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Capital Improvement Program This Mid-Term update also includes an analysis and update of revenues and expenditures included in the final three years of the Capital Improvement Program covering years 2008-09 through 2010-11. As a result of the previous approval of the CIP, staff did not reprioritize or remove funded projects. Rather, staff adhered to the current approved project funding schedule except where change is determined to be essential. As a result, the Mid-Term Capital Improvement Program is both consistent with the City’s two-year budget cycle and the needs of the community. The Mid-Term update includes four new projects, six currently funded projects that have been amended to reflect changes in scope or funding requirements and two projects that were funded previously but are included as part of the current CIP. As a result of these adjustments, CIP expenditures are recommended at $36,373,628 which represents an increase of $3,277,007 (9.9%) above the $33,096,621 included in the current CIP. Total Financial Resources Available for all three years remaining in the CIP is estimated at $51,036,992 and is restricted for specific purposes and dedicated primarily to improvements to streets, parks, water, and sewer infrastructure. This represents an increase of $3,762,929 (7.9%) from the $47,274,063 included in the current CIP. Overall, the increase results primarily from the close out of projects funded previously, interest earnings in FY2007-08 from reserves established for projects that have not yet been completed and development fee adjustments. In addition to the analysis included in the CIP Narrative section, the Mid-Term update also includes summary and detailed financial tables and project description sheets for new projects. The recommended adjustments included in this 2008-09 Budget Update keeps the budget in balance, maintains strong reserves, and is in conformance with all of the City Council’s adopted financial policies. This budget update responds appropriately to current economic realities, and positions the City to respond as needed in the next two year cycle and beyond. It continues the City’s philosophy of fiscal discipline, attention to Council priorities, and always living within our means. Special thanks go to all of the outstanding staff that had a role in the budget update process. It was truly a collaborative effort that called for discipline and shared sacrifice. I am confident that – whatever the future holds – Pleasanton will be up to the challenge. ì