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THE CITY OF j~L£~S~4NTONo CITY COUNCIL AGENDA REPORT December 4, 2007 Finance Department TITLE: ADOPT A RESOLUTION TO ACCEPT THE FISCAL YEAR 2006-07 YEAR-END FINANCIAL REPORT OF THE CAPITAL IMPROVEMENT PROGRAM (CIP) BUDGET AND AMEND THE FISCAL YEAR 2006-07 CIP BUDGET SUMMARY This report describes the results of the 2006-07 fiscal year for the Capital Improvement Program (CIP) Budget. RECOMMENDATION Staff recommends that Council adopt the attached resolution to take the following actions: 1. Amend the 2006-07 Capital Improvement Program (CIP) as detailed in Appendix A (Recommended Quarter 4 Amendments). The italicized items in Appendix A have already been approved by Council during the quarter. Staff recommends that Council approve the non-italicized items. Those items have a net decrease in revenues of $4,250, a net increase in transfers from the Operating Budget of $3,592 and a net increase in expenditures of $198,978. 2. Approve the Capital Improvement Program budget carryovers to 2007-08 detailed in Appendix D. 3. Accept the year-end report as summarized in Appendix E. FINANCIAL STATEMENT The recommended actions will facilitate the completion of budgeted projects. There is no significant fiscal impact beyond what has already been approved by the City Council when the CIP budget was adopted and previously amended. As was noted with the adoption of the CIP, there will be future maintenance costs associated with the construction of the additional/expanded facilities and infrastructure included, as outlined in the original Capital Improvement Program documents. The details of the fiscal impact of Council adopting staff recommendations will be described in this report and in the appendices.