Boca Raton details $1 billion, six-year CIP; $287 million slated for FY24-25

Jim Zervos, the city's financial services director, presented a six-year Capital Improvement Program that includes roughly $1 billion in projects and about $287 million planned for fiscal year 2024-25.

Zervos said the plan spans heavy infrastructure, vehicles and equipment and ties to council strategic priorities. "If you look at a timeline over the 6 years, you'd see about $287,000,000 of that is actually planned for this next fiscal year, 2425," he said. He told council the CIP is a planning document that covers projects that often span multiple fiscal years and that the department-specific breakdowns show large investments in municipal services and utility services.

Zervos reviewed major categories and example projects: municipal services (government campus master plan, downtown walkability improvements, Sanborn Square renovations), transportation (Jeffrey Street railroad crossing expansion, NW/SW 4th Avenue widening), public safety technology upgrades and water and sewer rehabilitation and wastewater-treatment facility improvements under utility services.

He said top funding sources are locally generated (utility-related revenues, a $31 million revenue bond tied to sanitation, general fund contributions and building-permit revenue) and emphasized the city's low-debt posture and a triple-A rating. "We have very little debt in the city, and that's a good thing," he said, adding that bonds would be considered primarily for long-lived heavy infrastructure projects.

Councilors asked about bond practices and the timing of projects; Zervos said detailed discussions would precede any bond issuance and that some projects will span multiple years and out-years of the plan. The CIP and operating budget will return to council in September with more detailed project budgets.