SR 06:085 - Laserfiche WebLink

projects ($642,272), and the 2004 Certificates of Participation for general city facilities ($583,775). The offsetting revenues for these payments will still come from the appropriate CIP funds, and will be done in the form of transfers, as shown on page A-3 and discussed in the CIP narrative that follows below. In addition, staff is recommending that annual park renovation projects that were previously shown in the CIP (but funded from the Park Renovation Fund in the Operating Budget), now be shown in the Operating Budget, as of Quarter 1 2006 and going forward. Page A-3 shows $3 million in Park Renovation funds being transferred back to the Park Renovation Fund in the Operating Budget. The remaining expenditure budget balances of $2.7 million are shown as being removed from the CIP and reappropriated in the Operating Budget. Operating Budget amendments already approved by Council in the first quarter are also reflected on page A-3. Included is $636,350 for the federally supported "Secure Our Schools" program, which is intended to support school site security and general security infrastructure through partnerships between local law enforcement and schools. These costs will be paid in part by a federal grant in the amount of $318, 175, with the remainder being matched by the Pleasanton Unified School District. Because of the two funding sources, the revenue and expenditures are split between the General Fund and the Law Enforcement grant fund on page A-3. Staff is not recommending any additional revenue or expenditure budget amendments at this time, as a detailed review is currently underway as part of the midyear (MY06) budget update. By late March or early April, better information will be available regarding major revenues such as property, sales and hotel taxes. This additional information will enable staff to update MY06 revenue projections at that time. These revised midyear revenue projections will then become the basis for updating the 2006- 07 revenue projections that will be incorporated into the upcoming Midterm (MT07) budget report. General Fund Caoital Proiects Reserve As part the ofthe yearend 2004-05 financial report, Council authorized the addition of $3.8 million to the General Fund Capital Projects Reserve. Of this amount, $2 million was designated for future golf course debt service. This amount in combination with $1.6 already reserved for this purpose is expected at this time to be sufficient to make up projected shortfalls between golf course net income and debt service payments for the years ending June 2007, 2008 and 2009. This means that projected golf debt service shortfalls are now funded through the current and the next two-year budget cycle that will end June 2009. The interim financial 3 SR06:085