RES 00071A - Laserfiche WebLink

The amount of interest income that the CIP will eam over the next four years has increased by $3,405,914 (188 to a total of $5,213,161. This interest income adjustment results from higher than expected returns, higher than projected fund balances and modifications to the method for calculating interest to more accurately reflect earnings in the CIP. Development fees have decreased by $245,934 7.35 for a total of $3,101,025 over the four years of the program. This reduction results from adjustments made to projections for residential and commercial development. Projections reporting the development revenue estimates are included in the CIP Tables section of this document. Development fees for the Mid -Term CIP are based on the development of 303 residential units and 675,734 square feet of commercial development. The residential unit projections exceed those in the current CIP by 83 units resulting from the inclusion of Greenbrier (49 units), Castlewood Heights (29 units) and Carriage Gardens (5 units). Commercial square foot development is less than the projections made in the current CIP by approximately 618,933 square feet. This change results primarily from sooner than anticipated development of office facilities at PeopleSoft and the Wells Fargo site on Stoneridge Mall Road. The amount of transfers has increased by $225,000 (163 to a total of $363,000. The transfers are from the Park Renovation fund for two new projects; renovation of medians in the Sports Park, Mathew Court and Alameda Drive; and infield improvements at the softball complex in the Sports Park. Project description sheets for both of these improvements are included in the CIP at the end of this section. As indicated in the CIP tables and assuming the accuracy of revenue estimates, the CIP shows an estimated ending fund balance of $21,258,186. Of this total, $14,831,543 is in utility replacement revenue reserved for assuring adequate funding of long -term utility replacements. This revenue, which is derived from water and sewer rates, is based on projections made to determine long -term replacement needs for the City's water and sewer system. In addition to the replacement analysis completed as part of utility rate reviews, with the completion of the City's GIS utility mapping project scheduled for this August, staff will have a more accurate database of the City's utility infrastructure and will be in a position to conduct a more detailed analysis of long -term replacement needs. r Rather than program the estimated fund balances for the Streets, Parks and Miscellaneous funds, staff has adhered to the currently approved project funding schedule except where change is essential. We recommend maintaining the existing projects and funding schedule to allow any fund balance to be used fast to fund projects which may actually cost more than the estimates. In this manner those projects may be completed before starting something new. For Council's information, some of the most notable Council priority projects which may require new or additional funding include: 57