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Home My WebLink About0209.091• March 28, 1991 HONORABLE CITY COUNCIL Palo Alto, Calitornia Attention. Finance and Public Works Committee JltD-IJAR Pl:llANCIAL REPORT -STORM DRAt:HAGE J'tnm Members of the council: Report. ill Br ie f 11 This report is in response to concerns raised at ~~e February 26, 1991 Finance.and Public Works Committee (F&PW) meeting on the Mid Year Financial Report regarding the storm Drainage Fund~ Iackqroun4 F&PW Chair McCown raised a concern at the February 26 F&PW meetinq regarding the Mid-Year Financial Report (CMR:160:91). The report stated that bonds are not expected to be sold .for-the StOrr! Drainage Fund until fall 1991 to ;:ore efficiently gr-o'J.P capital projects together, thereby spreading the fixed legal, printing, and other administrative costs associated with a sale over a larger financinq packaqe~ That sale is now expected to occur in spring of 1992. Delaying the bond sale would also help the City avoid possible arbitrage restrictions if all the financed improvements could not be completed within the required three year time ~rame~ Therefore, funds would need to be advanced from the Reserve for capital Projects to cover the Storm Drainage Fund capital projects budgeted and appropriated this fiscal year until bonds are sold. Chair McCown wanted to kno~ the impact of reducing the amount that would need to be advanced this fiscal year ($1.3 million). CMR:209:91 / o piscu··;\oll with the chiJ.nqes discussed .in the midyear financial report, the advance froD the General Fund to the Storm D~ainaqe ~nd for fiscal year 1990-91 totals $1. 3 million~ To red.uce or eliminate the advance, either the operating or capital budgets ~ould have to be C\lt. Hoat of the stetlD Drainage Fund budget is for capital projects .. TWo ite.s budgeted in the 1990-91 Capital Improvement budget for ·Colleetion System Improvements· and ~Storm Water Quality Improve ments· totalling $1.15 million have not yet been encumbered# and the appropriations could be delayed until bonds are issued. The two items are: o Storm Drainaqe Condition Assessment $.9 million o Storm Drainage Master Plan $.25 million Consultant proposals for the storm drainage condition assessment have a.lready been submitted ana an agreement is currently expected to be awarded in ea.rly May. Oelaying the condition assessment agreement would .ean that a cO'Dlprebellsive evaluation of the current storm drainaqe system and its rehabilitation needs would be ~elayed. Enqineering st&ff is prepared to begin this studY$ which is central to identifying and programminq future capital rehabili tation projects tor the Storm Drainage FUnd for the foreseeable fut:.ure. Althouqh the delay would not be debilltatinq, it would cause siqni~icant inefficiencies. Delayinq the Master Plan will negatively impact the identification and future programming of needed capital work, especially in Barron Park. ll'OOM·noatiop staff recommends thst the capital program as already approved for the sto~ Drainage ~~ be left intact, and that the Reserve for Capital Projects advance the necessary funds ($1~3 million) to the Storm Drainage Fund until bonds are sold In the sprinq of 19~2. This is the recommendation contained in the midyear report. \ Respeot~~ submitted, . ~~ /A./ r . (/) flr.J ,,4-<..) (,C,'nL. ~~ K STEELE 'i::MILY fw<RIsON ~ udget Manager Director of Finance City Manager Related Staff Reports: CKR:160:91 OCR: 209: 91 2 .. • ~. " ""'." '.> ~ Karch 28, an HONORABLE CITY COUNCIL Palo Alto, Calitornia Attention: Finance and Public Works committee ItD-YD' lllOOl9IAL RIJIORT -aTOM DU:IJIIGI rDIfP Members of the council: 'tppn fa Brit, 11 This report is In response to concerns raised at the February 26~ 1991 Finance,and Public Works Committee (F'PW) meetinq on the Kid Year FinL~ial Report reqardinq the Storm Drainage Fund. Iac'qrcrqp4 F~ Chair MCCown raised a concern at the February 26 F'PW meeting reqardinq the Mid-Year Financial Report (CKR!160:91). The report stated that bonds are not expected to be sold for the Storm Drainage Fund until fall 1991 to more efficiently group capital projects together, thereby spreading the fixed leqal, printing, and other edministrative costs associated with a sal. over a larger financinq package. That sal .. is now axpected to occur in sprinq of 1.992. Delaying-the bond sal .. woulc! also belp the City avoid possible arbitraqe restrictions if all the financed improvements could not be completed within the required three year time trame~ Therefore, funds would need to be advanced from the Reserve for capItal Projects to cover the Storm Drainaqe Fund capital projects budgete~ and appropriated this fiscal year until bonds are aold. Chair MCCown wanted to know the. impact of reducing Cle amount that would need to be advanced tbis fiscal year ($1.3 million). CI!R:209:91 I ~ I ------------.