|
CIP REVENUES AND TRANSFERS
<br />As indicated in Table III, the Total Financial Resources Available for FY 2008-09 is
<br />projected to be $26,594,307. This amount represents an increase of $3,772,240
<br />(16.55%) from the $22,817,067 projected for this year in the current CIP. Total
<br />Financial Resources Available for all three years remaining in the CIP is estimated at
<br />$51,036,992 which represents an increase of $3,762,929 (7.96%) over the $47,274,063
<br />included in the current CIP.Overall, the increase results primarily from the close out of
<br />projects funded previously, interest earnings in FY2007-08 from reserves established
<br />for projects that have not yet been completed and development fee adjustments.
<br />Summary financial tables listing CIP expenditures and revenues are included as
<br />Attachment A, immediately following this section.
<br />As part of the Mid-Term CIP, staff conducted a review of all financial resources
<br />including beginning balances, revenues, transfers from other funds, grants, etc.
<br />included in the CIP. Adjustments have been made to reflect development activity as
<br />projected by the City Planning department, new revenue sources, adjustments to prior
<br />year revenues and project costs which affect available financial resources, transfers and
<br />revenue revisions to assure the accuracy of revenue projections. The table below
<br />illustrates the difference between the current CIP and the adjusted numbers included as
<br />part of this Mid-Term CIP.
<br />TABLE IV
<br />COMPARISON OF MAJOR REVENUE SOURCES AND EXPENDITURES
<br /> (2008-09 through 2010-11)
<br />Projections in Mid-Term
<br />Current CIPProjectionsDifference %
<br />Beginning Balance $9,991,068$14,322,422$4,331,354 43.35%
<br />General Fund Contribution $18,000,000$18,000,000$00.00%
<br />Gas Tax and Measure B $6,336,270$6,336,270$00.00%
<br />Development Related Fees $3,342,993$4,894,703$1,551,710 46.42%
<br />Grants and Miscellaneous $3,629,892$2,928,013($701,879) (19.34%)
<br />Utility Connection Fees $271,882$396,942$125,060 46.00%
<br />Interest Earnings $1,656,000$1,656,000$00.00%
<br />Transfers From Other Funds$11,063,489$11,063,489$00.00%
<br />Financial Resources $54,291,594$59,597,839$5,306,245 9.77%
<br />Transfers Out and Adjustments $7,017,531$8,560,847$1,543,316 21.99%
<br />Total Financial Resources $47,274,063$51,036,992$3,762,929 7.96%
<br />Recommended Expenditures $33,096,621$36,373,628$3,277,007 9.90%
<br />Ending Balance $14,177,442$14,663,364$485,922 3.43%
<br />As the above table indicates, there are no changes to General Fund transfers, Interest
<br />Earnings, Transfers from Other Funds and Gas Tax/Measure B revenues. The
<br />Transfers from Other Funds represents primarily transfers from Water and Sewer
<br />Maintenance and Operation Funds received as part of utility service charges included
<br />as part of utility bills to meet long term utility maintenance needs including existing debt
<br />service. Staff is in the process of developing recommendations for new utility rates that
<br />ìç
<br />
<br />
|