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17 <br /> THE CITY OF <br /> r - _ <br /> CITY COUNCIL AGENDA REPORT <br /> pLEASANTONo <br /> June 21, 2016 <br /> Finance <br /> TITLE: ADOPTION OF THE MID-TERM CAPITAL IMPROVEMENT PROGRAM <br /> FOR FY 2016/17 <br /> SUMMARY <br /> Every two years the City Council adopts a Capital Improvement Program (CIP) to <br /> assure that infrastructure and capital improvement needs are adequately addressed <br /> and planned. In anticipation of work beginning on the new funded projects approved <br /> for FY 2016/17, staff conducted a Mid-Term review of the CIP to assure that <br /> revenues are available to fund approved projects, to amend, add or delete new and <br /> existing projects so they are consistent with the current funding, workloads and <br /> scheduling, to assure consistency with the adopted City Council priorities, and to <br /> meet community expectations. The result of that review is the Mid-Term CIP <br /> included as Attachment 2 to this report. If approved, it will be bound into one <br /> document with the Mid-Term Operating Budget creating the Mid-Term Update. <br /> RECOMMENDATION <br /> 1. Approve the attached resolution adopting the FY 2016/17 Mid-Term Capital <br /> Improvement Program (Attachment 1). <br /> 2. Appropriate the CIP revenue and approve amendments to FY 2016/17 project <br /> expenditures included in Tables 1 and 2 in Section II of the Mid-Term Update. <br /> FINANCIAL STATEMENT <br /> The FY 2016/17 Mid-Term CIP estimates total expenditures to be $28.8 million, an <br /> increase of $8.9 million or 46% increase from the $19.7 million projected in June <br /> 2015 when the FY 2015/16 through FY 2018/19 CIP was adopted. All of these <br /> projects are funded from revenues traditionally earmarked for the City's Capital <br /> Improvement Program, including a General Fund transfer of $5 million in FY <br /> 2016/17 which is an increase of $1.8 million from the original $3.2 million allocated <br /> to the FY 2016/17 CIP in June 2015. <br />