Title
Discuss and consider action to approve the list of projects proposed for the FY 2013 General Capital Reserve Fund and authorizing the initiation of the listed projects and the associated expenditure of funds.
Summary
During the budget process for the 2011-2012 fiscal year, the City Council was presented with the concept of establishing a General Capital Reserve Fund to maximize the use of funds available at the end of each fiscal year in the general fund for one-time purchases and funding of capital projects. The policy was approved by the Council at its September 27, 2011, regular meeting. The surplus revenue for fiscal year 2012-2013 is estimated at $1.363M. The effect of transferring this amount to the General Capital Reserve Fund was analyzed by updating the General Fund pro forma for the fiscal years of 2013 - 2017 to ensure that the General Fund will maintain more than the required fund balance reserve during this financial planning period. The list of projects attached has been developed with the cooperation of City staff. Completion of these projects should take place before September 30, 2013.
Prior Council Action
The Capital Reserve Fund policy was approved by the City Council on September 27, 2011.
Deadline for Action
The timeline provided to Council for the FY 13 General Capital Reserve Fund schedules the approval by the City Council in January 2013 to allow time for project completions before the fiscal year end.
Fiscal Impact
The fiscal impact is outlined in the attached list of proposed projects.
Staff Recommendation
Approve the action to proceed with the FY 13 General Capital Reserve Fund projects.
Drafter
Lauri Gillam
Assistant City Manager