Page 236 - Watauga FY21 Budget

CIP AND CAPITAL PROJECTS FUNDS

x street improvements including utilities repair, replacement and relocation
x curb, gutters, and sidewalk improvements and drainage incidental
x improvements to the storm water and drainage system
x purchase of materials, supplies and equipment relating to the water and sewer and
drainage improvements

With this $7.73 million issuance, the City embarked on major improvements in the City’s water
and sewer infrastructure. The above projects began in FY2013 were completed in FY2018.

The issuance of $3.50 million in Certificates of Obligation occurred in August, 2014. Certain
projects were identified as priority needs such as street projects, infrastructure, parks, and a
Senior Center. These funds partially funded the expansion of the Community Center to
include a Senior Center which was completed in FY2016-2017. Also, the Bursey Road, Phase
I street project, a major thoroughfare in the City, was funded by this debt issuance that was
completed in FY2015-2016.

A $5.885 million Certificates of Obligation isssuance was completed in September, 2016 to
fund street projects such as Bursey Road, Phase II and Whitley Road, and parks projects to
enhance the quality of life for Watauga citizens.

In the Spring of 2017, a $7.325 million Certificates of Obligation was issued to provide funding
for improvements to the City’s utility system. Various wastewater and water projects began in
FY2017-2018 and will continue in future years utilizing these funds.

In Fiscal Year 2017-18, a $6.780 million Certificates of Obligation issuance provided funding
for parks projects, street projects, and other improvements listed within the 5-year Capital
Plan.

This fiscal year, a $8.85 million Certificates of Obligation issuance was issued continue the
major utility infrastructure improvment projects and provide for some vehicle and heavy
equipment replacements. $8.0 million of the proceeds will fund projects such as replacements
of water and sewer lines and manhole replacements throughout the City.

The 5-year Capital Improvement Plan include projects that total $185,207,923 for FY2019-
2020 through FY2024-2025. These projects include $78.7 million in water and wastewater
projects, of which $61.0 million are in FY2024-2025 and future projects. Revenues will have
an impact on the scope of these projects. Within the updated 5-year CIP plan, $30.9 million in
street and street overlay projects and $50.6 million in drainage projects have been identified.
The funding source of the many of the capital projects will include debt issuances and pay-as-
you-go methods, and many projects are in a “to be determined” funding status at this time.

A Parks Master Plan was completed in FY2016-2017 that identified projects that our citizens
desire. Parks and Buildings 5-year CIP totals $23.5 million and include a splashpad at Capp
Smith Park, lighting replacement at Capp Smith Park, expansion and/or renovation of the
Police Facility, branding signs throughout the City of Watauga, construction of a restaurant
incubator site, trail projects, and other park amenities.

228