The Finance and Economic Resiliency Committee on [date of meeting] reviewed staff recommendations for the city’s FY26 capital program, which requested $327 million in projects and proposed funding about $133 million this year, leaving approximately $194 million unfunded.

Committee members and staff said the capital program indicates city priorities — stormwater, water and sewer, capital renewal and replacement (CRR), parking and convention center maintenance — and explained where recommended dollars would come from, including dedicated millages, enterprise funds, GeoBond or general obligation bond proceeds already set aside, and an increased share of general‑fund interest earnings allocated to capital.

The recommendation reduces but does not eliminate a large backlog of projects. Jason (budget staff) said the total request was $327,000,000 and the administration was recommending funding roughly 40 percent of that in FY26. Tamika (finance staff) told commissioners that a single large new construction addition to the tax rolls is expected to add about $5.7 million annually in property tax revenue to the city, underscoring how new growth affects the capital picture.

Why it matters: the capital program directs multi‑year work that affects city infrastructure and services. Staff said some projects are legally or contractually under way and therefore prioritized for completion, while other requests remain on a waiting list until additional revenue sources are identified. The committee emphasized that funding one large project reduces available funding for others.

Supporting details: staff outlined that capital PAYGO and CRR millages are dedicated funding streams; enterprise funds like parking and water/sewer must fund their own enterprise projects; resort‑tax eligible projects must meet tourism eligibility rules. The administration also proposed continuing a policy to increase the percentage of general‑fund interest income directed to capital projects (from 25 percent this year to 30 percent in FY26) to provide a steady, though variable, capital revenue source.

Commissioners and staff outlined the next steps in the calendar: staff will receive final property valuations on July 1, provide an updated LTC, hold a July 11 budget briefing with more operating and capital detail, set maximum millage rates at the July 23 commission meeting (trim rate), and hold budget hearings on Sept. 17 and Sept. 30 before the new fiscal year begins Oct. 1.

The committee will revisit the capital program on July 11 with updated valuation numbers and a more detailed operating budget recommendation.