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• Library Expansion or Construction of a New Library • Bernal Property Specific Plan Improvements • Improvements to the Gingerbread Preschool Play Areas and Parking Lot • Major Trails Projects This list will ultimately be augmented with the major street, utility and major remodeling and maintenance projects for existing facilities, such as the Aquatic Center and Amador Theater that will need to be addressed as the City strives to meet community expectations and facility enhancements. As is typical with City projects, the facilities listed above will not generate any significant revenue to address the operations of these facilities unless the Council adopts new cost recovery policies that deviate significantly from current practice. To address these needs the Council has embraced a comprehensive priority setting process resulting in an Annual Work Plan that identifies and prioritizes key projects and programs. As an outgrowth of this effort, the Council has approved the Capital Improvement Program Reserve that establishes a funding source to address funding when needed. In addition, the City continues to work cooperatively with neighboring agencies and cities, legislators and regulator agencies to identify funding sources to offset the cost of these projects. While the development of these facilities represents an exciting challenge for the community, previous financial planning efforts designed to meet long term community CIP needs did not anticipate many of these improvements and opportunities, and as a result, financial planning tools put in place previously will provide only limited funding that will be inadequate to fully fund these projects. While staff and previous Councils have taken a conservative approach in developing financial strategies, this approach may not be ideal for future CIP's which may require new revenue sources, including potentially the issuance of general obligation bonds, to fully finance projects such as Bernal Property improvements. As a result, staff anticipates that additional financial analysis and an increased emphasis in developing priorities and phasing of facility improvements will be necessary as we move from the planning to design phase for these facilities. Staff is confident that this plan addresses the City's current capital improvement requirements and through the collective efforts of the Council and the community, these future challenges will be met in a way that maintains the high quality of existing streets, facility and utility infrastructure and allows for the development of new facilities in a cost efficient and effective manner.