assets.
2. Installation of new infrastructure and capital assets.
3. Funding the replacement reserve for capital assets (infrastructure, facilities, properties, and equipment and vehicles) should be included in the annual budget and CIP.
4. Future operation costs of all CIP projects.
5. Feasibility studies, land, engineering, architectural design, and contract services needed to complete the project.
E. Preparation Of The CIP: The Budget Officer, with the assistance of each department head, the Treasurer, and the Village Administrator shall prepare the CIP for presentation to the Village Board for approval, including providing recommendation to the Village Board as to the recommended project(s) for the upcoming fiscal year.
F. Financing CIP Expenses: The following funding options will be considered for CIP expenses in compliance and consideration of other monetary policies of the Village:
1. Available and undedicated relevant capital improvement funds in the annual budget. The Village shall annually review the capital improvement rates for each capital improvement fund.
2. Relevant Enterprise Fund assets.
3. Tax-increment financing (TIF) assets to the appropriate funding levels per law.
4. Business Development District (BDD) assets within the BDD area(s) and per law.
5. General Fund available funds.
6. Debt issuances with debt service considerations per the Debt Management Policy of the Village.
7. Private-public partnerships.
G. Debt Issuances And Borrowing Limits: CIP expenses financed through debt issuances or borrowing will be financed for a period not to exceed the useful life of the improvement. Long-term debt can be incurred only if all technical specifications for the project, including permits and licenses, already have been obtained. Borrowing should comply with the Debt Management Policy of the Village and shall adhere to all local, State and Federal laws.
H. Prioritization Of Project: Criteria for determining priorities in the CIP will be developed by the Village Administrator with coordination of the department heads, Budget Officer and the Village Board. Minimally, priority shall first be given to failing infrastructure or assets and maintenance of existing assets or improvements.
I. Public Participation: The Village administration will develop and implement public participation tools for involvement and consideration of the public in CIP projects. (Ord. 2018-21, 4-19-2018)