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These expenditures maintain core service levels, address City Council priorities, maintain fiscal stability, and maintain the City's reserves at $12.2 million. General Fund revenues are projected to increase to $92.4 million in the next fiscal year with an additional 2.2% increase the following year to $94.5 million. Expenditures are projected to increase 2.2% to $90.9 million followed by another 2.4% increase to $93.1 million in the 2014/15 fiscal year. Notable General Fund transfers include the first transfer of net operating revenues from the Golf Course Fund to help repay the original development loan, which is down from $10 million to $7.5 million outstanding. This budget cycle also restores annual General Fund transfers to support the Capital Improvement Program with $1 million in 2013/14 followed by $1.3 million in 2014/15. Ms. Wagner stated that staff would continue to monitor the budget closely and report back to the Council through the quarterly reviews, mid-year budget review and mid-term budget update. Mayor Thorne opened the public hearing and, seeing no speakers, closed the public hearing. MOTION: It was m/s by Pentin/Narum to adopt and waive full reading of Resolution No. 13-632 approving the two-year Operating Budgets for fiscal years 2013/14 and 2014/15 and the 2013/14 fiscal year Community Development Block Grant Program. Motion carried by the following vote: Ayes: Councilmembers Brown, Cook-Kallio, Narum, Pentin, Mayor Thorne Noes: None Absent: None 22. Adopt a Resolution approving the 2013-2014 through 2016-2017 Capital Improvement Program Assistant City Manager Bocian presented an abbreviated summary of the staff report, which was also reviewed in greater detail at the June 4th Council meeting. The four-year Capital Improvement Program (CIP) includes 63 projects, 62 of which are funded during the first two years. He presented several charts showing an overview of financial resources, totaling approximately $63 million, and expenditures. He called particular attention to the Bernal Park Phase 2 project, which includes the multi-purpose all-weather lighted sports field, general passive area and oak woodlands area. As indicated at the last meeting, the $16.5 million project has a current funding gap of approximately $2.1 million which staff expects to close prior to presenting the Council with bids for the project. Mayor Thorne noted there were no speakers for this item. MOTION: It was m/s by Cook-Kallio/Pentin Waive full reading and adopt Resolution No. 13-633 approving the 2013-2014 through 2016-2017 Capital Improvement Program. Motion passed by the following vote: Ayes: Councilmembers Brown, Cook-Kallio, Narum, Pentin, Mayor Thorne Noes: None Absent: None 23. Update and discussion of four working draft Specific Plan alternatives for the East Pleasanton Specific Plan area, an approximately 1,100-acres east of Martin Avenue and Valley Avenue, north of Stanley Boulevard, and south of the Arroyo Mocho Mayor Thorne introduced the item, noting that this is an only an opportunity for the Council to receive information and provide input; no action will be taken. Community Development Director Dolan presented the staff report, calling out the following assumptions on which the task force reached consensus and is now requesting feedback: City Council Minutes Page 4 of 13 June 18, 2013