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BACKGROUND City Council adopted the FY 2007 -08 FY 2008 -09 Operating Budget and the 2007- 2011 Capital Improvement Program on June 19, 2007. On June 17, 2008, City Council updated the second year of the two -year budget by adopting the FY 2008 -09 Mid -term Budget and CIP. Since that time there have been a number of budget amendments either for approved carryovers or through various agenda actions accepting grants and other changes. This report recommends additional adjustments to revenue estimates, transfers and expenditure appropriations in the CIP for FY 2008 -09. DISCUSSION Capital Improvement Program Overview The worksheets on pages A -1 through A -9 in appendix A reflect recommended Mid -year FY 2008 -09 amendments to the CIP budget. Appendix B worksheets show the detail of the adjusted FY 2008 -09 CIP budget after these amendments are adopted. With regards to the Mid -year amendments recommended on pages A -1 through A -9, it should be noted that all amendments that were already approved by the City Council are shown in italics on the worksheets. The Streets CIP on pages A -1 to A -3 reflects: A November Council- approved project consisting of the $4,000,000 Tri- Valley Transportation Corridor project for the 1 -580 HOV Lanes project which is flowing through revenues and expenditures in our general ledger as we are the lead agency for this project. A reduction in the projected revenues from Traffic Development Fees and Tri- Valley Transportation Fees to reflect the actual development fees collected through December 31 an overall decrease in grant and subvention revenue that reflects updated information, and a $262,000 increase in projected interest income earnings. Expenditure budget transfers between projects due mostly to the closing of completed projects that were accepted by the City Council. The net effect of the Mid -year amendments is a $1,262,826 increase to the estimated Streets CIP ending fund balance. The Parks CIP on pages A -4 to A -5 reflects: A reduction of the projected revenues from Park In -Lieu Fees to reflect the actual fees collected through December 31st, a $12,848 decrease in the estimated Measure B Bike Path sales tax receipts, a $150,000 donation from the Kane family for the Marilyn Kane Trail, a net increase in developer contributions of $51,600, a net decrease in available grant funding of $283,898 due to State funding issues, and a $265,000 increase in projected interest income earnings. An $830,340 transfer of Parks General Fund monies to the Miscellaneous CIP due primarily to closeouts of completed Parks CIP projects. Expenditure budget transfers between projects due mostly to the close out of completed projects that were accepted by the City Council. A total $901,210 decrease in projected expenditures resulting in project closeouts.. The net effect of the Mid -year amendments is a $254,070 increase to the estimated Parks CIP ending fund balance. Page 2 of 3