LOTT prepares a two-part budget that includes an operating budget and a capital budget. The operating budget contains all the costs necessary to operate LOTT facilities and provide related services. The capital budget includes costs to build new facilities and upgrade, replace, or rehabilitate existing facilities. Capital costs are based on LOTT’s Capital Improvements Plan (CIP), which is divided into two sections – a detailed six-year plan for the current planning period and a summary long-term plan that extends to 2050.
Current Year's Budget
LOTT’s 2016 Budget and Capital improvements Plan was approved by the Board of Directors in November 2015. The Operating Budget includes $11.8 million for operations and $8.9 million for debt service. LOTT’s Capital Improvements Plan (CIP) identifies $89 million in projects anticipated through 2021. The 2016 Capital Budget is about 22% of that total, at $19.2 million.
Budget for 2017-2018
The 2017-2018 Budget and Capital Improvements Plan was approved by the LOTT Board of Directors at their November 9 meeting. This is the first time LOTT has developed a biennial budget. The LOTT Board of Directors approved the shift to a biennial format earlier this year.
The Operating Budget includes $24.7 million for operations and $18.0 million for debt service. LOTT’s Capital Improvement Plant (CIP) identifies $98.3 million in projects anticipated through 2022. The 2017-2018 Capital Budget is about 41% of that total, at $40.6 million.