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City Finances • Maintain Fiscal Sustainability: An increase in the temporary recession reserve fund was made in the amount of $1 million, bringing the fund to $6.1 million. This fund would allow for continued funding and maintenance of services during an economic downturn. Future decisions will be guided by the long-range forecast that projects revenues and expenditures ten years into the future. In addition, the City currently has $9.2 million in reserves to address short-term economic uncertainty. Pre-funding the retiree medical benefit in an irrevocable trust, similar to the way pension costs are financed, is encouraged by a new accounting rule, GASB 45. To comply with this new standard, an actuarially determined annual contribution must be invested each year beginning in FY 2008-09 or reported as a liability in annual financial statements. Staff continues to work with the actuary and legal consultants to evaluate options in line with the long-range forecasts of the City. Early disclosure of the City's long term liability was included in the 2006/2007 Comprehensive Annual Financial Report. Affordable Housing .Address Affordable Housing Needs: The Kottinger Place senior housing complex opened in 1972 an d provides affordable housing for low-income senio rs. The Council has formed the Kottinger Place Task Force to explore options for joint redevelopment with Pleasanton Gardens. A preferred site plan concept is under development; and a presentation is planned for the City Council's review in the spring 2008. Traffic • Implement Improved Traffic Circulation Measures: Significant traffic policy issues have been addressed through the General Plan update, including along-term policy related to the Stoneridge Drive extension, the I-580 and I-680 improvements and constrained gateways on local arterials to improve congestion. The City has worked with its regional partners to complete the Tri-Valley Triangle Traffic Study. The City will resume work in the coming year with the cities of Dublin and Livermore and Alameda County to develop a regional policy statement on the timing, sequence and funding of state and local roadway improvements. In terms of physical infrastructure, the 2000 Bernal Property Specific Plan contemplated the extension of Valley Avenue from its then existing terminus at Bernal Avenue to Junipero/Case Avenue. Construction of the Valley Avenue underpass began in July 2005 and was completed and opened for public use in mid- July 2007. Page 3 of 7