RES 95068 - Laserfiche WebLink

TO: Mayor Tarver and Members of the City Council FROM: Deborah Acosta, City Manager SUBJECT: Capital Improvement Program for Fiscal Years 1995/96-1999/00 INTRODUCTION This Five Year Capital Improvement Program (CIP) has been prepared to provide the City Council and the community with information necessary to identify capital improvement needs for the next five years. It is recommended that the fn'st two years of the program be adopted and that funds be appwpriated to cover the projects included in those years. This recommendation differs from the previous practice of funding only the first year of the program. However, to remain consistent with the City's Operating Budget which will cover a two year funding period, staff feels it appropriate to establish a two year funding program for Capital Improvement Projects as well. Similar to the review process for the Operating Budget, staff intends to conduct a thorough review of the Capital Improvement Program at the end of next fiscal year and to provide City Council with any recommended changes from the projects and revenues being proposed in this program. The projects included in the final three years of the program are tentative based on currently identified needs and revenue projections, and as such are subject to revision to accommodate changes in priorities and/or expected funding levels. Staff will continue to review and update the program annually, taking into account changes in community needs and the City' s ability to finance and support specific projects. Because a substantial portion of the total revenue available to the Capital Improvement Program is derived from development fees assessed by the City, the status of the economy and the amount of local development activity during the next several years will play a major role in the City's ability to finance projects included in this program. To address this situation, development related revenue earmarked for FY 1995/96 is primarily derived from development related revenue collected in FY 1994/95 and existing fund balances. Similarly, the revenue projections for FY 1996/97, are based upon revenues expected to be received during FY 1995/96. To assure there is adequate funding available for the proposed 1996/97 projects, staff proposes to refrain from incurring costs on these projects until an assessment of revenues and the annual project review occurs towards the end of next fiscal year at