-,. -+ -'--' Pi'QUI.lo1 With the chang •• discU5Sad in the .ldyear financial report, the adVance rrOlO tlIe Genua! Fund to tlIe Stano Drainage Fund ~or fiscal year 1"0-91 total. $1. 3 _11110n. To reduce or elim.1nate the advance ... 81th" the operatinq or capital budget. would have to be cut. Most ot tlIe ston. Drainage Fund bu"q"t b for capital projects. Two it ... budgeted in tlIe 1990-91 Capital Improvement budget for 'COllection Sy.t .... IlIlprovements' ane:! 'storm Water Quality Improve ments' totalllnq $1.15 million have not yet'been enc~ed, and tlIe appropriations could be delayed until bonds are issued. The two items are, o o Stors Drainaq. Condition Assess.ent Stor. Drainage Master Plan $.9 .,11lion $.25 .illion Consultant proposal. tor the stera drainaqe condition assessment have alrudy been sUbmitted ane:! an agreement 1s currently expected to be awarded in early May. Delayinq the condition assessment agraea:ent would aean that a comprehensive evaluation ot the cutTent &tor. drainage system. and its rehabilitation needs 'WQuld be delayed. Engineering staff is prepared t~ begin this study, which ia central to identifying and programming future capital rehabili tation project.. for the Storm Drainage Fund. fer the tores~eable future. Altllough tlIe delay would not be debilitltUng, it would cause aignificant inefficiencies. Delaying the Kaster Plan will negatively impact the identification and tuture progra1DlD.ln.; of needed capital work, especially in Barron Park • •• qou.p«.j;ioQ Staff recommands that the capital program as already approved for the stor. Orainage Fund be lett intact, anI:! that the Reserve ter capital Projects advanee the necessary funds ($1.3 million) to the stor. Draina'le FUM until bone:!s are ",old in tlIe spring of 1992. This i. the reco.mendation contained in the .idyear report. Re.~~ubDittea, ~ ·4,dz~~uO STEELE -~y HARRISON dget Hanaqer Director of Finance ~ City lIanager Related statt Reports: C1I11:160:91 CXR:209:91 2 • Karch 21, 1991 HONORABLE CITY COIlHCIL Palo Alto, California Attention: Finance and Public Works Committee IID=U!! rIJWrCIAL RIPORT -BTOJUI pM.IJQGI rmm Kembers of the Council: Bpgtl 1m Iri., 11 Thia report is in response to concerns raised at the February 26, 1991 Finance.and Public Works Committee {F.PW} meeting on the Kid Year Financial Report reqardinq the Star. Drainaqe Fund. lIo'gr99n4 F'PW Chair MCCown raised a concern ~t the February 26 E'PW meeting reqardinq the Mid-Year Financial Report (CMR:160:91). The report stated that bonds are not expecte.d to be sold for the Storm Drainage Fund until fall 1991 to more efficiently group capital projects toqether, thereby spreadinq the fixed leg-ai, printing, and other a4ministrative costs associated with It sale over a larger financing package. Tbat Bale is nov expected to occur in spr ing of 1~92. Delaying the bond sale would also help the City avoid posaible arbitraqe restrictions if all the financed i~proveRents could not be completed within the required three year time frame. Therefore, f~s would need to be advanced from the Raserve for Capital Projects to cover the Storm Drainage Fund capital projects bUdgeted. an4 appropriatec! this fiscal year until bonds are sold. Chair McCown wanted to know the impact o~ reducing the amount that v~ld need to be advanced this fiscal year ($1.] million). CHR:J09:91 • pllqgl'!91 with tbe chanqe. diBcuaaed in the 1:11dy •• r financial report" the advance trOll the General Nne! to the StOrll Drainage Fund for t !sca I y .... 1990-91 total. $1.3 aUlion. To ree!uce or eliminate the advance, either the operating or capital budqet. would have to be evt. Ka.ot of the Stor. Drainage FUnc! buc!qet ia for capi tal projecu. fWo iteao buc!qeted in ~~e 1990-91 capital r.provemant budget for ·Collectlon systeJI Improvements· and ·Storm water Quality I"mprove ..nta· t~talling $1.15 .illion bave not yet been encumbered, and the appropriations could be delayed until bonds are issued. The two items are: o o Storm Drainage COndit!~ Assess»ent stor. Drainaq8 Kaster Plan $.9 million $.25 lIillion consultant proposals for the stor. drainsqe condition assessment have already been subJlittee! and an agreement is currently expected to be awardee! in early Kay. Delaying the condition assessment .aqreement would aean tha.t .& cOllpreh~nsive eva.luation ot the current stor. drainage oystem and ita rehabilitation neee!s would be delayed. En9iMering staft i6 prepared to begin this stUdy. which i. central to identifyinq and programming tuture capital rehabili tation projects for the Stor. Drainage FUnd for ~e foreseeable future. Although the delay would not be debilitating. it would caus. significant inefficiencies. Oelayinq the MAster Plan will negatively impact the identification and future programming of needed capital work, especially in Barron park. 1'29"".1I1,10p Staff recoaDenda that the capi~l pr~~am as already approved tor the St.