AgdaPkt 2018-02-26 Joint SA PFA - Laserfiche WebLink

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7.A - Page 7 prepared and the FY 2017-18 Overlay Project on Twin Dolphin Drive (between Marine Parkway and Redwood Shores Parkway) is approved for the One Bay Area Grant (OBAG) 2 Local Streets and Roads Preservation Program. This federal grant of $1.3 million requires an 11.47 percent minimum match from the City. Staff are working on plan specifications and estimates, and anticipate construction in 2019. Milestones for other projects include design review for the Kennedy Safe Routes to School project and preparation of bid documents for the Middlefield Road Utility Undergrounding and Streetscape Project. Construction of both of these projects is expected to begin this year. Right-of-way acquisition for the 101moodside Interchange project is now fully funded following a February 2018 San Mateo County Transportation Authority meeting that approved $20 million in Measure A Highway funds. This major milestone bolsters the City's position for future funding opportunities from county, regional, state, and federal transportation funds. Since August 2017, staff have been working with AECOM Technical Services on development of construction bid documents and coordination of utility relocations. Staff is also soliciting consultant services for right- of-way acquisition and expects the work to begin in spring 2018. Water The Council adopted a resolution certifying the final environmental impact report and selected the Hillside Tank Site Alternative in May 2017 for the California Tank and Pump Station Project. To date, design is 90 percent complete and construction is planned for the summer of 2018. FY 2018-19 Financial Sustainabilitv Plan The FY 2017-18 Adopted Budget was developed with a specific focus on maintaining the long-term fiscal stability of the City through forward -thinking, meaningful action, and a swift approach to addressing long-term liabilities through both revenue increases and expenditure reductions over time. As part of the FY 2017-18 Adopted Budget, the City Council approved recommendations to reduce operating costs by approximately $6.0 million and increase revenue by approximately $6.0 million in order to balance the City's budget over the next five fiscal years. Staff recommends that this approach, now dubbed the Financial Sustainability Plan, be implemented over two years. Operating cost reductions of approximately $3.8 million are recommended for FY 2018-19, and additional reductions of $2.2 million are recommended for FY 2019-20. In addition, new revenue sources are being explored as detailed below. At this time, no new revenue is included in the Preliminary Five Year Forecast because the prospects for new revenue are unknown at this time. Without new revenue, deficits are projected beginning in FY 2019-20, and growing annually, even after operating cost reductions are made.