Newly Implemented Capital Improvement Program (CIP) Close-Out Process

City of Corpus Christi

CORPUS CHRISTI – (News Release) City Staff presented the results of the newly implemented Capital Improvement Program (CIP) close-out process.  The Financial Budgetary Policies approved by the City Council in July 2021 included a new section for annual CIP close-out process.  The CIP annual close-out process is a comprehensive review of CIP projects and related funds.  The process involves multiple departments including Office of Management and Budget, Finance, and Engineering Services. 

General Obligation Bond Funds and Utility Revenue Bond Funds were reviewed and analyzed.  Upon completion of the process, 16 out of the 37 active General Obligation Bond Funds were closed out, resulting in $4.48 million in street funds available for reprogramming.  City staff will be recommending these funds for the Residential Streets Program and will be recommending a list of projects equally divided amongst the five City Council Districts.

Additionally, 28 out of the 63 active Utility Revenue Bond Funds were reviewed and analyzed.  Upon completion of the process, $8 million in Utility Revenue Bond Funds were identified to be repurposed for utility projects which will decrease the FY 2022 Utility Revenue Bond Issuance.  The repurposing of these dollars will ultimately minimize the utility rate impact on the City’s utility customers.

“We are delighted to be able to invest these funds towards our residential streets,” said Mayor Paulette Guajardo. “Prioritizing funding for our streets is of the utmost importance to this council. Thank you to City Manager, Peter Zanoni, Chief Financial Officer, Constane Sanchez, and CIP Budget Office staff for their work in executing on Council’s request for a Capital Improvement Program (CIP) close-out process.”