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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 2018. 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 or February of 2018. DISCUSSION This Report presents the status of the CIP as of June 30, 2017. 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 2016/17 to FY 2017/18. Sewer CIP Funds Table 1A summarizes the FY 2016/17 activity for the Sewer CIP Funds. The Amended Budget is the original budget plus all budget amendments approved by Council through June 30, 2017. The Adjusted Budget includes the recommended year-end budget amendments being brought forth in this Report. Actual revenues exceeded the adjusted budget by $3,593 which is primarily due to interest earnings on the fund balance exceeding the budget and additional sewer connection fees. The actual expenditures were less than the adjusted budget by $9.2 million 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 2017/18 as presented in Table 1B. Staff is recommending through this Report that Council approve additional budget amendments totaling ($1,000) and budget carryovers to FY 2017/18 totaling $9.2 million as shown in TableslA and 1 B, respectively. The recommended budget amendments are the following: • Increase in revenue budget of$3,593 to account for additional interest earnings and connection fees. • Increase in expenditure budget of$4,5931 to account for total interest earnings and additional connection fees received but not budgeted in FY 2016/17. ' $1,000 of the$4,593 are interest earnings reflected in the FY 2016/17 revenue budget but not allocated. 2