-ora Drainage PUnd be left intact, and that the Reserve for capital Pro,ect" advance the n.ce .. sary fund" ($1.) _11lion) to the Stora Drainage 7und untl.l bond. are sold in the "pring of 1n2. Thie 1. the reco.mendation contained in the midyear report. fI"pect~ ~ubJlitted. ~ --d, 1h~~~{J STEELE • ~y ilARiUSON et MAnaqer Director Qt Fi~anee ('~:nL. ~ ~ City Manager Rela~ Staff Report.. OIlU160.n CKR.209:91 2 March 28, 1991 HONORABLE CITY COUNCIL Palo Alto l california Attention: Finanee an4 Public works committee PP-DAR. rZlBJfCT!L RUQRT -STORK J)M.IDGI lt1)lp Members of the council: 'pert iD gie' 11 This report is in response to concerns raised at the February 26, 1991 Finance.and Public Works Committee (F_PW) meeting on the Mid Year Financial Report reqardinq the Storm Drainaqe Fund. Mgqro1iDC5 F.PW Chair McCown raised a concern at the February 26 F'PW meeting regarding the Mid-Year Financial Report (CMR:160:91). rhe report stated that bonds are not expected to be sold for the storm Drail'.aqe Fund until fall 1991 to mere efficiently group capital project. together, thereby spreading the fixed legal, printing, and other aainistrlltive costs associated lIith a sale over a larger financing packaqe.. That .. ale is now expected to occur in spring of 1992. Delaying the bond ... le would also help the City avoid po~sihle arbitrage restrictions if all the financed improvements could not be completed within the required three year tl.e fra-e. 'l'berefore" funds would need to be advanced :from the Reserve for CApital Projects to cover the Storm Draina~e Fund capital projects budgeted. and appropriated this fiscal year until bonds are sold .. Chair McCoWn wanted to know the i~ct of reducing the amount that would need to be advanced this fiscal year ($1.3 million). acR:209:91 \ o piop1l •• iop With the changes diacuI.ed 1n the aldyear financial report.. the adVance from the a..neral .Fund tD the Storw Drainage FUnd tor fiscal year 1990-91 total. $1. J .Ulion. To reduce or el1.1Mte the advanc., either the operat:l.!"..q or capital budqets would have to be cut. M08t of the stan. Oralnaqe P'Und bu4qet i. tor capital project •• Two items budqeted in the 1990-91 capital rmprova.ent budget for ·Collection Syste. Improvements-and ·storm Water Quality Improve .ante" totalling $1.15 million have not yet been encumbered, and the appropriatIDns could be del~yed un~11 bonds are issued. Tbe two 1 tess are: o o Star. Drainaqe Condition Asse.aaent Stor. Drainage Master Plan $.9 .1111on $.25 lIillion consultant proposals for the stora drainage condition assessment have already been suwitted and an aqreelllent is currently expected to be .wardelS in "arly May. Delaying the condition assessment agreeaent would mean that a comprehensive evaluation of the current .ton drainage system and its rehabilitation needs 'Would be delayed. Engineering staft i. prepared to begin this Iltudy, which is eentral to identifyin9 and proqraaaing future capital rehabili tation projects tor the Storm Drainage Fund tor the foreseeable future. Although the delay vould not be debilitating, it would cause .lgnificant inetficiencies. Delaying the Kaster Plan vill negatively impact the identification and future proqrAJDIinq of needed capital work, especially in Barron Park. staff recommend_ that the capital program as already approved tor the Stor. orainaqe Fund be lett intact, and that the R2sarve for Capital Project. advance the necessary funds ($1.3 .illion} to the stora Drainage Fund until bonds are sold in the sprill9 ot 1992~ 'l'tIia is the rec ..... end .. tion contained in the midyear report. RA~~:ul>aitted' 4STEELE -7Q~~ ~:t Manager Cirector of Finance ~ City Manager Related staff Report .. , aIR, 160: 91 CKR:209:91 2 Karc:h 28, 1991 HONORABLE CITY COUNCIL Palo Alto. California Attention: Finance and Public Werks Committee xr,-Y'!' lI,!PCJIL REPORT -'TOlM nRAXNaGI rvKD XeaberB of the council, uport. ill Mi., 11 fbi. report i. in response to concerns raised at tJle February 26, 1991 Finance.and Public Works Committee (F'PW) meeting on the Mid year Financial Report regarding the Storm crainage Fund. MCkgrOUJI4 F~PW Chair MCCown raised a concern at the February 26 F'PW meeting reqarding the Mid-Year Financial Report (CKR,160,91). The report stated that bonds are not ex:pf!cted to be sold for the Storm Drainaqe Fund until tall 1991 to more efficiently group capital project. toqether, thereby spreading the fixed legal, printing, and other .