Laserfiche WebLink
Furthermore, staff will be recommending in a future report that <br /> Signature Properties be allowed to exercise their option allowed <br /> under the Park Dedication In-Lieu ordinance to provide their own <br /> neighborhood park needs, in lieu of paying 50% of their fees. This <br /> would reduce revenue estimates for the 5-Year Park CIP by almost <br /> $1.4 million, as shown in Tables 2B and 2C of Appendix D. This <br /> would mean that the 5-Year Park CIP would be short about $1 <br /> million to complete the projects shown. Potentially the $738,000 <br /> could be used to offset this shortfall, which according to revenue <br /> projections would not start to occur until the third year <br /> (1996-97). <br /> <br /> Furthermore, there are still many projects in the CIP for which <br /> funding has yet to be identified. <br /> <br /> Appendix E outlines development related revenues collected through <br /> December 1994. <br /> <br /> Appendix D contains the updated five CIP tables, with recommended <br /> amendments, the Revised 5-Year Park CIP, Projected Park Dedication <br /> Fees, and status update of CIP projects. <br /> <br />In accordance with Council's earlier direction, the 5-Year Park CIP <br />(Table 2B in Appendix D) has been revised to move the North <br />Pleasanton Community Park from the Funded list to the High Priority <br />Unfunded list, since not all the revenues for the project have been <br />identified yet. The 5-Year table has also been revised to reflect <br />the assumption that Ruby Hills will only be paying 50% of the <br />previously projected fees. <br /> <br />CONCLUSION <br /> <br />At this time, staff is recommending only technical changes in the <br />revenue projections and beginning fund balances. Most of these <br />changes have already been reflected in the 1993-94 year end report. <br /> <br />Original projections for 1994-95 reflected a deficit of about <br />$600,000 in the General Fund. Staff expects to reduce <br />significantly (or possibly eliminate) this deficit projection when <br />the Midyear review is complete. The deficit will likely be avoided <br />due to additional salary savings from unfilled positions, an <br />increase in interest income because of rising interest rates, and <br />higher than projected sales tax revenues in 1993-94 which should be <br />partially sustainable in 1994-95. <br /> <br />SR95:26 <br /> 6 <br /> <br /> <br />