Title
Resolution Regarding Approval of FY 2022 through FY 2026 Capital Improvement Plan
Body
Agenda of: February 24, 2021
Item No.: 2021-052
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: February 9, 2021
RE: Resolution Regarding Approval of FY 2022 through FY 2026 Capital
Improvement Plan
MOTION
Upon recommendation of Suzanne Coffey, Chief Planning Officer, The Board of Directors for the Great Lakes Water Authority (GLWA), adopts the resolution supporting the Capital Improvement Plan (CIP) for Fiscal Years 2022 through 2026 and authorizes the Chief Executive Officer to approve the five year Capital Improvement Plan (CIP) for Fiscal Years 2022 through 2026, noting an affirmative vote of at least five (5) Board Members is necessary for approval of this Motion; and also authorizes the Chief Executive Officer to take such other action as may be necessary to accomplish the intent of this vote.
JUSTIFICATION
A capital improvement plan addresses the following objectives.
1. Identifies an organization’s priorities within available resources over a multiple year period.
2. Communicates the scope, funding, and timing to stakeholders, coordinating agencies, investors, and the public.
3. Encompasses stakeholder engagement in its development.
4. Aligns with strategic objectives of the organization, including effective capital delivery and regulatory compliance at the lowest cost of capital investment.
FINANCIAL PLAN IMPACT
The FY 2022 through FY 2026 Capital Improvement Plan identifies $932.5 million of water system capital improvements and $738.4 million of sewer system improvements. The financial plan anticipates expenditures at 75% of the identified improvements.
COMMITTEE REVIEW
The Capital Planning Committee reviewed Preliminary Drafts of the CIP on October 27, 2020 and December 15, 2020. The full Board of Directors reviewed the Final Proposed CIP on January 27, 2021 and referred the CIP back to the Capital Planning Committee.
The Final Proposed CIP was presented to the Capital Planning Committee at its meeting on February 16, 2020. The Capital Planning Committee unanimously recommended that the GLWA Board approve the FY 2022 through FY 2026 Capital Improvement Plan as presented.
APPROVAL REQUIRED
The Articles of Incorporation of the Great Lakes Water Authority requires an affirmative vote of at least five (5) members to approve the 5-year Capital Improvement Plan.