~1nistr&tive costs associated with a sale over a larger financing package. That sale is no ... expected to occur in sprinq of 1992. Delaying the bond sale would a.lso help the city avoid pos&ible arbitrage restrictions if all the financed improvements could not be completed vithin the required three year time fro.me. Therefore, funds would need to be advanced from the ~eserve for capital Projects to cover the storm Drainage Fund capital projects bGdqete4 and appropriated this fiscal year until bonds are sold. Cllair MCCown wanted to MO\tl' the impact ot reducing the Uilount that would need to be advanced this fiscal year ($1.3 .111ion). QIR'209,91 • , " pi'n·I'n Witl:;, the chang •• discussed in the aidyear financial report.. the adlvanee frOB: the General Fund to the Stor. Drainaqe Fund for fiscal year 1"0-91 totals $1.3 _1111on. To reduce or elbinate the advance .. either the operating or capital budgets would have to be cut _ Moat of the stc.rll Crainaqe FUnd budget 1. tor capl tal Pl'ojeet •• TWo it8aa budgeted in the 1990-91 Capital Improvement budget for ·COllectlon System Improvements-and ·storm Water Quality lmprove aente-totalling $1.15 .lllion have not yet been encumbered, and the appropriations could be delayed until bonds are is.ued. Tha two it... are: o o St~ Drainage Condition A$sessaent Stor. Drainaqe Kaster Plan $.9 .illion $.25 .1111"" Consultant proposals for the storm drainage condition assesa.ent have already been su.baltted and an agreement i. currently expected to be awarded In early Xay_ Delayinq the condition aSS •• SDent agreeaent would .un that a comprehensive eva.luation of the ourrent stora drainage ay.tem and its. rehabilitation needs would be delayed. Engineer!n" start is prepared to be9in this otudy, which 1. central to !dentifyinq ano programminq future capital rrhabili t.tiOD projects tor the Stor. Drainaqe Fund for the toreseeable future. Althou9b the delay would not be debilitatinq, it would C8uae si9ftificant inefficienciea. Delayinq the Master Plan will neqatively impact the identification and tuture proqra.a.lng of needed capital work ... especially in Barron Park • • eOOWMDhf;lpp Staff reco.aends that the capital program as already approved for the storm Drainaqa Fund be lett intact, a.nd that the Reserve for capital Projects advance the necessary funds ($1. 3 aillion) to the stono Drain.qe Fund until bonds are aold In the sprinq of 1992. Tbi" i. the reca.aendation contained in the 3idyear report. R"~a:ubaitted' ~ ~ lk,-,-<-iJ STEELE ~y HARRISON udqet Manager Director ot Finance Uk:'" ~ IAH ZANER City Manaqer Related staff Report.: CXR: 160:91 CXR:209'91 2 -, Jlarch 28, 1ft! HONORABLE CITY COUNCIL Palo Alto, california Attention: Finance.nd Public Works committee lIIP=rna rI.p,prs:rNt uPOIlt -HOD QUtDG' rmm Members of the Council: Report '. Iri., 11 This r.port is in re8ponse to concerns raised at the February 26, 1991 Finance,and PUblic Works Co.aittee (F.PW) meeting on the Mid year Financial Report reqardinq the Stor& Drainaqe Fund. Bae);grOVp4 F'PW chair J(ccown raised a concern at the .February 26 F.PW seetinq regarding the Mid-Year Financial Report (CMR:160~91). The report stated that bonds are not expected to be sold for the Stor.!! Drainage Fund until fall 1991 to morE efficien~ly group capital project. together, thereby spr9ading the fixed legal, printilt9, and other aa.inistrative cost. _sacci.ted with a sale ever a larger financing """,,,age. That ... le is now expected to occur in .. pring of 1992. Delay in\! the bond s~le would a180 help the City avcid possibl. arbitraq. r .. trictions if all the financed i.provements could not be co.plated within tha required three year time frame. Therefor., funds would need to be advanced from: the Reserve for capital Projects to cover the Stora Drainage Fund capital prcjects budgeted and appropriated this fiscal year until bonds are sold. Chair KcCown wantN to knoW the impact of radu.cing the aJllount that. would need to be advanced this fiscal year ($1.3 million). CKR:209:91 • > •.. l; ,.., ....... Pi_avAlloD With the changes diacua8ed in the aldyear financial report., the advance trom the General Fund to ~. Star. nreinaqe FUnd tor fiscal ~ar 1990-91 totals $1.3 .UUon. To reduce or eliainate the .dvanDe, either the operating or capital budgets woul~ have to be cut. Most ot the stor. Drainage Fund budqet 1s tor capital project". Two iteas bu4geted in the 1990-91 Capital Improvement budget for ·Collection System r.proveaenta-and ·stor. water Quality Improve »ants' totalling $1.15 .illicn hava not yet been encumbered. and the appropriations could be delayed until bond. are issued. Tho two it ..... are: o o Star.. Drainage condition Aases.ment stars Drainage Kaster ?lan $.9 million $.25 million Conaultant proposal. tor the .tor. drainage condition assessment have already been submitted and an aqree.ment is currently expected ~o be awa:r-ded in early Kay. Delayinq the condition assessment aqreuaent would aean that a comprehensive evaluation of the current .tonl draiftaqe systq and ita rehabilitation needs WOuld be delayed. Enqine.ril>9 .. taft Is prepareel to beqin this study. Which i. central to identifying and programming future capital rehabili tation projects for the stOrli orainage TUnd for the foreseea.ble future. lUtbouqb the delay would not be debilitating. it vould cause eiqniticant inefficiencies. Delaying the Master Plan vill neqatively impact the identification and future programming o~ needed capital work, especially in Barron Parll:. Statt recommends that the capital program aa already approved for the stor.. Drainage Fund be left intact. and that the Reserve for Capitsl Projects advance the neceosary funds ($1.] .. illion) to the Stor. DraInage Fund until bonds are sole! in the spring of 1992. This 1. the recoamendation contained in the midyear report. R.a~~Ubaitted. ~ -d, ik~~ufJ STEELE . ~y HARlUSON udqat MAnager Director of Finance ~ city Manager Related staff Reports: CMR:160:91 CMR:209:91 2 ~ ...