Legal and Financial Committee votes to increase funding for infrastructure | Local







Quick Town Hall


Grace Pritchett Journal Staff


Public works infrastructure could receive additional funds at year-end from excess sales tax, pending Rapid City Council’s decision on a policy update on Monday.

The Legal and Finance Committee voted to send the updated policy to Monday’s meeting with a recommendation for approval.

The Capital Improvement Plan is used to identify, plan, schedule, finance, track and monitor projects such as land, building and infrastructure improvements throughout the city.

According to the draft policy, the allocation to sales tax projects would be with the exception of public works infrastructure, which would increase as debt service is met. At the end of each year, any undesignated funds exceeding the $ 1 million in reserves would be allocated to public works infrastructure the following year. The capital improvements would maintain a cash reserve of $ 1 million under each five-year plan.

Finance Director Pauline Sumption said council members discussed providing more money to Public Works through the CIP infrastructure fund during the September working session.

Support local journalism

Your membership makes our reporting possible.

{{featured_button_text}}

Sumption said she updated the percentages to what they currently reflect. Public works infrastructure would receive 66% of sales tax revenue, parks and recreation 6%, government facilities 6%, information technology 1%, fire vehicles 3%, interdepartmental fees 9% and debt service 10%.


Source link

Previous BlockFi Crypto Credit Card Holders Get Better Deal Than Expected, Thanks to Rising Bitcoin Price
Next Appropriation bill 2022: lawmakers express divergent opinions on planned new borrowing