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The budget for the FY 2022/23 Mid-Term CIP, totals $27.6 million, an increase of$11.6 million from the $16.0 million projected in June 2021 when the FY 2021/22 through FY 2024/25 CIP was adopted. All of these projects are funded by revenues traditionally earmarked for the City's Capital Improvement Program, including a General Fund transfer of $9.1 million. BACKGROUND The City of Pleasanton prepares a biennial operating budget. On June 15, 2021, the City Council adopted the biennial operating budget for FY 2021/22 and FY 2022/23 and the current Capital Improvement Program budget. The Mid-Term Budget Review updates the FY 2022/23 operating and CIP budgets. The Mid-Term Capital Improvement Program (CIP) was prepared with a focus on adhering to the current CIP budget. Adjustments were made for any changes needed to address project bids impacting project budgets, changes in funding sources, modifications needed to address anticipated funding shortfalls, and/or the addition of prioritized new projects. DISCUSSION The operating budget update includes adjustments to several funds including the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds. Adjustments to the General Fund include updated revenue projections for property tax, sales tax, business license tax, and documentary transfer tax. Also included are changes to the expenditure budget for updated personnel cost estimates, professional services, Crisis Response Program, general liability insurance, supplies and equipment, and repairs and maintenance costs. As a result of these adjustments, the General Fund operating budget remains balanced at $137.2 million with reserves of $41.0 million. The Mid-Term CIP retains all existing funded and projected CIP projects and recommends adding two new projects and amending five existing projects as described in Attachment 2. A net increase of$3.9 million in funding for the Mid-Term CIP will be allocated to the following projects: New Projects • OSC Fire Alarm and Notification System $800,000 • OSC Generator Replacement 575,000 Additional Funding for Existing Projects • Lemoine Bypass Pipeline $100,000 • Annual Playground Renovations 180,000 • Annual Court Resurfacing 250,000 Page 2 of 4