IV.4. Amendment to the 2024-2028 Capital Improvement Plan; Bishop
CITY OF HOPKINS
City Council Report 2024-041
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Don Olson, Facilities Superintendent
Date: April 2, 2024
Subject: Amend 2024-2028 Capital Improvement Plan
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO approve an amendment to the 2024-2028 Capital Improvement Plan
increasing the cost of the Parking Ramp Roof Replacement by $20,000.
OVERVIEW
The City Council approved the 2024-2028 Capital Improvement Plan (CIP) on
November 21, 2023. The approved CIP included the replacement of all four roofs at the
City’s parking ramp with an estimated cost of $75,000. City staff received three bids for
the work ranging from $95,000 to $99,685. All bidders cited increased labor and
material costs as a likely reason bids were higher than estimated in the CIP.
The CIP planned to use $259,640 of its fund balance in 2024 to fund projects and end
the year with a positive $272,004 fund balance. The amended amount will change this
projection to end 2024 with a positive $252,004 fund balance.
SUPPORTING INFORMATION
• Project Detail for 23-CIP-B104 (as amended)
Finance Department
Public Work Department
CAPITAL IMPROVEMENT PLAN
City of Hopkins, MN - CIP Contact Facilities Director
2024 2028thru Department Public Works: Bldg/Equip Ser
Description
Replace all four roofs at the parking ramp.
Project #23-CIP-B104
Priority 1 Urgent
Justification
Roofs were identified in the roof study as in need of replacement.
Budget Impact/Other
Increased 2024 amount by $20,000 from original 2024-2028 CIP. Capital improvement fund has available Fund Balance to absorb additional cost.
Amendment considered by City Council on April 2, 2024.
Useful LifeProject Name Parking Ramp Roof Replacement Category Trans: Parking Facilities
Type Improvement
Future
Total Project Cost:$95,000
Total20242025202620272028Expenditures
95,00095,000Construction/Maintenance
95,000 95,000Total
Total20242025202620272028Funding Sources
95,00095,000CI - Capital Improvement Fund
95,000 95,000Total
Thursday, March 28, 2024