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I. OVERVIEW <br />Overall, the projected balances in the Operating Funds at the end of fiscal year 2000 -01 total <br />$1.5 million less than originally projected. The majority of the reduction pertains to: <br />water revenues falling short of original projections in both 1999 -00 and 2000 -01 <br />additional recommended and already approved transfers to the Capital <br />Improvement Program (CIP) from the General Fund, Park Renovation Fund, and <br />Facilities Renovation Fund, and <br />the final cost of refinancing the Ridgeview Commons mortgage being higher than <br />originally projected. <br />These reductions are partially offset by Affordable Housing fee projections being increased. <br />A more detailed discussion of these major factors follows, as well as a summary of the larger <br />increases and decreases in other Funds. <br />II. GENERAL FUND <br />A. General Fund Overview <br />SECTION I <br />Operating Budget <br />1999 -00/2000 -01 Mid -Term Review <br />Net income in 2000 -01 is projected to be $100,000 more than originally adopted, if staffs <br />recommendations are adopted. Revenue is projected to be $2.1 million more; requested <br />expenditure amendments total $1.9 million; and recommended amendments to net operating <br />transfers out total $72,000. <br />In addition, staff is recommending that the General Fund Capital Reserve balance of <br />$1.9 million be programmed as part of the next CIP process for FY 2001 -02. Rather than <br />program this reserve now, staff is recommending we adhere to the currently approved CIP <br />project funding schedule except where change is essential. Staff recommends maintaining <br />the existing projects and funding schedule to allow any capital reserves to be used first to <br />fund projects which may actually cost more than the estimates. In this manner those projects <br />may be completed before starting something new. Some of the most notable Council priority <br />projects which may require new or additional funding include: approved expansion of Val <br />Vista Park; Alviso Adobe project; golf course project; Aquatic Center expansion; new <br />community park; lighted sports fields; park improvements to the San Francisco Property; <br />South Pleasanton Community Park; Vineyard Corridor Community Park; construction of Fire <br />