RES 03082 - Laserfiche WebLink

The variance in resources and expenditures available in 2003-04 from 2002-03~ results from the $23 million that was included in the 2002-03 Program to fund and construct the Happy Valley Open Space/Golf Course project. The variance between the funded years of 2003-04/2004-05, results from a number of reasons including beginning balances, a larger amount of developer fees ($4,946,345 in FY 03-04 compared to $3,306,564 in FY 04-05), the utilization of $1 million in General Fund revenue in FY 03-04 in lieu of the programmed year of FY 04-05 to fund the Renovation of the Veteran's Memorial Building, and increased transfers which are primarily related to utility transfers to address FY 03-04 project costs. It should be noted that the variance in development fees is consistent with the conservative approach to projecting these revenues which includes only projects that have all necessary City Council approvals. As a result, historically, actual development revenue will exceed the amount projected for the budget. III. SUMMARY OF THE MAJOR REVENUE SOURCES REVENUE HIGHLIGHTS Beltinnin~, Balances Beginning balances are developed based on revenue estimated to be available effective July 1, 2003. The beginning balance for all project categories for this CIP is $16,421,547. The beginning balances are derived from both available revenue from preceding years and from development revenue collected in the previous year which is being programmed for FY 2003-04. An identification of beginning balances by revenue source is included in detailed financial tables located in Section 1 of the Appendix. State and Local Gas Tax and Highway Related Revenue Gas tax revenues are allocated annually to cities on a statewide allocation formula which is based primarily on a city's population. These funds, which can be used for new construction or repair and maintenance of existing street systems or street lighting, are determined by the amount of gas sold in the state. For the first two years of the program, the total gas tax projections are $1.27%500 for 2003-04 and $1,314,500 for 2004-05. A total of $5.381,000 is projected for the total four years of the CIP. In 2002- 03, staff estimates gas tax revenues will be approximately $1.22 million and as a result, this funding source should remain stable and is consistent with the estimates made in previous Programs. However, because gas taxes are subject to fuel consumption, the staff estimates are subject to change. Also, while staff has not been informed of formula changes as part of the State budget process, future allocations may be subject to State's budget process. In addition to the gas tax totals $2,290,332 is projected from Measure B revenue. While Measure B is funded from sales tax, it is placed in this category to reflect its use for roadways. Staff estimates that the City's 20% share of the Tri-Valley Transportation Development Fee will generate approximately $456,382 during the next four years of this program. This revenue has been included in the 'Tri-Valley Transportation Fees (Reserve)" project as a means of segregating it from other traffic related revenue. Once this project has reserves sufficient to complete a significant project, staff will recommend the most appropriate use for the funding. Also, because this revenue is generated from xi