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THE CITY OF <br /> ''` /#""'° I "`_ CITY COUNCIL AGENDA REPORT <br /> pL£ASA T0\ <br /> April 12, 2022 <br /> Library and Recreation <br /> TITLE: REVIEW AND PRIORITIZE CAPITAL IMPROVEMENT PROJECTS ON CITY <br /> COUNCIL'S PRIORITY LIST <br /> SUMMARY <br /> The number of capital projects on the City Council's priority list exceeds current financial <br /> resources and staff capacity to complete them. In order to allocate resources to the <br /> highest priority projects, staff is seeking direction on City Council's highest priority <br /> projects for funding to inform future budget discussions. <br /> RECOMMENDATION <br /> Review and provide the top two priorities amongst the projects that are competing for <br /> capital improvement funding. <br /> FINANCIAL STATEMENT <br /> Currently, $7.4 million is available in the Capital Improvement Program (CIP) reserve <br /> fund for Fiscal Year (FY) 2021/22 and $2.17 million is budgeted to transfer in for FY <br /> 2022/23 for a total of approximately $9.57 million. There are several competing <br /> demands on this amount including department budget requests and other CIP projects. <br /> The current list of projects for prioritization totals approximately $52,825,000 on the low <br /> end and $86,975,000 on the high end of the cost estimates. If the Council chooses to <br /> direct the reserve to the projects under discussion, it may impact other needs being <br /> evaluated for the Mid Term FY 2022/23. <br />