•. ~ March 28, 1991 HONORABLE CIT"{ COUNCIL Palo Alto, California Attention: Finance and Public Works committee KIP-un lJJD.lIICIMr UiORf -'TOM pnnmql rmrp Neaber& of the council~ Jteport ip arlt' 11 This report is in response to concerns raised at the February 26, 1991 Finance.and Public Work. Committee (F'PW) meeting on the Mid Year Financial Report regarding the Stor. Or~inage FUnd~ lackgrappd F'PW Chair MCCown raised a concern at the February 26 F'PW meeting regardinq the Hid-Year Finar~ial Report {CMR:160:91J. The report stated th.3.t bonds are not expected to be sold tor the storm Drainage Fund until fall 1991 to mora efficiently group capital projects together .. there:by spreading the fixed leqal, printing, and other adlliniatrative costs associated: with • sale over a larger financ::iFl9 package. That sa.le is nov expected to occur in spring of 1992. Delaying the bond sale would also help the City avoid possible arbitra;e restrIctions if all the financed improvaments could not be completed within the required three y~r time frame. ~erefore, funds would need to be advanced from the Reserve for capital Projects to ccver the Storm Drainaqe FUnd capital projects budqeted and appropriated this fiscal year ~ntil bonds are sold. Chair MCCown wanted. to knoW' the impact of rel:3ucing tbe. amount that vould need to be advanced this fiscal year ($1.3 .iIlion). OIlU209:91 --------------_ .... ___ ._L... __ ~_. __ . With the change. discusaed. 1n the .1dyear tinanci.l report.. the advance trOll. the General Fund to the stor. Drainage FUnd. for fiscal yaar 1990-91 totala $1.) .Ulion. To reduce or eliminate the advance .. either the operatinq or capital budgets would ~ave to be cut. Moat or the Stor. Drainaq8 l"und budqet is tor capital project.. Tvo it ... budqeted in the 1990-91 Capital I.proveme~t budqet for ·COllection Syatu Izproveaent.· and ·StOl"ll Water Quality Illprove .. nta" tota111nq $1.15 .illion have not yet been encumbered, and the appropriations cOl.1ld be delayed unt11 bonda are issued. The two It .... are: o o Stora Drainage Condition Assess.ent Stor. Drainage Master Plan $.9 .ill ion $.25 .illion Consultant proposals tor the storm drainage condition assessment have already been suhll.itted ~nd an aqreement is currently ezpected to be awarded 1n early Kay. Delayinq the condition assessment agreeaent ,,"ould aean that a comprehensive evaluation of tte current stor. drainaqe system and its rehabilitatIon need. 'Would be: delayed. Enqlneerinq staff is prepared to beqin this study, which is central to Identifyinq and progr .... inq future capital rehabili tation projects for the Storm Drainaqe Fund tor the foreseeable future. Althouqh the delay would not be debilitatinq, it would cauae significant inefficiencies. Delaying the Master Plan will negatively iapact the identification and future programming of needed capital 'Work, especially in Barron Perk. "99M'p llal io' Staff rsco .. ends that the capital prograa as already approved for the stor. Drainage FUnd be left intact .. and that the Reserve :fer capital Projects adVance the ~eceBsary fUnds ($1.3 .illion) to the Stor. Drainage Fund until bonds are sold in the sprinq of 1992. Thi. 1. the r~ation contained In the .idyear report. Re_~~tted, l ---rf!, &u<-{J STEELE ~y HARRISON .t Manager Direc~or of Finance ~ City Manager Related staff Reports: CMR'160:91 CMR:209:91 2 ~ ... ,. ~ Karch 28, 1.9'l HONORABLE CITY COUNCIL Palo Alto, california Attention: Finance and Public Works Committee I:D-TPP rxRNtC;XN. UPOItT -'TOM pnxPG' rmm MeWbers of the council: a'port 11 Iri., 11 This re.port i. in response to concerns raised at the February 26" 1991 Finance.and Public Works Committee (F'PW) aeeting on the Mid Year Financial Report reqardinq the Stor. Drainage Fund. heknoup4 "PW Chair MCCown raised a concern at the February 26 F'PW meeting reqardinq the Hid-Year Financial Report (CKR: 160: 91). The report stated that bonds are not expected to be sold for the storz. Drainage Fund until fall 1991 to more efficiently group capital projects together, thereby spreading the fixed legal, printing, and ether administrative coata associated with a sale over a larger financing packag.. That sale Is .now expected to occur in sprinq of 1992. Delaying the bond sde would also help the City avoid possible arbitrage restrictions if III the financed improvements could not be completed within the required three year time fraae. Therefore, funda would need to be advanced. froD the Reserve for capital Project. to Cover the stor. Orainaqe Fund capit~l projects bUdqeted and appropriated this fiscal year until bonds are sOld. Chair McCOwn wanted to knoW' the impact of" reducing the aJIIount that would need to be advanced thls fiscal year ($1.3 mlllion). CMR:209:91 pl'qg •• lop With the ehllnge. discussed In the midyear financial report, the actva.nce fro. the Genersl Fund to the stor. Drainage :Fund ror fiscal year 1990-91 totala $1.3 .Hlion. To reduce or eli.inate the advance, either the operatifl9' or capital budqeta would have to be cut.. Most of the stOrll Crainage Fund b\.Idget 18 for capital project.. Two items budgeted 1n the 1990-91 Capital Improvement budget for "COllectlon System r-.prove.ments· and ·stor. 