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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 2016. 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 2016. DISCUSSION This Report presents the status of the CIP as of June 30, 2015. 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 FY 2014/15 to FY 2015/16. Sewer CIP Funds Table 1A summarizes the FY 2014/15 activity for the Sewer CIP Funds. The Amended Budget is the original budget plus all budget amendments approved by Council through June 30, 2015. The Adjusted Budget includes the recommended year-end budget amendments being brought forth in this Report. Actual revenues exceeded adjusted budget by $88,170 which is all due to connection fees exceeding budget. The actual expenditures were less than adjusted budget by $7,641,567 mainly due to budgeted projects not being completed during the fiscal year, the majority of which are being recommended to be carried forward to the FY 2015/16 as presented in Table 1B. Staff is recommending through this Report that Council approve additional budget amendments totaling $20,000 and budget carryovers to FY 2015/16 totaling $7,626,674 as shown in TableslA and 1B, respectively. The recommended budget amendments are the following: © Increase in revenue budget of $1,078 to account for interest earnings since the adoption of the Midyear Budget on March 19, 2015. G Decrease in expenditure budget of $18,922 to account related to a project close-out that had $20,000 in expenditure savings off-set by an increase of $1,078 related to developer contributions to future designated CIP projects. Page 2 of 11