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<br />with construction work beginning possibly beginning in late 2006. Estimated cost of <br />this project is $10.8 million. <br /> <br />Recently the Council has been reviewing final design concepts for these projects as they near the <br />public bidding stage. As part of these reviews, staff is recommending the following funding <br />plan for these projects with the intent that it be included as part of the Mid-Term CIP. <br /> <br />DISCUSSION <br /> <br />The recommended funding plan is attached as Attachment A. In developing the plan, staff <br />focused on meeting the following criteria: <br /> <br />. Avoiding any debt, or borrowing from other City funds, and minimizing the impact on <br />future year CIP funding <br /> <br />. Developing a plan that provides readily available funding so that all projects can proceed <br />based on Council approved design and construction schedules <br /> <br />. Maximizing grants and funding from other sources <br /> <br />. Allowing for a contingency to meet unforeseen costs including more than estimated bid <br />results <br /> <br />. Retaining funding for other priority CIP projects <br /> <br />. Avoiding use of General Funds that have been allocated to Streets programs <br /> <br />. Reviewing existing CIP projects to eliminate those that are not a high priority <br /> <br />The recommended plan meets all ofthe above criteria. <br /> <br />The attached funding plan consists of three sections as follows: <br /> <br />Sheet 1 - Summary of Total Estimated Project Costs and Existing Funding Sources <br /> <br />This sheet provides an estimated total cost for each project, a listing of estimated project <br />funding, identification of the funding shortfall and the original project cost estimate. <br /> <br />To address a Council request, the sheet identifies all costs and existing funding including <br />previous expenditures and encumbrances. As a result, as indicated on the sheet, previous costs, <br />such as master plans, are included in the project budget. All project funding, including previous <br />funding, is also included. Project construction costs are based on existing project estimates and <br />as the Council is aware, these are subject to change based on bid results that are beyond control <br /> <br />SR:06:077 <br />Page 3 <br />