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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 will be presented to Council on December 4, 2007. The following report describes the results of the 2006-07 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, 2007 (the end of the fiscal year 2006-07). 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 2006-07 to fiscal year 2007-08. The Sewer CIP Funds ended the year with a favorable variance of actuals (plus carryovers) to adjusted budget of $218,387. Three items make up this difference. There was $30,610 less City staff time spent on sewer projects than projected, debt payments were $78,021 less than expected and interest income was $109,756 more than expected. Quarter Four Adjustments: The $42,650 transferred from project #062002 "Annual Sanitary Sewer Main Replacement" to project #071041 "Water & Sewer Asset Management Plan Upgrade" during quarter four was already approved by Council in May 2007. SEWER Total Budgeted Ending Fund Balance $ 1,200,590 Add back Developer Revenue 73,491 Projected Ending Fund Balance $ 1,274,081 Actual Fund Balance after Carryovers 1,492,468 Variance favorable/(unfavorable) $ 218,387 Page 2 of 5