The city of Powell’s latest five-year capital improvement plan (CIP) for the years 2024-28 was approved during Tuesday’s meeting of the Powell City Council.
A CIP is defined as a “long-term financial plan used to improve coordination in the timing and financing of major projects, plan for capital replacement, and major maintenance expenditures,” according to the city. The plan is reviewed and updated annually to support planning activities and help determine the city’s operating budget.
Much has changed with the financial outlook of the city since its income tax increase was approved by residents in 2021. The new rate, which increased from 0.75% to 2%, went into effect on Jan. 1, 2022. At the time, an estimated $3.4 million in additional tax dollars was estimated to be generated by the increase, and the city is now able to use those additional funds to address its capital improvement needs.
According to the city, the allocation of capital resources has increased by 178% since 2020, with a projected increase of 248% by 2028. “These investments support public safety, economic development, quality of life, and fiscal responsibility,” documents for the CIP stated.
The CIP shows a budget of more than $49 million over the five years, beginning with a budget of $8,774,539 in 2024. In 2025, the budget is projected to be $12,639,000. Years 2026-28 show budgets of $10,000,500, $7,701,000, and $10,530,000, respectively.
The $8.8 million budget for 2024 includes $3,277,539 in new investments, $1,442,000 in improvements and enhancements, $2,855,000 in maintenance costs, $850,000 in economic development, and $350,000 in contingency funds.
In the 2023-27 CIP, the capital costs by year were projected at $4,714,090 in 2023, $5,631,360 in 2024, $5,511,260 in 2025, $4,259,785 in 2026, and $1,003,581 in 2027. In total, the capital costs equaled $21,120,076 over the five years.
Funding sources for the 2024-28 CIP include the Capital Projects Fund ($22.8 million), the Downtown TIF ($3.9 million), the Street Maintenance Fund ($16.1 million), the Parks Improvement Fund ($1.5 million), the General Fund ($3.5 million), and grants ($1.8 million).
New projects proposed by city staff in the CIP include downtown street improvements ($970,000), shared use path additions ($1,685,000), crosswalk improvements on Olentangy Street ($282,000), the South Depot Street connection as part of the Village Green development ($4,635,000), and at-grade railroad crossing upgrades ($700,000).
With the exception of the South Depot Street connection, all the new projects will be either partially or fully funded through grants.
Reach Dillon Davis at 740-413-0904. Follow him on Twitter @DillonDavis56.