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BACKGROUND <br /> Annually, staff recommends City Council acceptance of a year -end financial report for <br /> the CIP Budget summarizing needed budget amendments or adjustments, year -end <br /> budget balances, actual results for the fiscal year and budget carryovers to the following <br /> year. A similar report is prepared for the Operating Budget. The Operating Budget <br /> report was presented to Council on December 7, 2010. The following report describes <br /> the results of the 2009/10FY CIP. Financial information in this report is based on <br /> audited figures included in the Comprehensive Annual Financial Report (CAFR) as of <br /> June 30, 2010 which is on the City's website. <br /> DISCUSSION <br /> This report presents the status of the CIP as of June 30, 2010. It compares actual <br /> revenues and expenditures to the projections for that year and recommends Council <br /> approve certain increases, decreases or transfers of funds between projects and the <br /> carryover of project funds from 2009/10FY to 2010/11 FY. <br /> Sewer CIP Funds <br /> The Sewer CIP Funds ended the year with a favorable variance of actuals (plus <br /> carryovers) to adjusted budget of $313,353. The majority of this variance is made up of <br /> three items as follows: <br /> • $134,513 less City staff time spent on sewer replacement projects than <br /> projected <br /> • debt payments were $166,627 less than budgeted due to Trustee having funds <br /> on hand to pay annual Debt Service <br /> • sewer connection fees and interest income received were greater than <br /> expected by $5,321 and $6,854, respectively <br /> Also, there was an increase in budgeted revenue of $3,709 to account for PG &E solar <br /> rebates received during the fiscal year. In the 2009/10FY, the City received six of the <br /> sixty anticipated PG &E solar rebates to be received over the next five years as a result <br /> of installing the photovoltaic solar energy system at the City's Operation Services <br /> Center (OSC) and Water Well #8. The project cost approximately $1.68 million and was <br /> funded by the Sewer and Water Replacement CIP Funds and the Miscellaneous Capital <br /> Improvement Fund Reserve (CIPR) as follows: <br /> Sewer Replacement CIP 6.2% <br /> Water Replacement CIP 81.7% <br /> Miscellaneous CIPR 12.1% <br /> 100.0% <br /> Each of the replacement funds and the CIPR are receiving a share of the rebates based <br /> on their proportionate funding of the project. <br /> Page 2 of 5 <br />