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BACKGROUND Annually staff recommends City Council acceptance of a year-end financial report summarizing needed budget amendments or adjustments, year-end budget balances, actual results for the fiscal year and budget carryovers to the following year. The Operating Budget report was presented to Council on December 5, 2006. The following report describes the results of the 2005-06 CIP. Financial information in this report is based on audited figures. The audited information will be presented separately to City Council in the Comprehensive Annual Financial Report (CAFR). DISCUSSION This report presents the status of the Capital Improvement Program (CIP) as of June 30, 2006 (the end of the fiscal year 2005-06). It compares actual revenues and expenditures to the projections for that year and asks Council to approve certain increases, decreases or transfers of funds between projects and the carryover of project funds from fiscal year 2005-06 to fiscal year 2006-07. The Sewer CIP Funds ended the year with a favorable variance of actuals (plus carryovers) to adjusted budget of $217,994. Three items make up this difference. There was $156,972 less City staff time spent on sewer projects than projected, debt payments were $24,579 less than expected and interest income was $36,443 more than expected. Quarter Four Adjustments: The $154,000 added to project #032017 "Station 8 Sewer Flow Diversion Structure" during quarter four was already approved by Council in April 2006. SEWER Total Budgeted Ending Fund Balance $ 1,821,344 Add back Developer Revenue 74,302 Projected Ending Fund Balance $ 1,895,646 Actual Fund Balance after Carryovers 2,113,640 Variance favorable/(unfavorable) $ 217,994 Page 2 of 5