RES 94042 - Laserfiche WebLink

Interest rates projections are being revised up by $31,000. It is also recommended that the $88,245 Final amendment for downtown water line improvements (which has already been approved), be changed to reflect the use of surplus funds from the 1987 COP f'mancing. The 1987 COP was originally issued to finance the Sycamore Reservoir, and $50,600 of the surplus funds have already been used for the downtown. With these changes, the Water Capital Expansion Fund will have a projected ending balance at June 30, 1994 of $584,000; and the Water Replacement/Improvement Fund will have a projected ending fund balance of $387,000. These projections assume fee revenue is not recognized until next year. See Table 2 in Appendix E (page 70) for details. Street Capital Improvement Budget Staff is recommending that only minor revenue/expenditure amendments be made. At year end 1992-93, staff made a correction to the Street CIP budget which reduced funding for the 1993-94 street projects by $150,000. Staff is now recommending that $150,000 of SB300 funds be used to make up this shortfall. The alternative would be to reduce the annual resurfacing project, which staff does not recommend. With the changes recommended, the Street CIP will have a projected ending balance at June 30, 1994 of $6,600. See Table 3 in Appendix E (page 74). Park Capital Improvement Budget Staff is not recommending any adjustment to fee revenue projections for the Park Fund. Through December 1993, $418,000 in Park Dedication Fees had been received this fiscal year, or 67% of the annual projection. Interest income projections are being increased by $10,000; and the Carins property refund of $79,200 is reflected. With the recommended changes, the Park CIP will have a projected ending fund balance at June 30, 1994, of $554,000. See Table 4 in Appendix E (page 76). Miscellaneous Capital Improvement Budget Staff is not recommending any adjustment to fee revenue projections at this time. Through December 1993, $392,000 has been collected, or 21% of the annual projection. Interest' projections are being decreased by $63,000. Adopted projections were too high for the reduced level of reserves projected for this year. A refund of $31,228 is reflected for the Carins property. Developer contributions toward a heavy patrol vehicle for the Fire Department totalling $175,000 were assumed when the 1993-94 CIP was prepared. Of this amount, $48,772 has yet to be identified, and $31,228 has already been refunded for Carms. Therefore, this leaves an $80,000 shortfall for the vehicle which is on order. Staff shows this shortfall being filled by a loan from the Emergency Medical Services (EMS) Fund. If and when the additional funding is received, the loan will be repaid. SR94:100 12