RES 98092 - Laserfiche WebLink

community expenditures ($89,500); an additional street light internal loan payment ($100,000); contract services ($168,000); Livermore fire contract ($152,000); capital outlay ($157,000); contingency for pending new/expanded programs and other unknowns ($172,400); increased replacement/renovation accruals for future expenditures ($450,000); and other operating costs ($293,000). A discussion regarding proposed amendments to expenditures is included on pages 7 through 13 of the mid-term budget. As outlined on pages 14-15 of the mid-term budget, staff is also recommending the transfer of $5.84 million to the CIP for specific projects as outlined in the CIP discussion below. Current State budget proposals for the 1998-99 fiscal year could result in a loss of vehicle license fees (VLF) to the City, as described on page 6 of the mid-term budget. Therefore, staff is recommending that $700,000 be left in reserve, designated to offset potential VLF losses. If the loss does not materialize, the money will be transferred to the Capital Improvement Program. COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM (CDBG) AND OTHER HOUSING FUNDS The 1998-99 revised budget of $232,800 for Community Development Block Grant Funds reflects the allocations approved by Council at the public hearing on April 1, 1997. Details of the approved allocations are shown in Attachment C on page 21 in the mid-term budget document. The estimated amounts reflect $9,074 less grants to the community than estimated in the original 1998-99 budget, because the CDBG grant allocation to the City was less than projected. The grants to each agency were reduced accordingly on a prorata basis. In addition, staff is recommending that expenditures from the Lower Income Housing Fund and the HOME Program Fund be amended as also shown in Attachment C. CAPITAL IMPROVEMENT PROGRAM The mid-term Capital Improvement Program is intended to address revenue and expenditure adjustments needed to meet the City's capital improvement needs over the next four years. As indicated, it is not a "new" program but rather an amendment to the Program adopted earlier this fiscal year. As indicated in the attached document, the Program projects revenues of $67,018, 946 and expenditures of $64,289,546. These total compares with $50,823,623 estimated in the adopted Program. As indicated on pages 24-26 of the mid-term budget, this change results from a number of factors of which the most notable are: · $5,736,124 from development related revenue. This adjustment has been made to better align revenues with projected development activity. · $3,624,703 additional revenue included in fund balances reflecting the inclusion of revenue estimated for this fiscal year. SR98:172 3