TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Direction Regarding the Capital Improvement Plan & Funding Model (Long-Term Comprehensive CIP) Prepared by PFM Financial Advisors, LLC.
Recommended Action
Discussion and possible direction regarding the Capital Improvement Plan & Funding Model (Long-Term Comprehensive CIP) by PFM Financial Advisors, LLC.
Background Information
The following provides a chronological order of events regarding the Capital Improvement Plan & Funding Model.
Ø April 23, 2024: During the City Commission Special Meeting, the Commission discussed agenda item no. 24-0599, Discussion and Possible Action Relating to Bonding and Other Financing Options from the City's Special Legal Counsel and Financial Advisor; Recommendations for Charter Amendment Language Related to the City’s Bonding Authority, Including a Permissive Referendum Option; and Recommendations for How to Move Forward with the North Port Police Department Headquarters Project and Funding. At the conclusion of the discussion, the Commission approved the following motions:
ü Motion One: To direct the City Manager to work with staff to complete an Economic Development Study and Financial Condition Analysis by the end of the calendar year.
ü Motion Two: To direct the City Manager to work with staff to prepare a Comprehensive Long-Term Capital Improvement Plan for North Port to encompass all City services including General Government, Fire Rescue District, Road and Drainage District, Solid Waste District, and water and sewer utility services.
Ø July 9, 2024: During the City Commission Regular Meeting, the Commission approved agenda item no. 24-0927, Third Amendment to Agreement No. 2020-03 which provides for Financial Advisor Services with PFM Financial Advisors, LLC to complete an Economic Development Study, Financial Condition Analysis, Economic Impact Analysis, and Long-Term Comprehensive Capital Improvement Plan.
Ø January 6, 2025: During the City Commission Workshop, PFM Financial Advisors, LLC provided presentations of the completed Economic Development Study and Financial Condition Analysis. The City’s Five-Year Capital Improvement Program (CIP) was included in the Financial Condition Analysis. However, other critical need CIP projects were not included in the Financial Condition Analysis since it was still in progress.
Ø April 24, 2025: During the upcoming City Commission Special Meeting, PFM Financial Advisors, LLC will be providing a presentation on the Comprehensive Long-Term Capital Improvement Plan, financing alternatives, and capital funding feasibility through a CIP Funding Model. The model is driven by the City’s capital and infrastructure needs, the economic development study and information related to an asset condition report.
Strategic Plan
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. PFM North Port CIP Presentation
2. Comprehensive Long-Term CIP
Prepared by: Tiffany Fowler, Accountant III
Department Director: Kim Williams, Finance Director