RES 99089 - Laserfiche WebLink

THE CITY OF L~£ ~S~NTONo Attachment A May 25, 1999 Honorable Mayor and City Council: SUBJECT: CAPITAL IMPROVEMENT PROGRAM FOR FISCAL YEARS 1999/2000 TO FISCAL YEARS 2003/2004 INTRODUCTION This Five Year Capital Improvement Program (CIP) has been prepazed to provide the City Council and the community with information necessary to identify capital improvement needs, projects and reserves for the next five years. Consistent with the City's two-yeaz budget program, it is recommended that the first two yeazs of the CIP be adopted and that funds be appropriated to cover the projects included in these two yeazs. The projects included in the final three yeazs of the CIP aze tentative based on currently identified needs and revenue projections and as such, aze subject to revision to accommodate changes in priorities and/or expected funding levels. As part of the ongoing budget monitoring program, staff intends to conduct a thorough review of the Capital Improvement Program at the end of fiscal year 1999/2000 and will provide the City Council with any recommended changes on the projects and revenues being proposed in this CIP as part of this Mid-Term Budget process. Because a significant portion of the total revenue available to the Capital Improvement Program is derived from development related fees assessed on new development, the status of the economy and the amount of local development activity during the next several yeazs will play a major role in the City's ability to finance projects included in this program. As a result, similaz to previous CIP's, staff has taken a conservative approach to forecasting development approvals and related revenue. As a result, as indicated later in this introduction and further detailed in the Appendix Section 2, future development- related projections are based entirely on residential and commercial development which have received all necessary approvals, including growth management approval. In addition, consistent with previous CIP's, development revenue allocated to fund FY 1999/2000 projects is derived primarily from fund balances and development related revenue collected in FY 1998/99. To assure that there is adequate funding for the recommended FY 2000/2001 projects, staff will refrain from incurring costs on these projects until after approval of the Mid-Term Budget. Staff will however, continue working on projects which have received partial funding and approvals in previous years. i