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The end result of these three elements is that total revenue, particularly General Fund transfers, and expenditures programmed in the first two funded years of this CIP is significantly less then previous years. However, the fact that the City is nearing buildout and that the facilities constructed recently are generally meeting public needs, staff would anticipate a reduced CIP even in the best of financial times. As discussed in previous CIP's, staff anticipates that the City is nearing a phase when most CIP efforts will be related to addressing maintenance and replacement needs. Notwithstanding this, staff is aware of the Council's interest in funding new priority projects, such as the Bernal Park Phase II Sports Fields and open space amenities or alternative energy opportunities, and anticipates the City being in a position to fund these projects in the future. It should be noted that the CIPR is not being used in this CIP and that the estimated $2.1 million remains in reserve for future CIP projects or to meet other City needs. In addition, years three and four anticipates adding $4.3 million to the CIPR. Further, as noted above, the revenue reduction is not currently impacting the ability to move forward with City Council priorities which are in various stages of planning. Staff will continue to monitor the economy and available CIP revenues make determinations when it is best to pursue projects. When the projects are ready for construction, staff will present funding options to the City Council. Based on project funding/status described above, while project expenditures are less than in previous years, the CIP reflects current community expectations and Council priorities, and staff identified needs. As with previous CIP's, not all projects can be funded. However, staff is confident that this program appropriately addresses the community's highest priorities. IL PROGRAM FINANCIAL OVERVIEW A summary of available annual financial resources (including beginning balances) and recommended annual expenditures is listed in the tables below. Summary financial tables showing all recommended projects and available funding are included at the end of this section. All project expenditures and revenues segregated by source are included in the detailed financial tables located in the Appendix. As approved as part of the 2005 -06 CIP, development fee revenue including the Public Facilities, Traffic Impact, In Lieu Park Dedication and Water and Sewer Connection Fees, are recorded on a calendar year basis. Using this approach assures that revenue is collected prior to programming for a specific project. In addition, because the Planning Department has historically tracked development activity on a calendar year basis, this practice eliminates the need to convert this data to a fiscal year resulting in greater accuracy. However, this process is contrary to other portions of this CIP, including all expenditures, and the City Budget that are tracked on a fiscal year basis. Other revenues, such as gas taxes, grants, and General Fund, are projected based on staff estimates in the year they are expected to be received. As indicated previously, staff utilizes the Mid -Term CIP to make any adjustments necessary to address fluctuations in estimated revenues or project expenditures that assures the CIP accurately reflects project development. The three tables listed below provide a general summary of revenues and expenditures by project category and major funding sources. 7