SR 06:153 - Laserfiche WebLink

2006 related to the Capital Improvement Program Reserve. The chart below provides a comparison of available revenues with proposed expenditures for FY 2006-07 that is the CIP's only funded year. The final two years of the program are provided for planning purposes and will be reviewed next year as part of the new CIP. As indicated in the Mid-Term CIP, expenditures planned for the final three years will increase from $37,270,524 to $43,495,332. Of this amount, $5,726,876 is related to the establishment of the CIPR for four City Council Priority projects. The remaining difference results from minor adjustments to current projects and the inclusion of three new projects including the Lions Wayside Park (Design), Installation of a Downtown WI-FI Network and Gingerbread Preschool Parking Lot and Play Area Improvements (Design). A detailed project description sheet for each of these new projects is included page 80 and 81 of the document. Comparison of Current and Mid-Term CIP Expenditures $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 . Current CIP . Mid-Term CIP Streets Parks Misc. Water Sewer Capital Improvement Program Reserve (CIPR) The Mid-Term CIP includes the establishment of the CIPR approved conceptually by the City Council at it meeting of March 7, 2006. The CIPR represents an approach to funding current and future CIP projects that differs from the past practice of establishing multiple partially funded project reserves for individual CIP projects. Under the new approach, available funding for future CIP projects will be placed in one fund (a CIP project) to be made available based on City Council priorities. This enables the Council to openly discuss the funding of CIP projects as community needs and expectations change without eliminating or modifying existing project reserves. The CIPR will minimize the need to make these changes, as funding will remain in the CIPR until allocated to a project deemed highest priority. For FY 2006-07, a CIPR in the amount of $7,667,873 is established by transferring funding from currently funded projects that are no longer a priority, from existing reserves and from a one-time transfer from the General Fund. A total of $5,726,876 of this amount is allocated to four priority projects in FY 2006-07 including Renovation of the Veterans Memorial Building ($427,872); Phase I Bernal Sports Fields ($733,907); Alviso Adobe Community Park ($1,704,295) and the Firehouse Arts Center ($2,860,802). A summary ofFY 2006-07 transfers and allocations related to the establishment of the CIPR is included on page 82 of the Mid-Term document. SR06:153 Page 5 of7