Title
Resolution Regarding Approval of FY 2024 through FY 2028 Capital Improvement Plan
Body
Agenda of: January 25, 2023, February 22, 2023
Item No.: 2023-015
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: January 20, 2023
RE: Resolution Regarding Approval of the FY 2024 through FY 2028 Capital Improvement Plan
MOTION
Upon recommendation of Jody Caldwell, 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 2024 through 2028, and authorizes the Chief Executive Officer to approve the five year Capital Improvement Plan (CIP) for Fiscal Years 2024 through 2028, including the ten year outlook, 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.
BUDGET IMPACT
The FY 2024 through FY 2028 Capital Improvement Plan identifies $798.2 Million of water system capital improvements and $986.6 Million of sewer system improvements. Giving that GLWA adopts a two-year budget, it is recommended that FY 2024 and FY 2025 be designated as a two-year capital budget for purposes of carrying out the CIP that coincides with GLWA adopted biennial operating budget (also referenced as the revenue requirement budget).
COMMITTEE REVIEW
The Capital Planning Committee reviewed Preliminary Drafts of the CIP on October 19, 2022, and January 18, 2023. The Capital Planning Committee, at its meeting on January 18, 2023, unanimously recommended that the GLWA Board adopt the Resolution and approve the FY 2024 through FY 2028 Capital Improvement Plan.
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.