Page 287 - City of Watauga FY22 Adopted Budget

CIP AND CAPITAL PROJECTS FUNDS

certain projects were identified as priority needs such as street projects, infrastructure,
parks, and a Senior Center that resulted in the issuance of $3.50 million in Certificates of
Obligation. These funds partially funded the expansion of the Community Center to
include a Senior Center which was completed in FY2017. Also, the Bursey Road, Phase
I street project, a major thoroughfare in the City, was funded by this debt issuance that
was completed in FY2016. In FY2016, a $5.885 million debt issuance provided for
funding for street projects such as Bursey Road, Phase II and Whitley Road, and parks
projects to enhance the quality of life for Watauga citizens. The Whitley Road project is
ongoing and the funding provided by this issuance is expected to be expended this fiscal
year. 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 FY2018 and will continue in future years utilizing these funds. In
FY2018, 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. In
FY2019, $8.85 million Certificates of Obligation issuance provided funding to 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.

❖ FY2022 The City’s CIP plan continues with infrastructure projects funded in prior years.
This year, the funding of street projects was a priority and funding was provided by a
$4.70 million issuance to fund streets and a large portion of the City’s Capital Outlay Plan
needs.

The 5-year Capital Improvement Plan includes projects that total $94,504,896 for FY2021
through FY2026. These projects include $19.1 million in water and wastewater projects.
Revenues will have an impact on the scope of these projects. Within the 5-year CIP plan, $36.5
million in street and street overlay projects and $14.0 million in drainage projects have been
identified. Parks projects and building improvement projects in the 5-year CIP total $22.3 which
includes the expansion and/or renovation of the Police Facility, branding signs throughout the
City of Watauga, construction of a food business park, trail projects, and other park amenities.

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.

As can be seen on the CIP summary schedule and detail schedule on the following pages, the
City will focus on major infrustructure upgrades, as well as continuing our street overlay program.
Actual program expenditures may vary depending on changes in priority or addition or deletion
of projects or emergencies.

In the current year schedule, projects for FY2021-2022 total $19.4 million in capital projects (not
including capital equipment). Many of these projects are continuation of projects that began in
prior years. The $19.4 million is comprised of $8.3 million for streets projects which include
Whitley Road phase 3 4, and 5, Chapman Road, signal crossings, and various street overlays
and sidewalks, $2.9 million in drainage projects, and $6.9 million in water and sewer projects.
Other improvement projects include continuation of the Branding signs throughout the City of

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