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Temporary_ Recession Reserve <br /> <br />During the 1991-92 Midyear Budget review, staff recommended the establishment of a <br />temporary reserve to help transition the City's operations as we reduced our expenditure levels to <br />adjust to the reduced funding level that resulted from statewide fiscal problems. Over the last <br />five years, Pleasanton has lost $11 million as a result of the State's budget actions, necessitated <br />by the recession. <br /> <br />Now that the immediate threat of additional fiscal impacts has eased, numerous suggestions have <br />been made for utilizing these funds. Examples are to continue to advance capital improvement <br />projects that have been identified but not fully funded, and to provide additional grants for <br />non-profit services. <br /> <br />Several current CIP projects that are reflected as funded in the CIP may require additional <br />funding once construction is bidded and the projects are underway. These projects include the <br />community pool, the tennis/community park, a fourth fire station, and the Police Department <br />expansion. <br /> <br />Other possible new CIP projects that are not funded include: <br /> <br /> · the purchase of 17 acres from San Francisco (up to $7-9 million) <br /> · the purchase of 3 acres of San Francisco property for a City Hall campus <br /> · provide up to $3.6 million to eliminate 24 homes on the proposed Happy Valley Golf <br /> Course <br /> · new sports fields <br /> · in-line skating facility <br /> · Community center/City Hall facility <br /> · assist East Bay Regional Parks District in buying Ridgelands property <br /> <br />Staff recommends that the Council discuss this reserve at the year end review scheduled for June <br />1996, when the Council and public will have an opportunity to weigh project priorities and <br />funding options, and when more information will be known about oppommities on the San <br />Francisco land. Any decisions can then be incorporated into the second year of the two year <br />budget or into the next two year budget as Council deems appropriate. <br /> <br />Capital Projects Reserve <br /> <br />In accordance with the City's Financial Policies, excess funds from the General Fund are set <br />aside in the Capital Project Reserve, and used for capital projects. This has been the funding <br />source for numerous projects over the years. Partial funding for the Harvest Park Middle School <br />gym and the new public safety radio system came from this source. <br /> <br />The projected balance by year-end in the Capital Projects Reserve is $1.6 million. The use of <br />these funds will be studied when the year end review is done in June 1996. <br />SR 96:120 <br /> 8 <br /> <br /> <br />