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THE CITY OF PLEz'�Sf�NTONo CITY COUNCIL AGENDA REPORT June 17, 2014 City Manager TITLE: ADOPTION OF THE MID-TERM CAPITAL IMPROVEMENT PROGRAM FOR FISCAL YEARS 2014-2015 THROUGH 2016-2017 SUMMARY Every two years the City Council adopts a Capital Improvement Program (CIP) to assure that infrastructure and capital improvement needs are adequately addressed and planned. In anticipation of work beginning on the new funded projects approved for Fiscal Year 2014-15, a Mid-Term review of the CIP has been conducted to assure that revenues are available to fund approved projects, to amend, add or delete new and existing projects so they are consistent with current funding, workloads and scheduling, to assure consistency with the adopted City Council priorities, and to meet community expectations. The result of that review is the Mid-Term CIP included as Attachment 2 to this report. If approved, it will be bound into one document with the Mid-Term Operating Budget creating the Mid-Year Budget. RECOMMENDATION 1. Approve the attached resolution adopting the Mid-Term Capital Improvement Program for Fiscal Years 2014-2015 through 2016-2017(Attachment 1). 2. Appropriate the CIP revenue and approve amendments to FY2014-15 project expenditures, including the carry-overs included in Attachment E of the Mid-Term CIP. FINANCIAL STATEMENT Over the next three years, the. Mid-Term CIP estimates total financial resources to be $68,072,881 and expenditures to be $38,469,685. All of these projects are funded from revenues traditionally earmarked for the City's Capital Improvement Program, including a General Fund transfer of $1,300,000 in 2014-15 and the same amount anticipated in the final two years of the program. The General Fund transfers are estimated amounts and other then the 2014-15FY transfer, they are subject to the status of future General Fund revenues.