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BACKGROUND The City Council adopted the four-year 2011/12FY though 2014/15FY Capital Improvement Program (CIP) on June 21, 2011. The CIP was updated with the adoption of the 2012/13FY Midterm Update on June 19, 2012. Since that time, there have been a number of budget adjustments to the 2012/13FY portion of the CIP through various Council (agenda) actions. This report puts forth the approved changes to date plus additional recommended adjustments to the CIP for the 2012/13FY for Council's review and approval. Sewer CIP Recommended Midyear adjustments to the Sewer CIP funds are shown in Table 1 and include a decrease in projected revenues of $40,621 and an increase in expenditures of $25,236. • Revenue changes ($40,621) are due to a decrease in projected Sewer Connection Fees ($55,857), partially offset by increases in projected PG&E California Solar Initiative Rebates ($8,000) and interest income ($7,236). • Expenditure increases ($25,236) are mainly due to the proposed new project to fund the Sewer Connection Fee Update ($25,000). Local sewer connection fees have not been updated for over ten years. Staff is proposing to hire a consultant to review and update the fees and bring forth the recommended changes for Council's approval in the Fall of 2013. Table 1 Sewer CIP Funds 2012/13FY Recommended 2012/13FY Adjusted Midyear Midyear Budget Adjustments _ Bud•et Beginning Fund Balance $ 8,457,054 $ - $ 8,457,054 Revenues 153,837 (40,621) 113,216 Transfers In 1,200,000 - 1,200,000 Less Transfers Out - - - Less Expenditures/Reserves (7,731,620) (25,236) (7,756,856) Ending Fund Balance $ 2,079,271 $ (65,857) S 2,013,414 Water CIP Recommended Midyear adjustments to the Water CIP funds are shown in Table 2 and include increases in projected revenues of $264,281, transfers in of $602,726 and expenditures of$76,331. • Revenue changes ($264,281) are mainly due to increases in projected Water Connection Fees ($160,200) and PG&E California Solar Initiative Rebates ($110,000). • Transfers increased ($602,726) to account for the Transfer In of recycled water revenue from the Water Maintenance and Operations Fund ($400,000) and the repayment of a portion of the Vineyard Avenue Water Tank Loan from Vineyard Avenue Specific Plan Fees ($202,726). (The remaining loan totals $5,511,810). • Expenditure changes ($76,331) include the following: Page 2 of 5