RES 91015 - Laserfiche WebLink

95), which have been listed as unfunded. These are projects that staff feels are needed, but funding sources have not yet been identified for them. Outside of the $35,000 indicated in the Miscellaneous CIP, staff is not recommending the use of additional General Fund money at this time for the CIP. It is important that we first complete the midyear review of the Operating Budget. Like the CIP funds, the Operating budget is also feeling the effects of the slowing economy, and staff will likely be revising some of our revenue estimates downward. In addition, as a result of the County's adoption of property tax administration charges and booking fees, we will have an additional expense of approximately $400,000 not previously anticipated. We presently have a capital projects reserve of $4 million dollars in the General Fund. However, most or all of that money will be needed to fund existing capital projects. Projects we are preparing include 2 gyms (joint with the school district), the Senior Center, expansion of the Police Facility, and a possible fourth Fire Station. These projects are expected to cost close to $14 million. The upcoming bond financing ("1991 COP" issue) is expected to yield the balance, or approximately $10 million. However, the amount of the 1991 COP issue is dependent upon our ability to meet the approximate $1 million annual debt service from the General Fund operating budget. .If 1991-92 is also a bad economic year, we may not be in a position (in the short term) to incur such a large debt. Therefore, staff recommends that until we have a clearer picture of the impact of the slowing economy on our operating and capital improvement budgets, that we not obligate ourselves to do additional projects beyond those in the existing CIP as it is amended herewith. Respectfully Submitted, Susan Rossi Acosta Director of Finance City Manager sr9132.wpl SR 91:32 5