TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
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Second Budget Study Session for the Proposed Fiscal Year 2024-25 Budget.
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2. SUMMARY
This is the second budget study session in support of the preparation of the Fiscal Year 2024-25 Budget. This study session is intended to provide the draft of the Five-Year Capital Improvement Plan for the period of Fiscal Year 2024-25 through Fiscal Year 2028-29.
3. RECOMMENDED ACTION
recommendation
Receive and file the report and provide direction to staff.
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4. FISCAL IMPACT
Fiscal impact will be determined with final budget adoption.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
b: Analyze future fiscal needs and potential revenue opportunities.
c: Provide appropriate reserves.
6. DISCUSSION AND BACKGROUND
This is the second budget study session in support of the preparation of the City's Fiscal Year 2024-25 (FY 25) Budget and is intended to focus on presenting the draft Five-Year Capital Improvement Plan for the period of FY 25 through FY 29.
The Five-Year Capital Improvement Plan (CIP) serves as a comprehensive budget and strategic planning tool used to determine the extent of future needs and identify sources of funding. Funding is provided by a variety of sources including development impact fees, transportation funds, grants, reimbursement agreements, and long-term financing.
The City continues to provide its residents and businesses with much-needed capital improvements and infrastructure, despite budgetary challenges. While several projects have been deferred in recent years, the City strives to maintain a steady level of capital improvement activity in Orange.
The FY 25 Five-Year CIP identifies 137 proposed projects. FY 25 itself, there are 66 budgeted projects while the remaining 71 projects are either a continuation of previou...
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