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Vice Mayor Brown noted there were no speakers to address this item. MOTION: It was m/s by Olson/Narum to adopt the Resolution No. 15-737 accepting the Midyear FY 2014-15 Operating Budget and amendments. Motion passed by the following vote: AYES: Councilmembers Narum, Olson, Pentin, Vice Mayor Brown NOES: None ABSENT: Mayor Thorne 13. Consider adoption of a resolution accepting the Midyear FY 2014-15 Capital Improvement Program (CIP) budget and amending said budget accordingly Ms. Olson presented the Midyear CIP budget and related amendments. The sole recommended adjustment to the Sewer CIP is an increase in interest earnings of $39,400. The Parks CIP also saw an increase in interest earnings ($82,550) which is offset by a slight increase in expenditures ($3,000) to help fund the Bernal Property Improvements Phase 2 Reserve. The sole recommended adjustment to the Water CIP is a $125,000 increase in revenues related to an agreement with DSRSD for use of the city's recycled water. The Miscellaneous CIP saw several adjustments. Revenue adjustments of $346,595 include interest income of $30,600, $30,670 in Happy Valley Sewer and Water Connection fees, and $285,000 in loan proceeds from the California Energy Commission for the LED Street Lighting project. Expenditures are adjusted to reflect a $350,000 payment on the California Energy Commission loan. Transfer adjustments include $95,000 from the General Fund to pay a portion of the California Energy Commission loan and $32,000 to the General Fund for partial repayment on the golf course loan. The Streets CEP include revenue increases of $293,000, $82,750 of which is interest earnings and $210,543 of which is from freeway interchange fees from the City of Dublin. Staff is proposing to allocate these interchange fees to the future projects reserve. After minor adjustments to transfers and expenditures, the fund balance is projected to see a net increase of$63,926. Ms. Olson stated that her department has issued budget instructions to all departments in preparation for the next budget cycle. This next budget will focus in part with increasing the amount of funds allocated to repair and replacement as well as capital projects to reflect the city's intentional efforts to cut back in these areas during the recession. Her staff will meet with the City Manager and other departments the week of April 13`h to review their respective budget proposals. The Council is expected to hold budget workshops on May 19th and/or June 2"°, with a goal of adopting the budget on June 16`h. Councilmember Narum recalled that the golf course loans had been paid off recently and requested clarification on the $32,000 transfer from the Miscellaneous CIP. Mr. Fialho explained that this is not related to the interest bearing construction debt that was paid off as she recalled. This transfer is for partial repayment of the initial investment in golf course infrastructure made by the General Fund. While he did not know the precise balance, he did say that it is still in the millions. Vice Mayor Brown noted there were no speakers to address this item. MOTION: It was m/s by Olson/Pentin to adopt Resolution No. 15-738 accepting the Midyear FY 2014- 15 Capital Improvement Program (CIP) budget and amendments. Motion passed by the following vote: • City Council Minutes Page 6 of 9 March 17, 2015