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The Water CIP Funds ended the year with a favorable variance of actuals (plus <br />carryovers) to adjusted budget of $220,393. Three items make up this difference. <br />There was $3,122 less City staff time spent on water projects than projected, debt <br />payments were $5,446 less than expected and interest income was $211,825 more <br />than expected. <br />Quarter Four Adjustments: Council is being asked to approve the $38,000 project <br />#801002 "Canyon Meadows Water Meter Retrofit". Revenue will be received from the <br />developer for this project. The $42,650 transfer between project #001000 "Annual <br />Water Replacement Projects" to project #071041 "Water & Sewer Asset Management <br />Plan Upgrade" was already approved by Council in May 2007. <br />WATER <br />Total <br />Budgeted Ending Fund Balance $ 3,372,768 <br />Add back Developer Revenue 136,620 <br />Projected Ending Fund Balance $ 3,509,388 <br />Actual Fund Balance after Carryovers 3,729,781 <br />Variance favorable/(unfavorable) $ 220,393 <br />The Miscellaneous CIP Funds ended the year with a favorable variance of actuals <br />(plus carryovers) to adjusted budget of $408,424. Two items make up this difference. <br />Debt payments were $59,728 less than expected and interest income was $348,696 <br />more than expected. <br />Quarter Four Adjustments: Council is being asked to approve the $783 decrease in the <br />transfer from the Parks CIP to project #028006 "Downtown Specific Plan Reserve" and <br />the $3,592 increase in the Facility Renovation Fund transfer to project #018047 <br />"Remodel Police Dept. Dispatch Center". The $1,324,411 transfer to the Alviso Adobe <br />project in the Parks CIP from the CIPR was already approved by Council in June 2007. <br />The $7,500 transfer from the Veterans Building Renovation to the Streets CIP for the <br />curb and gutter work in front of the Veterans Building was approved by Council in June <br />2007. <br />MISC <br />Total <br />Budgeted Ending Fund Balance $ 1,167,810 <br />Add back Developer Revenue 474,650 <br />Projected Ending Fund Balance $ 1,642,460 <br />Actual Fund Balance after Carryovers 2,050,884 <br />Variance favorable/(unfavorable) $ 408,424 <br />Page 3 of 5 <br />