SUBMITTED NEWS RELEASE
At the Tuesday meeting of the Washoe County Commissioners the Capital Improvement Project (CIP) Five Year Project plan was approved including $56.8 million in capital expenditures for this fiscal year (FY 2011-2012).
The projects, funded by dedicated funding sources, voter-approved initiatives, grants and the general fund, will be used for parks construction projects, debt financing, water resources, roads infrastructure preservation, technology projects and building infrastructure preservation. Between July 1, 2011 and June 30, 2012, county CIP projects will support or retain 403 jobs in our community.
Capital Improvement Projects is the investment of roads, technology, parks and buildings that exceed $100,000. By state law, a five-year plan for CIP projects must be approved every year. The plan is a comprehensive, long-term financing and infrastructure preservation strategy.
Washoe County is the steward of more than $1 billion dollars in capital investments which include improvements to land, buildings, infrastructure and equipment. Over the that last four years, the county has had to significantly reduce its CIP investment due to declining property and sales tax revenues as a result of the economic recession. CIP projects from the general fund were $8.1 million dollars in 2006/2007 fiscal year reduced to $2.65 million in 2011/2012.
The county commissioners recognize that it is prudent financial planning to consider the long-term capital needs of the organization to maintain the infrastructure under its stewardship. Commissioners unanimously approved the five-year capital improvement plan, including $56.8 million in expenditures during the 2011-2012 fiscal year with a request that staff return with additional project details.
