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BACKGROUND <br />This is the first quarter report for fiscal year 2006-07. The first quarter report is routine <br />in nature, reflecting an update of beginning fund balances, carryovers from fiscal year <br />2005-06, and other first quarter changes that have already been approved by Council. <br />This report includes the Operating Budget and the Capital Improvement Program (CIP). <br />DISCUSSION <br />OPERATING BUDGET <br />The worksheets on pages A-1 and A-2 in Appendix A reflect the actual audited <br />beginning fund balances and revenue and expenditure carryovers previously approved <br />by Council. <br />CAPITAL IMPROVEMENT PROGRAM BUDGET <br />The worksheets on pages B-1 through B-10 in Appendix B reflect recommended <br />Quarter 1 2006-07 amendments to the CIP budget. Appendix C shows what the <br />adjusted CIP budget will look like after these amendments are adopted. <br />With regards to the Quarter 1 amendments recommended on pages B-1 through B-10, <br />the following general comments apply: <br />• All amendments that were already approved by the City Council are shown in <br />italics. <br />• Adjustments to "Beginning Balance" reflect the deletion of prior estimates, which <br />will now be replaced with the actual beginning fund balance amounts (as <br />presented in the year-end 2005-06 financial report and reflected in the CIP <br />tables in Appendix C herein). <br />The Streets CIP on pages B-1 to B-3 reflects: <br />• An increase in projected revenue and expenditures of $408,000 from a MTC <br />Federal grant for resurfacing of City streets (SR 06:071). <br />• The use of $500,000 in Tri-Valley Transportation Development Fees, as <br />approved by the City Council (SR 05:309) in November 2005, for the City's final <br />one-half installment to assist BART in financing the new station adjacent to the <br />Stoneridge Mall, pursuant to amulti-agency agreement. <br />• A $707,213 transfer from the resurfacing of City streets project to the Vineyard <br />Avenue roundabout removal project (SR 06:157 and SR 06:267). <br />• Minor transfers between projects due mostly to the close-out of completed <br />projects were all approved by the City Council. <br />Page 2 of 3 <br />