CIP stands for “Capital Improvement Plan” and is an important item in the annual City budget. It’s a five-year plan that establishes priorities, funding sources, and timelines based on City Council input, master plans, City staff assessment, and citizen input. The five-year CIP is the work plan that defines how projects are implemented. It is updated annually.
Types of CIP Funding Sources
Twelve cents of every tax dollar go into the CIP and Project Management fund.
4B funds, set aside specifically for amateur youth sports, can be used for CIP projects that fall within that category. 4B funds are twelve cents of local sales tax.
Grant funds are often used to pay for CIP projects.
Reinvestment funds are a category within CIP funds that are earmarked annually to maintain and improve existing infrastructure.
When a project doesn’t qualify for restricted funding, like those mentioned above, the City sells Bonds to fund projects.