TITLE
The Mayor and City Council shall discuss and possibly take action on the transfer of $9,748,552.10 in appropriated CIP projects and the transfer of the remaining General Fund, CIP Reserve balance of $25,264,316.00, for a total transfer of $35,012,868.10, into a newly created General Governmental CIP Fund. Discussion and Action.
AGENDA ITEM DESCRIPTION
Currently, the City appropriates General Governmental Capital Improvement Projects (CIP's) in the General Fund. These projects are then funded and accounted for from the Capital Improvement Reserve also residing in the General Fund.
Staff is proposing the establishment of a General Governmental CIP Fund Based on government finance best practices and better CIP accountability. The funding for the appropriated projects, and the proposed transfer, is detailed below. Additionally, staff is proposing that the remaining General Fund, CIP Reserve balance of $25,264,316.00, which has not been appropriated, also be transferred into the newly created General Governmental CIP Fund.
CIP Project |
Proposed Budget Transfer |
POLICE REPLACEMENT VEHICLES |
280,000.00 |
PD REPLACE LAPTOP COMPUTERS |
75,000.00 |
RADIO END USER EQUIPMENT |
34,926.00 |
POLICE RADIO REPLACEMENT |
784,307.00 |
POLICE TASER REPLACEMENT |
62,338.00 |
FIRE STATION #575 |
2,491,792.10 |
FIRE ENGINE REPLACEMENT |
780,000.00 |
ECONOMIC DEVELOPMENT PROJECTS |
400,000.00 |
WINDOWS AND OFFICE UPGRADE |
52,740.00 |
SANTA CRUZ WASH-FLOOD CONTROL |
245,910.88 |
CLOMR/LOMR DOWNTOWN AREA |
500,000.00 |
QUIET ZONE IMPLEMENTATION |
25,000.00 |
PW FLEET MAINT YARD/EQUIP |
757,064.00 |
AMTRAK STATION RELOCATION |
1,230,202.08 |
BOWLIN RD HALF ST IMPROV-CAC DEV AG |
127,419.75 |
SIGNAL@HONEYCUTT RD/GLENNWILDE DR |
257,890.00 |
MIDWID WATER TANK |
300,000.00 |
REGENT DRIVE-CAC DEV AGREEMENT |
135,178.17 |
CITY HALL DESIGN |
1,157,444.12 |
SIGNAL @ PORTER ROAD |
51,340.00 |
|
|
Appropriated CIP Project |
$9,748,552.10 |
If approved, staff will also be reclassing current year expenditures and encumbrances related to the CIP projects once the fund has been established.
Although the unappropriated CIP Reserve balance of $25,264,316.00 would reside in the newly created fund, staff is proposing any investments earnings be recorded in the General Fund in order to offset operating expenses which is the current practice.
STAFF RECOMMENDATION
Staff recommends the transfer of $9,748,552.10 in appropriated CIP projects and the transfer of the remaining General Fund, CIP Reserve balance of $25,264,316.00, for a total transfer of $35,012,868.10, into a newly created General Governmental CIP Fund.