RES 94083 - Laserfiche WebLink

DATE: June 22, 1994 TO: Mayor Tarver and Members of the City Council FROM: Deborah Acosta, City Manager SUBJECT: Capital Improvement Program for Flscal Years 1994/95- 1998/99 INTRODUCTION This Five Year Capital Improvement Program has been prepared to provide the City Council and the community with information necessary to identify capital improvement needs over the next five years. It is recommended that Fiscal Year 1994/95 of the plan be adopted and that funds be appropriated to cover the projects included in that year. The next four years of' the plan are tentative based on currently identified needs and revenue projections. These years are subject to revision to accommodate changes in priorities or expected funding levels. Staff will continue to review and update the program annually, taking into account any changes in community needs and the City's ability to finance and support specific projects. Because a substantial portion of the total revenue available to the Capital Improvement Program is derived from development fees assessed by the City, the status of the economy and the amount of local development activity during the next several years will play a major role in the City's ability to finance the projects included in this program. To address this situation, development related revenue earmarked for FY 1994/95 is derived from development related revenue collected in FY 1993/94 and existing fund balances. In addition, all development revenue is identified in the year it is expected to be collected but transferred to the next year to maintain consistency with this approach. By utilizing the above revenue forecasting method, the City avoids revenue shortfalls resulting from less than anticipated development revenue and minimizes the financial impact of future development trends. The only exception to this approach occurs in the Parks Projects section where $7.2 million is anticipated from proceeds from a yet to be identified financing source which will be used to purchase 33 acres of land for the proposed North Pleasanton Community Park which is planned to be located in Hacienda Business Park. At this time, staff is preparing a complete financing plan which will be presented to the City Council within the next few months. Failure to secure this financing may lead to a reevaluation of project priorities. However as presented, commitments regarding land acquisition i