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8B <br /> Page 1 <br /> R��oRT <br /> To the Hono�abfe Mayor and Cify Council <br /> Fror,� the Ci : �an� e� <br /> May 9 2, 2008 <br /> Sua.��c� <br /> First Study Session -- Capi#al Improvement Program budget far Fiscal Years 2008/2009 <br /> and 2Q4912010 <br /> R�COMMENDATiON � <br /> Review the proposed Capital Improvement Program (CIP) budget for �iscai Years <br /> 2008/2009 and 2009/2010 for consistency with Cauncil priorfies. Provide direction to <br /> staff on desired adjustmeMs such #hat the final recommended C!P may be considered <br /> during formai budget review scheduled in June, 2008. <br /> BACiCGR�UND <br /> The CIP budget is comprised of the following funds and totals $15,530,370 for FY <br /> 2008/2009 and $17,998,307#or FY 200912010. <br /> • Capital Projec#Fund (CP� <br /> • Gas Tax Construction Fund (GTCF) <br /> • Transportation Fund (TF) <br /> • Grants, Districts and Fees Fund (GDFF) <br /> • Water lmprovement Fund (WIF) <br /> • Sewer Improvement Fund (S!F) <br /> • General (mprovement District1-64 Facility Fund (GID 1-64) <br /> • Redevelopment Agency (RDA) <br /> In FY 2008/2009, major CIP projeds and programs nat only focus on City Council's <br /> priorities, but also put emphasis on city-owned utilities and infrastructure replacement. <br /> CPF, GTCF <br /> The Utility Users Tax (UUT� is the major funding source for the Capital Project Fund <br /> (CPF) and the Gas Tax Constructian Fund (GTCF}. In November, 2007, Redwood City <br /> voters approved the decrease in the telecommunications portion of the UUT from 5% to <br /> 4% which impacts the budget for these two funds in the future. Fortunately a fund <br /> balance of $1.9M from previous years will help sustain a relatively level funding plan of <br /> $5.7lVI into the CPF and $1M into the GTCF. This fund b�lance wiU be reduced <br /> significantly for FY 2008/2009 and may no longer be available beyond FY 2009/2�10. <br /> GDFF <br /> The Grants, Districts and Fees Fund (GDFF) is partly funded by Traffic fmpac# Fees. <br /> Fees generated by an increase in proposed new devefopment have largely sus#ained <br /> #he GDFF. This trend may continue for the ne�ct two years predicated on continued <br /> deveEoper interest +n aur cammunity. <br /> WIF,, SIF <br /> Utility infrastructure deterioration is a tapic that has been in the headtines for many <br /> commun�ies. Redwood Gity has been investing in the replacement of infrastn�cture <br /> primarily through the Water and Sewer enterprise funds (WIF and SIF}. This budget <br />