Maloney on capital plan timeline changes and project impacts
Maloney asks why $700M was shifted from the five-year to ten-year capital plan. Peck explains this is a normal OMB exercise to smooth capital costs, with no project delays and flexibility to pull funds forward.
I had one question on the five-year versus the 10-year capital plan that I alluded to in my opening remarks, and then I'm gonna turn to Shanel Thomas-Henry.
But the five-year capital plan decreased over 700 million in the executive budget, while the 10-year plan remained unchanged.
I'm wondering if you can speak to why a substantial amount of funding was extended into the out years and
if at all there are any impacts of sequencing of some of the projects that are really important that EDC manages.
Yes, thank you.
So this is a normal, regular exercise that OMB has each agency do for their capital, 10-year capital plan, and they need to smooth out or stretch out the capital costs each of the years.
And so those projects that were selected either that they didn't need to be in the timeline that they were, so they were able to stretch it out, or it's a very...
It's a very fluid capital plan, so if we need it, we can always pull that money forward.
It's not like set in stone, so it's very flexible.
But in terms of just putting out the plan, they needed to smooth it out.
And they do this with all the agencies.
So there's no impact on the timeline of completion of those major projects?
No, it's not like it's going to delay it in any way.
Great.
And also no projects are being prioritized over others or no shifts on that front?
No.
If it's approved, then we're...
We can sort of move it as it needs to be moved.
Thank you.
And now turning to Councilmember Shanel-Thomas-Henry.