'Water Quality Improve _ants" totalling $1.15 .lllion bave not yet-been encumbered, and the .sppropriatians could be delayed until bonds are i!Ssued. The two it.... are: o o Star. Drainage Condition ~8a.B.ent Stor. Drainage Kaster Plan $.9 million $.25 million consultant proposals tor the .tor. drainage condition assessment have already been sUbmitted and an _gTe_ant is currently expected ~o be awarded in early May.. Delaying the cOndition assessment agreement would •• an t.~at a CCDp~ehen8ive evaluation of the current storm drainage systn and Its rehabilitation needs would be delayed. Engineering statf ia prepared to begin this study, whicb i. central to identifying and progra .. ing future capital rebabili tation project. tor the Stor. Drainage Fund tor the foreseeable future. Altllougb the dalay would not be debilitatinq, it """ld cause siqnificant inefficiencie •• Delayinq th~ Kaster Plan vill negatively impact the identification and future proqr_inq of needed capital work, especially in Barron Parle. Statt recomaends that the capital program as already approved for the storm. Dralnaqe Fund be left intact, and that the Reserve. for capital Projects advance the nacessary funds ($1.3 million) to the stora Drainage Fund until bond. an Bold in the sprinq of 19i2. TbiB is the reCOlllllendation contained in the .idyear report. Respect.A:Ubmitted. 4t --rA 1izJ.~{J STEELE -~y IlARRlSON udget Kanaqer Director of Finance ~ City Manaqer Related staff Reports: CKR.160:91 CNR:209:91 2 • March 28, 1991 HONORABLE CITY COUNCIL palo Alto, california AttentiGn: Finance and Public Work. committee I:rP ... YQll I'IPNCIM. REPORT -STOJU( DM,IPGI rmm Meabers of the Council: l!pQrt ill U i., 11 This report is in response to concerns raised at the FebrQary 26~ 1991 Finance.and Public Works Committee (F'PW) .eeting on the Mid Year Financial Report regarding the Storm Drainage Fund. ,.PM Chair McCown raised a concern at the February 26 F'PW meetinq regarding the Mid-Year Financial Report (CMR:l~O:91J. The report statei!S that bonds are not expected to be sold for the Storm Drainage Fund until fall 1991 to more efficiently group capital projects together, thereby spreading th~ fixed legal. printing, and other adDinistrative costs associated with • sale over ill larger financing package. That sale is now expected to occur in spring of 1992. Delaying the bond sale 'Would also help the City avoid possible arbitrage restrictions if all the financed improvements could not be completed within the required three year time frame. Therefore, funds would need to be advanced from the Reserve for Capital Projects to cover the Stora Drainaqe Fund capita.l projects bUdgeted and appropriated this fiscal year until bonds are sold. Chair McCown wanted to know the i.pact of reducing the amount that would need to be a~vanced this fiscal year ($1.3 millionJ. am: 209:91 pl.qu •• iop With the changes di.cussed In the aidyear financial r.port, the advance fzoOW! the (;etleral Fund to the Stan. Drainage l'un<S. far fisca.l year lUO-91 total. $1. 3 .Ulion. To reduce or eliminate the advance, either the opera"ting or capital budget. vould have to be ""t. JIoot of the storm Drainage FuneS bucSqet 1a tor capital pro,.cto. TWo It~ ~ucSqeted in the 1990-91 Capital Improvement ~dget for .Collection Systea Improvements" and ·sto~ Water Quality Improve .ants· totalling $1.15 .illion have not yet been encumbered, and the appropriations could be delayed until bonds ara issued. The two i teas are: o o storm Drainage Condition A •• essment stora Drainaqe Kaster Plan $.9 million $.25 million Consultant pro~al. for the stor. drainage condition &sse~sment have. already been submitted and an agreement. i. <:urrently expected to be awarded in early May.. Pelayif19 the condition assessment agree:ae.nt. would JI&&n that a comprehensive evalll8tion of the curreTlt .torm draina!J" Bystell and iu rehabilitation needa would be "elayed. Enqineering staff is prepared to begin th1& atudy, which 15 central to identifying and proqrUllOing future capital rehabili tation projects for the Storm Drainage FUnd for the foreseeable future. A1thoU<]h the delay would not be debilitating, it would cause 8ignif.icant inetticieneias. Delaying the Kaster Plan will negatively impact the identification and tuture proqr~ng of needed capital work, especially in Barron Parle. MCOMen4'$,ig' Staff rec~da that. the capital proqram as already approved for th. storm Drainage FUnd be lett intact, and that the Reserve for capital Proj.ota advance the necessary funds ($~.