RES 03082 - Laserfiche WebLink

To assure that them is adequate funding for the recommended 2004-05 projects, staff will refrain from incurring costs on these projects until after approval of the Mid-Term Budget. Staff will however, continue working on projects which have received partial funding and approvals in previous years. Bv utilizing the above revenue forecasting method, the City avoids revenue shortfalls resulting from less than anticipated development revenue and minimizes the financial impact of future development trends. Program Organization and Changes As previous CIP's, this document is arranged by project category (i.e., Streets. Parks, Miscellaneous, Water, Sewer and Unfunded), with project description sheets for multiple year projects appearing only in the year that projects are initially funded. Projects from each of the five funded project categories are found in the sections highlighted by project tabs. Summary financial tables which detail a listing of revenues and project expenditures from each of the project categories of Streets, Parks, Miscellaneous, Water and Sewer for each of the four years are included immediately following this section. Detailed financial tables showing funding sources for all projects are included in Section 1 of the Appendix. Project identification numbers are included on project description sheets and financial tables. The first two digits of these numbers reflect the fiscal year the project was first funded and the additional digits reflect City account numbers. Page numbers identifying each project are included in the table of contents and on the summary financial tables. To be consistent with unique project needs and available funding, this CIP contains a number of significant changes from previous CIP's. The major changes are as follows: The Program has been changed from a five year budget to a four year budget. While a five year CIP is fairly common with cities, the change has been made so that the Program is more consistent with the City's two year operating budget. As a result, the first two years are presented as funded years and the final two years are projections that can be fully incorporated into the planning of the proceeding City budget. In addition to this reason for change, because community needs are quite volatile, the accuracy of forecast for the fifth year has been limited. As a result, the elimination of the final year will not hinder long term planning. Similar to the 2002-03 Mid-Term CIP, the CIP includes a number of projects funded previously that have been reintroduced in this CIP for additional project funding resulting from changes in the project's scope and/or inflationary costs. Previously, these cost fluctuations were addressed at the time the City Council awarded a contract to proceed with project development. However, due to the scope of changes required and an attempt to have the CIP be as accurate as possible, these projects are being reintroduced. For identification purposes, these projects include "additional funding" in their title. Also included are projects established as reserves in anticipation of additional funding at a later date. A listing of the projects submitted for additional funding and reserve projects is listed below. Note that this list does not include projects with funding planned over multiple years like the "First Street and Kottinger Undergrounding for Streetlights" or the "Relocation of the Railroad Avenue Fire station". ii