Capital Budget

View FY 22-23 Proposed Capital Plan

The City of Miami’s Capital Budget and Multi-year Capital Improvement Plan (CIP), also known as the Capital Plan, contains information on how the City plans to invest available resources into key infrastructure, facilities, and systems between October 1, 2020 through September 30, 2026. 

Proposed Capital Budget 2022-2023

 

Purpose of the Capital Improvements Plan

The Capital Improvements Plan is prepared by the Office of Management and Budget and the Office of Capital Improvements. It presents a comprehensive, six-year plan for enhancing and maintaining public infrastructure by repairing current facility and asset deficiencies as well as providing new service delivery infrastructure. The Capital Improvements Plan serves the following main purposes:

  • Identifies the planned improvement projects
  • Estimates the costs over the six-year period
  • Provides the budgeted fund sources available for capital projects

The City defines a capital improvement as the acquisition, construction, reconstruction, or installation of a physical public improvement or addition to fixed assets in the form of land, buildings, or improvements with a value of $5,000 or more and a “useful life” of at least three years.

The Capital Plan contains the individual capital projects, equipment purchases and major studies of the City in conjunction with construction and completion schedules, and financial plans. The Capital Plan provides a working blueprint for sustaining and improving the City’s infrastructure over a six-year window. It coordinates strategic planning, financial capacity, and physical development.

The Capital Improvements Plan provides the following benefits:

  • Synchronizes capital and operating budgets
  • Systematically evaluates competing demands for resources based on a prioritization matrix reflecting the City’s long-term strategy goals and objectives
  • Identifies, prioritizes, and optimizes the financing of capital projects
  • Links strategic and comprehensive capital plans with fiscal capacity
  • Informs the public about the City’s investment in infrastructure

The FY 2022-23 Capital Plan is an update to the FY 2021-22 Capital Plan which was adopted with modifications on September 13, 2021 pursuant to Resolution No. R-21-0353, as subsequently amended on October 1, 2021pursuant to Resolution No. R-21-0408, on November 18, 2021 pursuant to Resolution No. R-21-0459, on March 24, 2022 pursuant to Resolution No. R-22-0130, on June 9, 2022 pursuant to Resolution Nos. 22-0208 and 22-0209.

Legal Authority

The legal requirements for preparing the City’s Capital Plan are set forth in the Florida Statutes and the City of Miami Code. A capital improvement programming process to support the Comprehensive Plan is required by the Community Planning Act, specifically Sections 163.3161 and 163.3177, Florida Statutes (2021). Furthermore, pursuant to Chapter 18/Article IX/Divisions 1 and 2 of the Code of the City of Miami, Florida, as amended, entitled “Finance/Financial Policies/Anti-Deficiency Act/Financial Integrity Principles”, requires the development and approval of a multi-year capital plan which also delineates specific requirements for inclusion.

The first year of the six-year CIP also serves as the Annual Capital Budget. The City’s Capital Budget, separate from the annual operating budget, presents the funding plans for City construction and repair projects, and purchases of land, buildings, or equipment.