Capital Improvement Program
The capital budget is only as good as the plan for financing the proposed projects. Financing of capital improvements can be accomplished in a variety of ways. The City staff’s analysis of potential available revenue sources is not necessarily related to how Project proposals are ranked and to what Projects can be implemented in a prudent manner. The City of Brighton examines the potential financing options available at the very outset of the Capital Improvements Plan (CIP) process. This examination is focused initially on what can be financed utilizing existing City resources. However, the financial demands of most major improvements will preclude the possibility of using current operating revenue for large outlays. Directly or indirectly, we must be prepared to obtain financing from lenders who are willing to be repaid in the future. Both fiscal necessity and fairness among generations of users and taxpayers require this. Therefore, one focus on the financing of traditional public capital improvements is through the tax-exempt securities market, but due to the City’s own debt limitations other funding sources, such as special assessments, grants and dedicated capital/debt millages must be considered, as well.