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Since TIF revenues were not realized, staff intends to remove the three projects from <br /> the active CIP. The projects can be considered for funding with TIF revenues in the <br /> future, and if prioritized and funded by City Council can be added back into the CIP. <br /> However, the design work for the Nevada Street Improvements project, which involved <br /> significant public outreach and coordination, is complete. As such, the City Council may <br /> wish to prioritize the construction of the Nevada Street Improvements using funding <br /> other than future TIF revenues. If so, staff seeks that direction now and will present <br /> options for funding this project in the May proposed CIP budget presentation. No work <br /> has occurred on the Santa Rita Road at Valley Avenue and Santa Rita Interconnect <br /> projects, so staff does not believe deferral of these two projects will be an issue. <br /> Next Steps <br /> The FY 2023/24 and FY 2024/25 Proposed Operating and Capital Budget will be <br /> presented to the City Council for consideration at the May 16, 2023, meeting. <br /> Submitted by: Approved by: <br /> Susan Hsieh erry Beaudin <br /> Director of Finance ,' City Manager <br /> Attachments: <br /> 1. Preliminary General Fund Budget Summary <br /> 2. Updated Reserve Policy <br /> 3. Current Reserve Policy <br /> 4. Recommended Work Plan for FY 2023/24 <br /> Page 9 of 9 <br />