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<br />goals adopted for the Golf Enterprise in September 2005 (SR 05:255), recommend <br />that projected debt service shortfalls through June 2009 be funded no later than the <br />spring of 2007. Therefore, the City has achieved that goal at least one year ahead of <br />schedule. <br /> <br />The remaining $1.8 million that was added to the General Fund Capital Projects <br />Reserve at yearend 2005 has since been designated by the City Council at its meeting <br />on March 7, 2006 (SR:06:077), to be part of the funding plan for the following <br />pending five high priority capital projects: <br /> <br />. Renovation of the Veterans Memorial Building <br />. Phase I Bernal Sports Fields <br />. Alviso Adobe Park Community Park Construction <br />. Kottinger Creek Renovation <br />. Firehouse Arts Center <br /> <br />The actual transfer of this $1.8 million to the newly established Capital Improvement <br />Program Reserve (CIPR) will be reflected as part of staffs recommendations in the <br />upcoming MY06IMT07 budget update that will be presented to the City Council in <br />early June 2006. <br /> <br />Adiusted 2005-06 Ooeratinl! Budl!et <br /> <br />Page B-1 reflects a summary of what the Operating Budget will look like after the <br />recommended Quarter 1 2005-06 amendments are made. Projected June 30, 2006 <br />ending fund balances now total $107.2 million, compared to the original projection of <br />$99.7 million made in June 2005 (as shown on page 2 of the 2005-06/2006-07 <br />Budget). <br /> <br />The golf course was not yet operating as of the first quarter of the fiscal year, so it <br />does not yet appear on these reports. Staff is in the process of developing a simplified <br />financial update for the golf course operations that can be included in the Monthly <br />Disbursements and Investments Report. Beginning with the midyear budget update, <br />the golf course will also appear in all future quarterly financial statements and budget <br />documents. <br /> <br />CAPITAL IMPROVEMENT PROGRAM BUDGET <br /> <br />The worksheets on pages A-5 through A-14 in Appendix A reflect recommended <br />Quarter 1 2005-06 amendments to the CIP budget. Appendix C shows what the <br />adjusted CIP budget will look like after these amendments are adopted. <br /> <br />4 <br /> <br />SR06:085 <br />