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STA ORT <br /> <br /> January 22, 1991 <br /> Finance Department <br /> <br />SUBJECT: REVIEW OF 1990-91 CAPITAL IMPROVEMENT PROGRAM <br /> <br />STAFF RECOMMENDATION: <br /> <br /> Staff recommends that Council amend the 1990-91 <br /> Capital Improvement Program as outlined in the <br /> following report. <br /> <br />SUMMARY: Due to the slowing economy, in the real estate <br /> sector in particular, development related revenues <br /> to the City are estimated to be far less than <br /> originally projected for 1990-91. Because the <br /> revenues relate to approved projects, and therefore <br /> should ultimately be received, staff is <br /> recommending that certain capital projects slated <br /> for 1990-91 be delayed and resubmitted for review <br /> through the upcoming 1991-92/1995-96 CIP budget <br /> process. <br /> <br />BACKGROUND <br /> <br />As staff indicated in the 1989-90 Year End Financial Report, <br />development revenues last year fell short of original projections. <br />We project the same situation for 1990-91. Each year when the <br />five-year Capital Improvement Program (CIP) is prepared, it is <br />always acknowledged that projects are subject to revision and <br />prioritization dependent upon the revenues actually being realized. <br /> <br />Therefore, staff has reviewed all projects that were not completed <br />in 1989-90 and which were carried over into 1990-91, as well as all <br />projects slated for 1990-91. Based on this review, staff is <br />recommending that we do certain projects this year within our <br />revenue constraints, and that others be resubmitted in the upcoming <br />5-year CIP. <br /> <br />The Street CIP, which derives its revenues primarily from gas taxes <br />and grants, is not impacted by development revenues. Although the <br /> <br />SR 91:32 <br /> 1 <br /> <br /> <br />