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Possibly some of the funding could be obtained from grants, or other sources. However, in the <br />absence of other revenue sources, the General Fund would need to contribute the equivalent of <br />-- $3 million or more annually to the CIP for either direct contributions to projects or other forms <br />of debt service payments for projects. Staff will be exploring this need when the Midterm <br />budget is updated this spring, and will begin phasing in (if feasible) these additional payments <br />from the General Fund. Staff also will be working with a financial advisor to determine how the <br />City can best leverage its cash resources and still meet the cash flow needs for construction of <br />these projects, using a combination of debt financing and cash contributions. To assist with the <br />funding of future projects, the City could decide to seek two-thirds voter approval to issue <br />General Obligation Bonds, generating the revenue to make annual debt payments by applying a <br />surcharge to property tax bills. However, staff would pursue existing sources of revenue prior to <br />ever seeking additional tax authority. <br />CONCLUSION <br />Overall, net adjustments to expenditures are minimal, and are mostly offset by increased <br />revenues or salary savings. <br />Revenue projections have increased due to revised property tax projections, interest income, and <br />development related fees. Sales tax will need to be reviewed again in the third quarter report <br />after details of the Christmas quarter are available. <br />Staff is recommending that $800,000 be added to the General Fund Capital Project Reserve until <br />June of this year when Council will review the Midterm update of the two year Operating <br />Budget and CIP. <br />Respectfully submitted, <br /> <br />Susan Rossi <br />Director of Finance <br />~~ ~ <br />Deborah Acosta <br />City Manager <br />ATTACHMENTS: <br />Appendix A: Resolution <br />Appendix B: 1997-98 Operating Budget, Recommended Midyear Amendments <br />Appendix C: Summary of Operating Budget Revenue and Transfers by Fund <br />Appendix D: General Fund Revenue Projections Midyear 1997-98 <br />Appendix E: Capital Improvement Program, Recommended 1997-98 Midyear Amendments <br />Appendix F: Sales Tax Update, Third Quarter 1997 <br />SR 98:63 <br />Page 12 <br />