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BACKGROUND
<br /> The City Council adopted the four-year FY 2015/16 though FY 2018/19 Capital
<br /> Improvement Program (CIP) on June 16, 2015. Since that time, there have been a few
<br /> budget adjustments to the FY 2015/16 portion of the CIP through various Council
<br /> (agenda) actions. This report puts forth the approved changes to date plus additional
<br /> recommended adjustments to the CIP for the FY 2015/16 for Council's review and
<br /> approval.
<br /> DISCUSSION
<br /> Sewer CIP
<br /> There are no recommended midyear budget adjustments to the Sewer CIP fund.
<br /> Table 1. Sewer CIP Funds
<br /> FY 2015116 Adjustments FY 2015116 Recommended FY 2015116
<br /> Original Approved by City Council Adjusted Mid-year Mid-year
<br /> Budget Carryovers Others . Budget Adjustments . Budget
<br /> Beginning Fund Balance $11,437,815 $11,437,815 $11,437,815
<br /> Plus Revenues 242,530 242,530 242,530
<br /> Transfers In 1,200,000 1,200,000 1,200,000
<br /> Transfers Out - - -
<br /> Less Expenditures/Reserves 1,075,000 $ 7,626,674 8,701,674 8,701,674
<br /> Ending Fund Balance $11,805,345 $ (7,626,674) $ - $ 4,178,671 $ - $ 4,178,671
<br /> Water CIP
<br /> Recommended Midyear adjustments to the Water CIP funds are shown in Table 2. The
<br /> revenue adjustments of$10,000 is related to increased interest earnings in the Water CIP
<br /> fund. As a result of this adjustment, the unencumbered ending fund balance will increase
<br /> by $10,000 and is projected to be $11.4 million on June 30, 2016.
<br /> Table 2. Water CIP Funds
<br /> FY 2015/16 Adjustments FY 2015/16 Recommended FY 2015116
<br /> Original Approved by City Council Adjusted Mid-year Mid-year
<br /> Budget Carryovers Others Budget Adjustments Budget
<br /> Beginning Fund Balance $16,459,577 $16,459,577 $16,459,577
<br /> Plus Revenues 947,098 $ 17,216,995 18,164,093 $ 10,000 18,174,093
<br /> Transfers In 1,700,000 1,700,000 1,700,000
<br /> Transfers Out - - -
<br /> Less Expenditures/Reserves 2,370,000 22,561,207 24,931,207 24,931,207
<br /> Ending Fund Balance $16,736,675 $ (5,344,212) $ - $11,392,463 $ 10,000 $11,402,463
<br /> Miscellaneous CIP
<br /> Recommended Midyear adjustments to the Miscellaneous CIP funds are shown in Table
<br /> 3 and include increases in projected revenues and an increase in transfers-in of
<br /> $1,000,000. These revenues and transfer-in are off-set by transfers-out of$372,271 and
<br /> expenditures of$703,357. The major causes of these changes are as follows:
<br /> • $1 million transfer-in from the General Fund as part of the proposed General
<br /> Fund midyear budget adjustments.
<br /> • $248,961 in revenues associated with the LED Light Retrofit project.
<br /> • $372,271 transfer-out to the Downtown Parking In-lieu Fund related to a prior
<br /> agreement between the City and the developer of the 511 Main Street property
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