Capital Improvement Plan (CIP) Projects
What is a “CIP”?
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.