SR 05:312 - Laserfiche WebLink

funding to the highest priority project(s). This would essentially eliminate the current practice of establishing multiple funding reserves for CIP projects. The advantage of this approach is that it establishes a process whereby funding tracks the highest priority projects. As a result, there is a greater chance that an individual project(s) in the highest priority category will be fully funded more quickly than utilizing the current process of establishing reserves to partially fund numerous projects. The downside of this approach is that the public may have an interest in seeing at least partial funding of projects so that it can engage in planning, fund raising or other activities. The following reserves are in the current CIP: CURRENTLY FUNDED CP RESERVE PROJECTS Proiect Current Fundinl! Aquatic Center Expansion - Phase II Reserve $280,000 Bernal Propertv Improvement Reserve $4,761,208 Civic Center Site Improvements Reserve including Library/Office $2,643,428 BuildimdParking/Y outh and Communitv Center Downtown Specific Plan Improvements Reserve $750,000 New Community Park Site Acquisition Reserve* $733,486 Reserve For Currentlv Funded CIP Proiects $250,000 South Pleasanton Park Site Acquisition Reserve* $727,275 TOTAL $10,145,397 *Includes funding restricted to acquiring park land If the Council directs staff to modify the current practice of establishing multiple reserves, staff would, as part of the next CIP process, establish a Capital Improvement Reserve (CIPR) account which the Council would use to fund, to the fullest extent possible, its highest priority project(s). Other priority projects would be funded to meet the cost of planning and design without creating a reserve in anticipation of future funding. This process may also involve combining Parks and Miscellaneous projects into one CIP category. Exceptions would need to be made to address the use of fees with restricted funding such as the In Lieu Park Dedication Fee. If the Council approves of the Capital Improvement Reserve concept, staff will provide more detailed information regarding the implementation of this process at a later date. Note that staff is not recommending the elimination of existing reserves at this time. Staff anticipates that as part of the Mid-Term CIP, the Council will have an opportunity to retain or eliminate these projects in favor of the CIPR concept. Staff Recommendation The primary questions at this time are should the City Council adopt a policy establishing criteria for prioritizing CIP projects and should the current CIP practice of establishing reserves for multiple projects be amended to focus on fully funding the highest priority projects. If the Council agrees with these changes, staff recommends it direct staff to prepare more detailed SR:05:312 Page 7