Capital Improvement Plan (FY 2013-2017)

The Fiscal Year (FY) 2013-2017 Capital Improvement Plan (CIP) for the Village of Pinehurst was approved by the Village Council on March 27, 2012. The CIP is a planning tool designed to aid policy makers in the acquisition and orderly replacement of capital assets. The plan is updated annually to ensure that it is based on the most accurate information available. Adoption of a CIP by the Village Council does not constitute a commitment to fund a particular item, but rather signifies an intent to fund capital outlay at the indicated level during the ensuing years.

The CIP includes improvements with a total estimated cost of $16,004,570 over the next five years. The FY 2012-2016 CIP totaled $18,787,700. This year road resurfacing has been reclassified as and operating expense to give a more standardized comparison with other local governments. Had the $5.5 million for resurfacing in this year’s operating projections been classified as capital, this year’s comparative CIP total would be $21,500,000, an increase of 14%.

Two (2) capital projects are identified in this year’s CIP, one of which was included last year. At the direction of Council, this year’s CIP includes funding for the construction of a new Public Services Facility and Downtown Improvements. The Downtown Improvements include construction of the Tuft’s Memorial Park, and sand lot and streetscape improvements.

Highlights of the plan include:

• Funding of $850,000 for Downtown Improvements which includes the sand parking lot improvements, Tuft’s Memorial Park, and streetscape improvements in FY2013 and FY 2014
• Construction of Spur Road in Village Place at $252,000 in FY 2013
• Construction of Cannon Park Fieldhouse at $136,000 in FY 2013
• Construction of the $4.7 million Public Services Facility is planned to begin in FY2014
• Highway 211 pedestrian improvements of $336,000 in FY2015
• Investment of $750,000 in Greenway construction and $281,000 in Rassie Wicker Park
• Drainage or storm water improvements of $750,000

Fund balance is projected to be within the Council’s adopted policy range of 30%-40% throughout the planning period.

To summarize, the CIP represents a $16 million plan to address the capital improvement needs of the Village. Capital expenditures are driven by the types and levels of service the Village chooses to provide to its citizens. This proposal allows us to maintain the current level of most services to our citizens and expand others. Our projections of revenues and expenditures indicate the Village is in a position to fund the CIP as presented with no impact on the Village’s current tax rate.