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BACKGROUND Annually, staff recommends City Council acceptance of a year -end financial report summarizing needed budget amendments or adjustments, year -end budget balances, actual results for the fiscal year and budget carryovers to the following year. The Operating Budget report was presented to Council on December 15, 2009. The following report describes the results of the 2008 -09 CIP. Financial information in this report is based on audited figures. The audited information was presented separately to City Council in the Comprehensive Annual Financial Report (CAFR) on January 19, 2010. DISCUSSION This report presents the status of the Capital Improvement Program (CIP) as of June 30, 2009 (the end of the fiscal year 2008 -09). It compares actual revenues and expenditures to the projections for that year and asks Council to approve certain increases, decreases or transfers of funds between projects and the carryover of project funds from fiscal year 2008 -09 to fiscal year 2009 -10. The Sewer CIP Funds ended the year with a favorable variance of actuals (plus carryovers) to adjusted budget of $237,017. The bulk of this variance is made up of four items. There was $142,625 less City staff time spent on sewer projects than projected, debt payments were $10,306 less than expected, sewer connection fees received were $13,989 more than expected, and interest income was $68,400 more than expected. Quarter Four Adjustments: The $10,214 transfer from the balance of project #081033 "Black Avenue Utilities" to project #082002 "Annual Sanitary Sewer Main Replacement and Improvements" was approved by Council in April 2009. There are no additional budget adjustments needed during the final quarter of FY08 -09. SEWER Total Budgeted Ending Fund Balance 3,312,539 Actual Fund Balance after Carryovers 3,549,556 Variance favorable /(unfavorable) 237,017 Page 2 of 5