~ .11lion) to the stor. Drai""ge ...... 4 unt11 bonda are Bold in the spring of 1992. This b the reco_endation contained in the .idyear report. Re .. pe~uboaitted, ~:g~gar ~~~ce ~ city Manager Rel.tad Staff Reports, CMR :160, n CMI\'209"1 2 • .~. o Karch 28, 1991 HONORABLE ern CODNCIL Palo Alto t California Attention: Finance and Public Works committee MXD-nap lIJWIlCIl.t, upon -StoRK PBAlpCI 7mtJ) Member. ot the COuncil 0 11 This report is in response to concerns raised at the February 26, 1991 Finance.and Public Wor~s COmmittee (F'PW) meeting on the Mid Year Financial Report rega~ding the Storm Drainage Fund. J1gkgrDDDO P'PW Chair MCCown raised. oS concern at the February 26 F"PW meetinq reqardinq the Mid-Year Findncial Report (CMR:160!91)~ The report stated that bonds are not expected to be sold tor the storm Drainage FUnd until fall 1991 to more eftici~ntly qroup c&pital projects together, thereby spreading the fixed legal# printing, and other administratIve costs associated with a Bale over a larger financing paekaqe. Tbat sale is nov expected to occur in sprinq o.t 1992. o.l&y1"9 the bond sale would also help the City avoid ~.sible arbitrage re.trictions if all the financed improvements could not be completed within t.~e required three year time frame. Therefore, funds would need to be advanced from th~ Reserve for capital Projects to coyer the stono Drainage Fund capital projects budqeted and appropriated thi. fiscal year until bonds are solQ~ Chair MCCown wanted t.o know the impact of reducing the amount that would need to be advanced this fiscal year ($1.3 million). CllRo 209: 91 \ , . pi.cuI.loD With the eha.nq •• discussed in the mid.year financial report, the. advance trom the Gener61 Fund to the storm. Drainage Fund tor fiscal y ..... 19S0-91 total a $1.3 .UUon. To reduce or elbinat. the advance ... either the c.perat.inq or capit.sl budqets 'Would have to be cut.. Moat of tha stor. Drainaqe Ft-.!nd budqet 1. tor capital project •• Two it ... budgeted in the 1990-91 Capital Improvement budq~t for ·COllection $yates Improveaent.-and ·stor. Water Quality Improve .. nts-totallinq $1.15 .lllion have not yet been ~ncumbered, and the appropriation. could be delayed until bonds are issued. The two iteJa.s are: a o Star. Drainage Condition A8S~Bsment stor.. Drainaqe Master Plan $.9 ",illion $.25 !lillion Consultant proposals tor the storm drainage condition assessment have already been subaitted and an agreement is currently expected to be awarded in early Kay.. Delayinq the condition assessment aqreeaent would aean that ill cOlllprehensive evaluation of the current ston drainage eyat_ anCS its rehabilitation needs would be delayed. Engineering ataff is prepare<l to begin this study, "hich 1. central to identifying and programming futUre capital rehabili tation projects tor the Storm D~ainage Fund for the foreseeable future. Although the delay would not be debilitating, it ... auld cause .iqnificant inefficiencies. Delaying the Xastar Plan will negatively impact the identification and tuture proqra..il19 of needed capi ti!ll work, especially in Barron Parle. Staff rec:o:maendB that the capital proqr6lll as already approved for the Stora Drainage Fund be left intact, and that the Reserve tor Capital PrOject. advance the necessary fUnds ($1.3 Jlillion) to the Stora Drainage Fund W'ltil bonds al"~ !l":!l'd. -in the spring' of 1992. This ia the recommendation contained in the midyear report. Res~a:-"itted. (}; STEELB ' ~~~ ~~t Manager Director of Finance ~~~ER City )!"anager Relate<l statt Reporte: CKR:160:91 CKR:209:91 2 ~.'. -.: .-,-, . • -" 'if' Marcb 28, 1991 HONORABLE CITY COUNCIL palo Alto, California Attention: Finance and Public Works committee KID-XQB rpruCJAL REPORT -''lORN PMm;1 rmm Kember. of the Council, 'apart. in Bri.f 11 This report is in response to concerns raised at the February 2E, 1991 Finance.and Public Work. Co~ittee (F'PW) .eetinq on the Mid year Financial Report regarding the Stor. Drainage Fund. F'PW Chair McCown raised a concern at the February 26 F&PW meeting regarding the Hid-Year Financial Report (CMR:160:91). The report stated that bonds are not expected to be lSold for the Storm Drainaqe Fund until fall 1991 to more efficiently group capital projects together, thereby spreadinq the fixed legal, printing, and. other administrative costs associated with a sale over a larger financing-pack.sqe. Tha.t sale is now expected: to occur in spring-of 1992. Delaying the bond aale would also help the City avoid possible arbitraqe restrictions if all the financed improve~ents could not be completed within the required three year time frame. Therefore, funds would need to be advanced from the Reserve for capital Projects to cover the Storm Drainaqe Fund capital projects budgeted and approp~iated this fiscal year until bonds are sold~ Chair MCCown wanted to know the i-.pact of reducing the amount that vou14 need to be advanced this fiscal year ($1.3 .illion). • :=.