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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 the City Council on November 1, 2011. The following report <br /> describes the results of the 2010/11 FY CIP. Financial information in this report is based <br /> on audited figures included in the Comprehensive Annual Financial Report (CAFR) as <br /> of June 30, 2011, approved by the City Council on February 21 , 2012. <br /> DISCUSSION <br /> This report presents the status of the CIP as of June 30, 2011. 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 2010/11 FY to 2011/12FY. <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 $270,974. The majority of this variance is made up of <br /> three items as follows: <br /> • less City staff time was spent on sewer replacement projects than projected <br /> by $197,171 <br /> • sewer connection fees and interest income received were greater than <br /> expected by $33,507 and $19,691, respectively <br /> • debt payments were $11,157 less than budgeted due to the Trustee having <br /> funds on hand (cumulative interest earnings) to pay a portion of the annual <br /> debt service. <br /> SEWER <br /> Total <br /> Budgeted Ending Fund Balance $ 3,191,172 <br /> Actual Fund Balance after Carryovers 3,462,146 <br /> Variance favorable/(unfavorable) $ 270,974 <br /> Water CIP Funds <br /> The Water CIP Funds ended the year with a favorable variance of actuals (plus <br /> carryovers) to adjusted budget of $950,479. Approximately 50% of this variance is due <br /> to the repayment of a $473,000 water loan from the Happy Valley Specific Plan Area. <br /> The remainder of this variance can be attributed to the following: <br /> • reimbursements of $143,568 from developers for their pro-rata share of costs <br /> for the construction of the Bonde Reservoir <br /> Page 2 of 5 <br />