AGENDA : COMMUNITY DEVELOPMENT COMMISSION SUCCESSOR AGENCY BUENA SANITATION DISTRICT
❑ JOINT POWERS FINANCING AUTHORITY Department: Finance Item No: D2 Prepared By: Mary Kazungu, Sr. Management Analyst Meeting Date: April 25, 2017
Lauren Warrem, Director Approved By: Patrick Johnson, City Manager Agenda Location: Discussion
SUBJECT: FISCAL YEAR 2017/18 CAPITAL IMPROVEMENT PROGRAM BUDGET OVERVIEW
RECOMMENDATION: Receive a report on the draft Fiscal Year 2017/18 Capital Improvement Program CIP) budget preparation, and provide direction to staff.
PRIOR ACTION: On June 14, 2016 adopted City Council Resolution No. 2016-93, approving the Five-Year Capital Improvement Program and Fiscal Year 2016/17 Capital Project Budget and Authorizing
Appropriations for Fiscal Year 2016/17 Capital Projects (Vote: 5-0).
STATEMENT ON THE SUBJECT: The City’s five-year Capital Improvement Program (CIP) is updated annually to manage and plan for major acquisitions and/or construction of large capital assets such as land, buildings, infrastructure and other public improvements. Funding covers more than one fiscal year on most projects because capital projects often require multiple years to design, fund, and construct.
While the CIP plan is updated annually, only the first year is budgeted in the financial system and authorized for expenditure. However, anticipated and/or potential funding sources and uses are identified for the following four years for planning purposes. Capital projects appropriated in prior years that are not yet complete have the remaining unspent balances carried forward to the upcoming fiscal year. Estimated carryover amounts are included in the CIP project sheets, but the actual carryover balances are not finalized until the accounting fiscal year is closed, which typically occurs in late September.
Fiscal Year(FY) 2017/18 Appropriations. For FY 2017/18, staff anticipates new appropriations totaling $30,680,379, and the carryover of previously appropriated remaining balances in active projects into FY 2017/18. Approximately 69% of the new appropriations are for sewer infrastructure ($21,032,796).
This includes annual contributions to the Encina Wastewater Authority Capital Improvement Project budget in the amount of$3,869,668 by City of Vista Sewer and $1,103,128 by the Buena Sanitation District. The remaining 31% ($9,647,583) is for projects related to parks and recreation, public facilities, streets, and drains.