Title
Discuss and consider action to approve projects to be funded with reserve funds during Fiscal Year 2015.
Summary
Revenues in excess of budget are transferred into a reserve fund to be spent on one-time and capital related projects. In 2014, funds were designated to begin design for potential right-of-way purchases on future road projects, namely East Pecan Street, Weiss Lane, and Rowe Lane. Upon voter approval to complete these projects as a part of the 2014 roadway bonds, funds have been freed up for other projects. This funding, plus $800,000 of excess revenue from FY14 provides $3.3 million for projects. A list of the proposed projects is attached.
Prior City Council Action
The City Council reviewed the list and provided direction for approval of these projects at a special meeting on January 20, 2015.
Deadline for City Council Action
There is no deadline for action.
Fiscal Impact
The general fund balance will be reduced by the amount of funding approved for the projects shown on the attachment. The amount remaining in the general fund balance exceeds the $7.04 million charter and policy required reserve balances of 25% and 3%, respectively.
Staff Recommendation
Discuss and consider the items recommended for reserve funding.
Drafter
Lauri Gillam
Assistant City Manager