20 Jun Vierbicher Capital Improvements Planning
Capital Improvements Planning – A Tool to Leverage Grants
During the annual municipal budget process, I often get calls from municipal officials asking if grant funds are available for a project they need to do the following year. Unfortunately, many times the answer has to be, “There could of been if you called six months earlier”.
I also often get asked, “What can our community do to consistently access public funding programs”? My answer is, “Capital Improvements Planning”.
Many of the public funding programs have annual or bi-annual application cycles. If communities are not planning ahead at least 3 years, they could miss out on many funding opportunities. On the other hand, communities that plan ahead, identify needed projects early enough to have a better shot to receive funding.
Capital improvements planning ideally should be done looking at a 3 to 5 year period. Benefits from having an effective capital improvements planning program include:
- Anticipate improvements before they become a crisis
- Coordinate street and underground utility projects for appropriate scheduling
- Plan long-range financial needs
- Identify available funding sources (grants, loans, TIF, etc.)
- Anticipate annual budget requirements
- Create advance reserve funds for capital expenditures
- Stabilize tax rates through good debt management
For information on the capital improvements planning, click on the link Vierbicher Capital Improvements Planning to the Vierbicher Bulletin.
For additional information on capital improvements planning and public funding programs, contact:
Kurt R. Muchow
Community Development Consultant