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8.B. - Page 5 of 122 Staff will continue to refine fiscal year-end projections in the coming months. Based on the efforts to refine the budget both last fiscal year and this current fiscal year, staff does not anticipate significant year- end budget amendments. FY 2018-19 Year -End Estimated Operating Balance The FY 2018-19 year-end operating balance is estimated to be approximately $5.3 million. Staff recommends that 80 percent of this balance, or $4.2 million, be utilized to pay down pension liabilities (currently $242 million), including the transfer of funds to the City's Section 115 pension and retiree health trust accounts, and the remaining 20 percent, or $1.1 million, be used as one-time funding towards the City Council's priorities in the areas of housing, transportation, and children and youth. Staff will recommend specific use of these funds with the FY 2019-20 Recommended Budget. FY 2018-19 MID -YEAR BUDGET UPDATE — CAPITAL IMPROVEMENT PROGRAM (CIP) The FY 2018-19 Adopted Budget includes $35.7 million in new CIP funding for 63 projects. Combined with existing CIP project balances, the total starting CIP balance for FY 2018-19 is $140.5 million for 278 projects. Over the past six months, staff has made steady progress on a range of capital improvement projects. As of January 2019, FY 2018-19 CIP expenditures (including encumbrances) across all projects reached $34.9 million. In an effort to implement best practices and to streamline the Five -Year CIP process and procedures, several initiatives will be implemented with the development of the FY 2019-20 budget, including: hiring a new CIP Manager who will be responsible for the CIP program and related processes; identifying additional capital project funding sources; developing a collaborative internal system for including potential capital projects in the Five -Year CIP; reviewing all projects currently in the Five -Year CIP with the intention of removing non-critical and dormant projects; and developing a City Council prioritization process. A new Technology Fund will also be created with the goal of funding all purchases of department -specific technology requests and removing technology -related expenditures from the CIP Fund or operating budgets. The graphs below provide a summary of FY 2018-19 program funding and expenditures by functional area. City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 231