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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 recommends 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 2015. 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 2015. DISCUSSION This Report presents the status of the CIP as of June 30, 2014. 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 grant revenues and project funds from 2013/14FY to 2014/15FY. Sewer CIP Funds Table 1A summarizes the 2013/14FY activity for the Sewer CIP Funds. The Amended Budget is the original budget plus all budget amendments approved by Council through June 30, 2014. The Adjusted Budget includes the recommended year -end budget amendments being brought forth in this Report. Actual revenues exceeded adjusted budget by $30,838 and actual expenditures were less than adjusted budget by $7,287,541. A majority of the increase in revenues was due to sewer connection fees ($7,632) and interest income ($25,165) being greater than projected. The expenditure variance is mainly due to budgeted projects not being completed during the fiscal year ($7,237,542); majority of which are being recommended to be carried forward to the 2014/15FY as presented in Table 1B. Staff is recommending Council approval of additional revenue and expenditure budget amendments totaling $18,872 and budget carryovers to 2014/15FY totaling $7,237,542 as shown in TablesIA and 1B, respectively. The recommended budget amendments are as follows:: • Increase in revenue and expenditure budget of $18,872 to account for interest earnings and developer contributions received after the adoption of the Midyear Budget on March 18, 2014 Page 2 of 10