SR 06:153 - Laserfiche WebLink

With the inclusion of the four projects noted above, the Mid-Term Budget anticipates CIPR a FY 2006-07 balance of $1,940,997. However, since the preparation of the Mid-Term CIP, Council has approved $150,000 as partial funding for the renovation of Donlon Elementary School athletic fields and $228,313 as partial funding for the Renovation of Kottinger Creek. As a result, the available FY 2006-07 CIPR project balance is amended to $1,562,684. With the inclusion of revenues projected for the final two year of the CIP, the CIPR has an estimated project balance at the end of FY2008-09 of $3,344,464. While this funding is available for future allocations as deemed appropriate by the City Council, staff anticipates it will be "reserved" for the following: · $2,000,000 to address a potential shortfall in fund raising from private sources for the Firehouse Arts Center, if necessary. · $1,344,464 for future priority projects. General Fund Transfers The current CIP anticipates a General Fund transfer of $5,000,000. For FY2006-07, this amount has been increased to $6.8 million as a result of a "one-time" transfer of $1.8 million that has been allocated to the CIPR. The additional two years include $5 million in each year that is consistent with the current CIP. As stated in the document, the goal is to retain a General Fund contribution, from any combination of one-time funding and the annual funding, of approximately $5 million annually. While it is anticipated that this contribution will be retained for some time, it is expected that it will be reduced as new facilities are completed and funding demands shift from building new facilities to maintaining and renovating existing ones. Ultimately, the ongoing availability of "one-time" revenue is significantly dependent on the overall state of the economy, the actions of the State related to addressing its budget situation and the amount of one-time funding that becomes available to the General Fund. Staff will review this matter as part of the FY07 budget and will recommend changes as appropriate. Development Revenue Summary The Mid-Term CIP includes adjustments in development related revenue reflecting adjustments in planned new residential and commercial development. As an example, the current CIP anticipated development fees from 89 housing units in Ponderosa/Busch development. However, these units are now scheduled for 2006 and 2007 and development fees have been adjusted accordingly. As a result, while the CIP document reflects an "increase" in development fees from this development, overall the total amount has remained the same. The impact of projected new projects also contributes to development fee increases that are most notable with Traffic Impact Fees. New developments projected to impact this fee include the expansion of Stoneridge Mall ($521,217), a new self-storage facility on Sunol Boulevard ($277,791), Silverstone ($740,017) and the expected development of an auto paint facility on Wyoming Street ($100,415) to highlight a few. These new developments also impact the projected increase in water and sewer connection fees. A total of$7,6l3,515 is projected during the three SR06:153 Page 6 of7