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BACKGROUND Annually, staff presents the year-end financial report for the Capital Improvement Program (Report) to Council for approval. The Report summarizes the actual results of the financial activities for the CIP Budget, details changes in budget amendments or adjustments in year-end balances and recognizes budget carryovers to the following year. The City's Comprehensive Annual Financial Report (CAFR) is still in progress; therefore, the financial information included in this Report is unaudited. The audited information will be reflected in the CAFR and will be presented to Council once the City's independent auditor has issued its opinion on the CAFR and it has been reviewed by the Audit Committee. This is expected to occur in January 2014. If there are any differences in the financial information presented in this report and the CAFR as a result of the audit, those changes will be highlighted for the Council at the time the CAFR is presented to the Council for acceptance in January 2014. DISCUSSION This Report presents the status of the CIP as of June 30, 2013. It compares actual revenues and expenditures to the projections for the year and recommends Council approval of certain increases, decreases or transfers of funds between projects and the carryover of project funds from 2012/13FY to 2013/14FY. Sewer CIP Funds Table 1A summarizes the 2012/13FY activity for the Sewer CIP Funds. The Amended Budget is the original budget plus all budget amendments approved by Council through June 30, 2013. The Adjusted Budget includes the recommended year-end budget amendments being brought forth in this Report. Actual revenues exceeded adjusted budget by $44,533 and actual expenditures were less than adjusted budget by $7,262,813. Revenues exceeding budget included sewer connection fees ($31,122) and interest income ($14,351) offset by a decrease in PG&E solar rebates ($940). The expenditure variance is mainly due to budgeted projects not being completed during the fiscal year a majority of which are being recommended to be carried forward to the 2013/14FY as presented in Table 1B ($7,212,857). Staff is recommending through this Report that Council approve additional budget amendments totaling $37,903 and budget carryovers to 2013/14FY totaling $7,212,857 as shown in TableslA and 1B, respectively. The recommended budget amendments are the following: • Increase in revenue and expenditure budget of $1,292 to account for interest earnings on developer contributions and a corresponding increase in projects funded by those developer contributions. • Close out of the completed Utility Billing Software project ($2,900). • Increase in expenditure budget of $40,803 to account for more staff time spent on Sewer replacement projects than projected. Page 2 of 9