Legal and Finance Committee Votes Increase in Infrastructure Financing | Local

Legal and Finance Committee Votes Increase in Infrastructure Financing |  Local

Support Local Journalism Finance Director Pauline Sumption said council members discussed giving Public Works more money through the CIP fund for infrastructure at the working session in September. Your membership makes our reporting possible.

The Capital Improvement Plan is used to identify, plan, schedule, finance, track and monitor projects like land, buildings and infrastructure improvements throughout the city.  The Legal and Finance Committee voted to send the updated policy to Monday’s meeting with an approval recommendation. 

According to the draft policy, the allocation to the projects from sales tax would be with the exception of Public Works Infrastructure, which would increase as the debt service is satisfied. At the end of each year, any undesignated funds in excess of the $1 million in reserves would be allocated to Public Works Infrastructure the next year. Capital Improvements would maintain a $1 million cash reserve as part of each five-year plan. Public Works infrastructure could receive additional money at the end of the year from excess sales tax, pending the Rapid City Council’s decision on a policy update Monday.

Sumption said she updated the percentages to what they currently reflect. Public Works Infrastructure would receive 66% of sales tax revenue, Parks and Recreation would receive 6%, government facilities 6%, Information Technology 1%, Fire Vehicles 3%, interdepartmental charges 9% and debt service 10%. {{featured_button_text}}

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