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11 <br /> THE CITY OF <br /> -�� --,-�,.� e.., CITY COUNCIL AGENDA REPORT <br /> PLEASANTONo <br /> May 15, 2012 <br /> Finance <br /> TITLE: ADOPT A RESOLUTION ACCEPTING THE MIDYEAR BUDGET FOR THE <br /> 2011/12FY CAPITAL IMPROVEMENT PROGRAM (CIP) AND AMENDING <br /> THE 2011/12FY CIP ACCORDINGLY <br /> SUMMARY <br /> This report is the review of the Midyear Budget for the Capital Improvement Program <br /> (CIP) and makes recommended adjustments to the CIP based upon a review of current <br /> financial conditions, project needs and priorities. Staff has also made changes in the <br /> accounting presentation of monies collected to date via development agreements <br /> (Developer Funds). These funds were previously accounted for outside of the CIP. <br /> This change is being made in order for the City's CIP budget to be in conformity with <br /> generally accepted accounting principles (GAAP) and for a more complete presentation <br /> of the funding resources for the CIP. Most of these funds are now shown as a reserve <br /> for future CIP projects. However, where a project has been approved by Council and <br /> there are Developer Funds available for that project, these funds have been added to <br /> the project funding. <br /> RECOMMENDATION <br /> Adopt the attached resolution approving the Midyear Budget for the 2011/12FY Capital <br /> Improvement Program. <br /> FINANCIAL STATEMENT <br /> The recommended adjustments to various funds in the Sewer, Water, Miscellaneous, <br /> Parks and Streets CIP are outlined in Appendix A. The discussion section of this report <br /> also summarizes the recommended adjustments and their respective impact on the <br /> CIP. <br />