RES 221318 - Laserfiche WebLink

57 City of Pleasanton Mid-Term Budget Update • FY 2022/23 In June 2021, the City Council adopted the Capital Improvement Program (CIP) for Fiscal Years 2021/22 through 2024/25 and approved the funding for all projects included in Fiscal Years 2021/22 and 2022/23. In anticipation of work beginning on projects approved for FY 2022/23, this Mid-Term Update of the CIP is intended to (1) ensure that revenues are available to fund approved projects, (2) amend, add or delete new and existing projects so they are consistent with current funding, workloads and scheduling, (3) ensure consistency with the adopted City Council priorities, and (4) meet community expectations. This document highlights the result of that review. The City Council must approve amendments to the CIP and such approval only impacts FY 2022/23 projects. Those in the final two years of the program (FY 2023/24 and FY 2024/25) continue to be for planning purposes only and are based on currently identified needs and revenue projections which are subject to change. In addition, future modifications to City Council priorities may result in changes to projects when the new 4-year CIP is prepared in the spring of 2023. Staff will continue to review and update the CIP annually considering changes in community needs and City’s ability to fund specific projects. Program Overview Program Overview FY 2022/23 Mid-Term CIP budget discusses CIP revenues, transfers, project expenditures, and amendments, including recommended new projects. In addition to this narrative, the document includes the following sections: • Summary financial table of all CIP financial resources, projects and estimated ending fund balances for FY 2022/23 • Projects by funding sources • Proposed project modification summary • Project description sheets for new and amended projects FY 2022/23 Mid-Term CIPFY 2022/23 Mid-Term CIP FY 2022/23 Mid-Term CIP budget includes $13.2 million allocation for 11 projects. As described in the following pages, there are a total of two new projects and nine existing projects that require additional funding. In addition, a transfer of $543,221 from the CIP Reserve (CIPR) to the General Fund CIP projects is included. This action will leave $2.2 million in the CIPR fund for future emerging project needs. The 11 projects include funding for six priority projects discussed by City Council at a Special Council meeting held on April 12, 2022. Funding for these projects is discussed in greater detail later in this report. Overview and Summary FY 2022/23