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TABLE VIII
<br />COMPARISON OF RECOMMENDED CIP EXPENDITURES
<br />Projections in Mid-Term
<br />current CIP Projections$ Difference % Change
<br />STREETS
<br />$13,289,643$14,344,643$1,055,000 7.94%
<br />PARKS
<br />$2,878,154$5,549,024$2,670,870 92.80%
<br />MISCELLANEOUS
<br />$13,423,824$12,774,961($648,863) -4.83%
<br />WATER
<br />$2,265,000$2,465,000$200,000 8.83%
<br />SEWER
<br />$1,240,000$1,240,000$00.00%
<br />TOTAL
<br />$33,096,621$36,373,628$3,277,007 9.90%
<br />A total of $330,000 of the increase included in Table VIII results from the inclusion of the
<br />four new projects. An additional $750,000 results from increasing expenditures for the
<br />annual resurfacing of City streets from $2.25 million annually to $2.5 million annually to
<br />better reflect street maintenance needs and to maximize the use of State funding for
<br />roadway improvements. In addition, approximately $2.5 million results from new funding
<br />provided to the Bernal Property Improvement Reserve. This project was funded
<br />previously and has an existing fund balance estimated at $567,113. Funding for the this
<br />project was temporarily suspended as part of the Council’s decision to establish a
<br />Capital Improvement Program Reserve (CIPR) which is a project funding mechanism
<br />that enables the Council to more closely align project funding with the Council’s Annual
<br />Work Plan. However, the Financing Plan for the Bernal Property Specific Plan,
<br />approved by the Council in November 2007, anticipates an annual transfer of $2.5
<br />million from the General Fund as one component of the financing plan for completing
<br />future Bernal property improvements. As anticipated, the funding of this project impacts
<br />the amount estimated to be allocated to the CIPR in 2008-09. However, it has always
<br />been anticipated that the CIPR will fluctuate based on Council priorities and the
<br />availability of funding. Funding for the Bernal Property in future years will be dependent
<br />upon available revenues and the cost of completing previously approved projects. A
<br />summary of anticipated CIPR funding is detailed in the table below.
<br />TABLE IX
<br />COMPARISON OF PROJECTED CIPR FUNDING
<br />2008-092009-102010-11 Total
<br />Current CIPR $6,217,194$3,358,238$3,385,392 $12,960,824
<br />Mid-Term CIPR $5,226,961$3,285,000$3,685,000 $12,196,961
<br />Adjustment ($990,223)($73,238)$299,608 ($763,863)
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