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7.A. - Page 2 of 36 as a planning tool to inform decisions. A description of each project that is funded by the General Fund and/or Capital Outlay Fund is provided in Attachment A. Funding Given the current economic conditions and the impending recession, the City's capital resources could be impacted. Early estimates show that FY 2019-20 transportation -related revenues could be reduced by up to 30 percent. For FY 2020-21, the effect on these revenues should be much milder, but this largely depends on the extent of the impending recession. Alternatively, if stimulus funding geared toward infrastructure projects becomes available from the federal and/or state governments at some point, there is a possibility that the City could experience a temporary increase in one-time capital funding for specific projects that meet certain federal and state requirements. As described below, even before the current economic uncertainty, capital funding requests far exceed resources. Funding for capital projects comes from many sources, with the Utility Users Tax (UUT) being a general revenue source that can be utilized for all capital improvement projects. Dedicated revenue sources, which are restricted to specific purposes, include park impact fees, water and sewer enterprise capital funds, and various transportation funds such as Measure A, Measure W and Gas Tax revenues. As shown below, approximately $157.1 million in capital funding sources are estimated to be available over the next five fiscal years (Table 1), with a projected need of $394.0 million (Table 2) for projects to maintain the City's facilities and infrastructure and to continue investment in major improvements, a $236.9 million funding gap The recommended FY 2020-21 CIP budget of $17.0 million is aligned with anticipated revenue and current staffing resources and will be requested for budget approval in June. The remaining years of the five-year CIP are for planning purposes and no budget approval is requested at this time. The table below shows estimated revenues from available revenue sources for the next five fiscal years by fund. Table 1: Estimated Annual Revenues By Fund Fund Number and Name FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 Total 261/277 Special Gas Tax Fund (Senate Bill 1) $ 3,788,623 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 15,788,623 262 Transportation Fund (Measure A and W) $ 2,800,000 $ 2,800,000 $ 2,800,000 $ 2,800,000 $ 2,800,000 $ 14,000,000 285 Traffic Mitigation Fees Fund $ 268,000 $ 268,000 $ 268,000 $ 268,000 $ 268,000 $ 1,340,000 357 Capital Outlay Fund (UUT) $ 8,796,000 $ 8,616,189 $ 8,530,027 $ 8,444,727 $ 8,360,280 $ 42,747,223 358 Parks Impact Fees Fund $ 1,250,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 3,250,000 683 Parking In -Lieu Fees Fund $ 138,000 $ 138,000 $ 138,000 $ 138,000 $ 138,000 $ 690,000 686 Water CIP Fund $ 7,500,000 $ 7,500,000 $ 7,500,000 $ 8,000,000 $ 8,250,000 $ 38,750,000 689 Sewer CIP Fund $ 7,500,000 $ 7,500,000 $ 8,500,000 $ 8,500,000 $ 8,500,000 $ 40,500,000 Total $32,040,623 $30,322,189 $31,236,027 $31,650,727 $31,816,280 $157,065,846 Page 2 of 8 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 187