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in annual street resurfacing costs and significant amount of project carryovers. She touched on several of the larger project carryovers, many of which relate to Staples Ranch and have been completed since June 30, 2012 and one which relates to the undergrounding of electrical lines on Old Stanley Boulevard. The latter is pending Rule 20A and 20B monies from PG&E, which staff anticipates will take several more years. Vice-Mayor Cook-Kallio asked whether there has been any movement on that. City Engineer Kirkpatrick acknowledged that the project has been in the works a long time. He said he had no firm update other than that the project will be accomplished based on revenues. Staff's current plan is to begin the undergrounding in 2016 and the street improvements in 2017. Councilmember Narum asked whether staff has any estimate on the cost of the De Laguna at Bernal Bridge crossing the arroyo. Mr. Kirkpatrick said they have studied a number of iterations in terms of both design and construction but committed to nothing. Current estimates are about $4 million. Ms. Wagner completed her review of the Streets Fund, stating it ends the fiscal year with an unencumbered balance of $7.7 million. She provided an overview of upcoming finance activities which include review of the CAFR by the Finance Committee and Council beginning in January, a mid-year budget review in March and then the mid-term review for the second year of the two year budget in June 2014. Vice-Mayor Cook-Kallio noted there were no public speakers. Councilmember Brown referred to a list of streets project carryovers, which include line items for very specific amounts. She asked how monies within the fund are distributed amongst projects. Ms. Wagner explained that past practice was to carryover excess allocations once projects were completed, which is why there are some rather specific and unusual dollar amounts allocated within the fund. She said she has been working with Engineering to close these out to the fund balance in order to streamline the process. Councilmember Brown rephrased her question and asked how it is decided to allocate funds to one roadway versus another. Mr. Fialho explained that every project has a story and a funding source. Using Old Stanley as an example, the city is strategically using PG&E money for the project rather than financing itself. In the case of Vineyard Avenue, the trail improvements and landscaping rely on financing from the Vineyard Avenue Specific Plan Fees which are generated with development in that area. In many instances, the city is waiting for the cash flow to come in rather than leverage General Fund monies to complete the project. On a larger scale, staff makes recommendations to the Council on how much should generally be set aside for areas such as street maintenance, curb replacements and other general repairs or improvements. MOTION: It was m/s by Narum/Pentin to waive full reading and adopt Resolution No. 13-550 accepting the 2012/13 FY Year-End Financial Report and the Capital Improvement Program and amending the 2012/13 FY CIP Budget. Motion passed by the following vote: Ayes: Councilmembers Brown, Narum, Pentin, Vice Mayor Cook-Kallio Noes: None Absent: Mayor Thorne City Council Minutes Page 5 of 6 December 3, 2013