SR 05:312 (2) - Laserfiche WebLink

a result, there is a greater chance that an individual project(s) in the highest priority category W'ill be fully funded more quickly than utilizing the current process of establishing reserves to partially fund numerous projects. The doW'nside 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. If the Council directs staff to modify the current practice of establishing multiple reserve projects, staff W'ould, as part of the next CIP process, continue to utilize the Capital Improvement Program Reserve (CIPR) account W'hich the Council W'ould use to fund, to the fullest extent possible, its highest priority project(s) rather than multiple projects. Unlike the current practice of using funding the reserve primarily W'ith General Fund, it W'ould also be funded W'ith the appropriate development fees. Other priority projects W'ould be funded to meet the cost of planning and design W'ithout creating a reserve in anticipation of future funding. This process may also involve combining Parks and Miscellaneous projects into one CIP category. Exceptions W'ould need to be made to address the use of fees W'ith restricted funding such as the In Lieu Park Dedication Fee. If the Council approves of the expanded Capital Improvement Reserve concept, staff W'ill 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 W'ill have an opportunity to retain or eliminate these projects in favor of the CIPR concept. Staf"f" 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 W'ith these changes, staff recommends it direct staff to prepare more detailed information including a resolution reflecting this policy concept and provide information regarding establishing a Capital Improvement Program Reserve account. Further, the Council may W'ant to indicate W'hether the neW' priority system should be implemented immediately or at a later date expected to be related to the Mid-Term CIP. Based on the status of existing projects, staff recommends the Council continue revieW'ing projects as necessary W'ith the goal of implementing the priority system for the Mid-Term CIP. Therefore, existing projects scheduled to be revieW'ed for approval and perhaps additional funding, W'ill be processed as scheduled during this fiscal year prior to the Mid-Term CIP. SR:05:3l2 Page 8