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BACKGROUND
<br /> The City Council adopted the four-year 2011/12FY though 2014/15FY Capital
<br /> Improvement Program (CIP) on June 21, 2011. Since that time, there have been a
<br /> number of budget adjustments to the 2011/12FY portion of the CIP through various
<br /> Council (agenda) actions. This report puts forth all those changes to date plus additional
<br /> recommended adjustments to fund balance, revenue estimates, transfers, and
<br /> expenditure appropriations.
<br /> Sewer CIP
<br /> Recommended midyear adjustments to the Sewer CIP funds are shown in Table 1 and
<br /> include an increase in beginning fund balance of $243,364, a decrease in projected
<br /> revenues of $7,880, an increase in transfers of $1,122,175 and an increase in
<br /> expenditures of$244,364.
<br /> • The beginning fund balance was increased ($243,364) to reflect Developer
<br /> Funds collected to date by the City for Sewer CIP projects. In the past, these
<br /> funds had been accounted for outside of the CIP program. Recently, staff
<br /> decided to include these funds in the CIP to provide a more complete
<br /> presentation of the funding for CIP projects in conformance with generally
<br /> accepted accounting principles (GAAP).
<br /> • Revenue changes ($7,880) are due to a decrease in projected interest income
<br /> ($44,800), partially offset by increases in projected Sewer Connection Fees
<br /> ($15,500), PG&E California Solar Initiative Rebates ($6,500), and miscellaneous
<br /> revenues ($14,920).
<br /> • Transfers increased ($1,122,175) as a result of the Vineyard Corridor Specific
<br /> Plan Fees being used to repay in full the Vineyard Corridor Sewer Loan.
<br /> • Expenditure increases ($244,364) are directly related to the inclusion of
<br /> Developer Funds as follows:
<br /> o $123,113 for the East Amador Lift Station (EALS)/East Amador Relief
<br /> Sewer (EARS) Pump Station and Pipeline Project and $121,251 deposited
<br /> in the Reserve for Future Sewer CIP Projects.
<br /> Table 1
<br /> Sewer CIP Funds
<br /> 2011/12FY Recommended 2011/12FY
<br /> Adjusted Midyear Midyear
<br /> Budget Adjustments Bucket
<br /> Beginning Fund Balance $ 8,065,680 $ 243,364 $ 8,309,044
<br /> Revenues 103,300 (7,880) 95,420
<br /> Transfers In 1,200,000 1,122,175 2,322,175
<br /> Transfers Out - - -
<br /> Expenditures/Reserves 5,207,534 244,364 5,451,898
<br /> Ending Fund Balance $ 4,161,446 $ 1,113,295 $ 5,274,741
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