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Additional Funding for Existing City Council Priority Projects • Century House Facility Repair $4,643,500 • West Las Positas Boulevard Repairs 2,500,000 • Skatepark 2,000,000 • Library Roof Replacement 525,000 • Library Lighting 400,000 • Pleasanton Cricket Pitch & Field 250,000 At a Budget Workshop on May 31, 2022, City Council provided staff with direction on two capital projects and use of Rainy Day reserve funds. • Increase the funding for the Century House Facility Repair project from the proposed $1.7 million to $4.8 million to facilitate full funding and completion of the project • Decrease the Skatepark project from the proposed $3.0 million to $2.0 million to offset some of the Century House Facility Repair project allocation • Transfer an amount not exceeding $2.0 million dollars from the Rainy Day Fund to address the balance of allocation for the Century House Facility Repair project. Following the budget workshop, the review of bid proposals for the library roof replacement project provided cost estimates that were significantly lower than the original engineering estimates — approximately $525,000 instead of $2.7 million, a difference of $2.2 million. This change is reflected in the Additional Funding for Existing City Council Priority Projercts list shown above. Based on this reduction in costs, the transfer of $2.0 million from the Rainy Day Fund reserve is no longer necessary to fully fund the Council's identified projects for the Mid-Term CIP. With this, staff is recommending that at this time no funding be transferred from the Rainy Day reserve. Accordingly, the FY 2022/23 Mid-Term Update being presented for adoption, provided as Attachment 2, includes the Council's direction on funding levels for the Century House Facility Repairs and Skatepark projects, but not the transfer from the Rainy Day Fund. This City of Pleasanton's General fund reserve policy is to maintain minimum reserves equal to 20 percent of operating expenses, a maximum of 30 percent and a target of 25 percent. The current proposed budget is reflecting a reserve of 30.7% as shown below. FY 2022/23 Percent of Mid-Term Budget Operating Total General Fund Reserve $41,009,121 30.7% Should Council determine to use Rainy Day reserve funds as discussed and directed at the budget workshop, two alternatives are provided: Page 3 of 4