SR 06:077 - Laserfiche WebLink

of the City. All projects include a construction contingency of various amounts based on estimated need. The Original Project Cost Estimates included on this sheet are based on information included in previous CIP's. While these provide some magnitude of how project costs estimates have changed, when they first appeared in the CIP, they were not intended to be actual project estimates. Rather, they were often provided as a means of establishing a project reserve that could be used to begin project planning and design work. In many ways, comparing the Total Estimated Project Cost included on this sheet with final construction costs following project acceptance will provide a more meaningful indicator of the variance between project cost estimates and final project costs. As indicated on the sheet, the total estimated cost for all projects is $26,738,009. Total available funding is $18,654,860. The total funding shortfall is $8,083,149. To date, approximately $2,559,887 has been spent or encumbered on these five projects. Sheet 2 - Establishment of a Capital Improvement Reserve (CIPR) and Recommended Allocations When late last year the Council reviewed alternatives for prioritizing CIP projects, it indicated an interest in establishing a Capital Improvement Reserve and the need to review existing CIP project reserves with the intent of eliminating or amending those that were not Council priorities. This sheet essentially establishes the CIPR concept and provides a review of major Miscellaneous and Parks reserves and previously approved but not built projects funded with General Funds and facility development fees, and identifies those that could be eliminated or amended. Included in this sheet are the four existing CIP Park projects recommended by the Parks and Recreation Commission to be used to fund the Alviso Adobe Community Park. Also included is the $1,800,000 one-time transfer from the General Fund approved by the Council as part of the FY 2005 yearend report that was earmarked for CIP projects. This transfer does not impact the ongoing $5 million General Fund contribution to the CIP. (Note that this funding plan will also not impact other future funding sources projected for the CIP.) Staff is recommending a transfer to the CIPR of the $2 million set aside previously as a guaranty fund associated with the City and the Pleasanton Unified School District's agreement to fund Vineyard Avenue Infrastructure Improvements. Sheet 3 - Projected Funding Plan for Five CIP Projects This sheet provides the funding plan for each of the five projects. As indicated, all projects can be funded in 2006-07 based on available revenues. However, a number of funding scenarios must be highlighted for clarification as follows: SR:06:077 Page 4