Page 277 - Watauga FY22-23 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.

❖ FY2023 The City’s CIP plan contines with infrastructure projects funded in prior years in
addition to new projects. This year, Hightower Road and Watauga Road street
construction projects were added to the 5-year Capital Improvement Plan to improve
these streets and assist in attracting new businesses and development to the City.

The 5-year Capital Improvement Plan includes projects that total $75.4 million for FY2022
through FY2027. These projects include $13.8 million in water and wastewater projects.
Revenues will have an impact on the scope of these projects. Within the 5-year CIP plan, $50.5
million in street and street overlay projects and $6.5 million in drainage projects have been
identified. Parks projects and building improvement projects in the 5-year CIP total $2.8 million
which includes the Fleeting Building expansion project, theconstruction of a food business park,
trail projects and lighting, parks equipment, 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 detailed schedule on the following pages,
the City will focus on major infrastructure 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.

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