SR 05:166 - Laserfiche WebLink

CAPITAL IMPROVEMENT FUNDS Recommended updates to the CIP are outlined in Appendix B. The Quarter 2 worksheets for each of the five CIP categories are presented as well as the Adjusted Budget worksheets for each category. Numbers in italics represent amendments and transfers already approved by Council. Staff has reviewed each project and has recommended some transfers of balances from completed projects to current projects as well as changes in project budgets due to changes in revenue sources. Interest income projections have a net increase of $41,301. Developer fees projections show a net decrease of $6,444,195 because the methodology for presenting them has changed. The previously adopted FY05 Budget reflected the estimates for the developer fees expected to be collected during the year. During this year's midyear review, the annual estimates have been reduced to the actual developer fee revenue received during the 6 months from July through December 2004. The most significant of the recommended changes in the Capital Improvement Funds are described as follows: In the Parks CIP (Quarter 2 adjustments pages B9-B 12), interest income estimates did not change. The estimate for Park Dedication fees has been decreased by $2,909,972 due to the new methodology explained above. Another large adjustment is taking out the "Transfer to Next Year's Revenue" at midyear for the Park Dedication fees. This is only being done in the Parks CIP. The reason for this is to be able to pay back the General Fund in FY04-05 the balance of the money ($1,830,333) it advanced to the Golf project to purchase land. This quarter, both the revenue and the expenditure budgets for the "Bemal Creek Restoration" project are being reduced by $1,248,000. This is because portions of the project are being completed by developers instead of the City. The primary reason that the estimated ending fund balance decreases by $367,754 is that the balance of the Measure B Trails revenue is being appropriated to the General Trail Improvements project. In the Streets CIP (Quarter 2 adjustments pages B l-B4), interest income estimates did not change. The estimates for traffic related developer fees have been decreased by $1,797,642 due to the new methodology explained above. The estimates for Gas Tax revenue have been reduced by $100,000. Some transfers were made between funding sources within individual projects to use Measure B and Gas Tax moneys instead of General Fund moneys. The 1-580 Corridor project has been completed and presented to Council. The final accounting for this project decreased the estimate of State grant reimbursements by $400,759 and increased the City's share of costs by $490,634. The estimate of developer contributions revenue is increasing by $1,533,508. This is primarily the Vineyard Avenue Specific Plan Fees that Council recently appropriated for the Vineyard Corridor Infrastructure Improvements project. The $500,000 Sunol Boulevard Widening project has been removed. There is a net $649,786 decrease in the estimated ending fund balance. In the Miscellaneous CIP (Quarter 2 adjustments pages B17-B19), interest income estimates increased by $41,301 in the Golf CIP Fund. The estimate for Public Facilities developer fees has been decreased by $1,202,812 due to the new methodology explained above. The $1,830,333 transfer from the Parks CIP referred to above was partially used to transfer $1,218,698 to the Golf project and $217,943 to the Park CIP for the Val Vista Park project. Those transfers have already been approved by Council. The estimated ending fund balance has been increased by $829,747, SR 05:166 Page 8