Capital Management

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Capital Management

 

Capital Improvement Plan Overview

St. Lucie County’s Capital Improvement Plan (CIP) is a planning tool identifying the County’s capital needs over a five-year period. The CIP should not be confused with the capital budget. The capital budget represents the current year of the CIP and is legally adopted by the Board of County Commissioners annually. Projects and financing sources listed in the CIP beyond the current year are not authorized until the annual budgets for those “out-year” projects are legally adopted by the Board. The out-years serve as a guide for future planning and are subject to further review and modification.

The CIP is a great resource that helps St. Lucie County government plan their infrastructure wisely to achieve high quality service levels through proper planning and provision of the replacement, maintenance and enhancement of the County’s capital assets. The quality of life of the County residents depend on the reliability of transportation, the efficiency of waste disposal, the accessibility of culture and recreation, and many other essential public services.

Capital projects are land, buildings, major fixed assets or infrastructure having a useful life of five years or more, and a project cost of $25,000 or more, except for the acquisition of land which is capitalized regardless of cost. These projects can include such items as buildings, roads, bridges, parks, and other recreational facilities, libraries, utilities, solid waste facilities, etc. Proposed projects may originate from the Board, Administration, county departments, constitutional officers or citizens. Based on recommendations, the CIP is updated annually and approved by the Board of County Commissioners to reflect the projects approved for completion within a five-year period. Revisions, deletions and additions to the current year list of projects may be made throughout the fiscal year upon approval of the St Lucie County Board of County Commissioners or by the County Administrator, up to $50,000.

Some of the County’s proposed improvements are for projects that are capitalized from an accounting perspective related to real property. These improvements are for land, buildings, and infrastructure. The County’s CIP also includes some major maintenance improvement projects that cost $25,000 or more.

Funds allocated to specific projects remain allocated to that project until completed or until reallocated. Depending on the availability of funds, the nature and size of the project, and specific policies of the Board, capital projects may be funded partially or wholly by a variety of revenue sources such as ad valorem revenues, franchise fees, half-cent sales tax, grants, donations or contributions from private sources, impact fees, special assessments, gas taxes and debt financing.