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6.1. B. - Page 19 Discussions and planning studies continue with the Cargill Saltworks property. The property owner desires to develop this 1,400 acre potential development site to include housing, retail, and commercial uses with transit connections to the Downtown and the Peninsula Caltrain system, as well as restored wetlands and new public open space. Project proponents anticipate completion of the Project Description and beginning the Environmental Impact Report studies in late 2011 or early 2012. These studies will also evaluate the short and long term economic impacts of this multi-year mega project on the City. The City continues to work with Stanford University to move its planned 35-acre redevelopment project out of planning and into construction. The Environmental Impact Report is planned for release in late 2011. Stanford continues to assess the office market to determine the best mix of new and redeveloped office space. In addition to a significant expansion of the City's job base, this project will provide major new publicly accessible open space in the Downtown. Relevant Financial Policies In April 1999 the City Council adopted a policy targeting the unreserved portion of the general fund's fund balance designated for subsequent year's expenditures to fall within a range from 15% to 20% of anticipated general fund revenues. As a result of implementing GASB 54 these amounts are now reported under the category "Unassigned Fund Balances' under the subcategory "City Council directed minimum balance." At the February 2011 budget study session the City Council directed staff to prepare a recommended FY 2011/12 budget with revenues and expenditures in balance based upon the following three-pronged approach: • Labor Concessions — creating a fiscally-sound and sustainable compensation program for employees; • Organizational Efficiencies — sharing services, restructuring, and reorganizing to maximize efficient service delivery; • Revenue Generation — assuring that Redwood City's revenues are equitable and meet cost-recovery goals. As a result of this direction City staff was able to reach agreements with each of the City's bargaining units which generally calls for: • Elimination of the City's cafeteria benefits plan; • Employees paying a portion of their health insurance premiums; • Employees making contributions to the City's defined benefit retirement plan; • Implementation of less expensive retirement plans for new hires. Appropriation Limit Article XIIIB of the California State Constitution, which became effective in FY 1979/80, and which was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for governmental agencies. Using the appropriations of FY 1978/79 as the base year, the limit is modified by the change in the composite consumer price index, population, and the value of commercial property development within the City limits during each fiscal year. Article XIIIB also sets the guidelines as to what is to be included in the appropriation limits. The appropriation limit for Redwood City for FY 2010/11 was at $361,486,037 while the actual appropriations subject to the limit amounted to $63,437,140. The following graph indicates the trend in appropriations subject to limitation: v