Title
Approving the list of projects proposed for the FY 2012 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 original funding of the fund came from the general fund balance in the amount of $1.3M. The surplus revenue for fiscal year 2010-2011 is estimated at $1.465M. 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 2012, 2013, 2014, 2015, and 2016. During that period, General Fund will maintain the required fund balance reserve. The list of projects attached has been developed with the cooperation of City staff. Completion of these projects should take place before September 30, 2012.
Prior City Council Action
The Capital Reserve Fund policy was approved by the City Council on September 27, 2011.
Deadline for City Council Action
The timeline provided to Council for the FY 12 General Capital Reserve Fund schedules approval by the City Council in January 2012 to allow time for completion of the projects 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 12 General Capital Reserve Fund projects.
Drafter
Brandon Wade
City Manager