-'----'-... ----- o plequa'!AA With the changes discussed in the .idyear financial report, the adva.."')Ce .era. the General .Fund to the Storm. Drainaqe Fund for fiscal yur 1990-91 totals $1.3 lI!llion. To rloduce or eliloinate the advance, either the operating or capital budgets voulCS have to be cut. Xoat ot the stor. Drainaqe Fund. budqet 1. ~or cap! ta 1 project.. TWo 1tems budgeted in the 1990-91 Capital I~rovement budget for ·Collection $yet .. Improvementc· and ·Storm Water Quality Improve .ants· totallinq $1.15 .illion have not yet been encumbered, and the appropriations could be delayed until bonds are issued. The two it ...... are: o o stora Drainaqe condition AsseB._ent stora Drainage Master Plan $.9 zillion $.25 lIi11ion Consultant prqpoa31a tor the storm drainaqe condition assessment have already been eubaitted and an agreement is currently expected to t.a .,warded in early Hay. Delaying the condition assessment a9r8eaent would Man tbat a comprehenaive evaluation ot the current ston drainage syste. and its rehabilitatien needs would. be delayed. Engineering statt is prepared to begin this stUdy, Which is central to identifying and proqra .. ing future cap! ta 1 rehahil i tation projects for the Storm Drain.g. f'u.nd for the foresell!!!able future. Although the delay "auld not be debilitating, it would cauae significant inefficienci.s. Delaying the Kaster Plan vill negatively impact the identification and future proqram:m.inq of needed capital work, especially in Barron Parle. I. g.4&t.ioD Staff recommends that the capital proqraa as already &pprove~ for the storm Drainage Fund be lett intact, and that the Reserve for Capital Projects advance the necessary t~ ($1.3 .illion) to the star-. Dr.,ina'1e FUnd until bonds are .old in the spring of 1991. This i. the reco-mendatlon contained in the aidyear report~ ~!~~ER City Manaqer Related staff Reports: <:HR: 160:91 G) • • .. :: "r, t' Karch 28, 1991 o HONORABLE CITY COUNCIL Palo Alto, california Attention: Finance and Public Works Committee IIlR=TPP r:rRMCDI. IIPORT -'TORN DMIJll"GI TtJJm Members o~ the Council: BtpOtl ill Iri.f 11 This report is in response to concerns raised at the February 26 .. 19S1 Finance.and Public Works Committee (F.PW) meeting on the Mid Year Financial Report regarding the sto~ Drainage Fund~ F'PY Chair MCCown raised a ccncern at the February 26 F'PW ma6tinq reqardinq the Mid-Year Financial Report (CMR:160:91). The report atated that bonds are not expected to be sold for the Stcrm Drainage Fund unt.il fall .1991 to IDOLa efficiently group capital projacts toqether" thereby spreading the fixed leqal., printing, and other administrative costs a~sociated with a sale over a larger financing pacJr.: .. qe. That sale is now expected to occur in sprinq of 1992. Delayinq the bond sale would also help the City avoid possible arbitraqe restrictions if all the financed improvements could not be completed vithin the required three year time frame. Therefore, funds would need to be. advanced froD the Reserve for capital Projects to cover the Storm Dr4inage Fund capital projects budgeted and appropriated this fiscal year until bonda are sold. Chair McCown wanted to leno..., the impact of reducing the amount that would need to be advanced this fiscal year ($1.3 .11110n). CIIR:209:n pi,n"loD IIi th the chaJ>ge. .fi.cu •• ed in the aiclyaar financial report, the advance tr,* the General Fund to the stora Drainage FUnd tor fisCltl year 1990-91 total. $1. J aUlion. '1'0 reduce or eli.inate the advance, either the operatin9 or capital budqets would have tc be cut. ~t ot the sto .... Dralnage Fund !>udq .. t 18 for capital project •• 'I've it ... budgeted in the 1990-91 Capital rmprovement budget for ·Collection System "Izprovel'IIe.nts-and: ·stOnD water Quality Iaprove aents· totallinq $1.15 .illion have not yet been encumbered, and the appropriations could be delayed until bonds are i .... ued. The tvo it ..... are: o o stor. Drainaqe COndition Assessment Stor. Drainaqe Master Plan $.9 million $ • 25 aillion Consultant proposals tor the stora drainaqe condition 8SS.8s.ent have elready been submitted and an a'Jre_ent is currently expected to be awarded in early May. Delaying the condition assessment aqreeaent would .ean that a compr&hensive evaluation of the current ato ... drainage .yat .... and ita rehabilitation needs would be delayac!. Engineering statt i8 prep~red to be9in this study, which 'e central to identifying and pr09r ..... ih9 future capital rQhabili tation projecta for the stora Drainage Fund for the foresee.able future. Althougb the delay would not be debilitating, it would cauae significant inefficiencies. Delayin9 the Master Pisn will ne9atively impact the identification and future proqra.ma.ing of needed capital work,. especially in Barron Park. staff recoaaende that the capital progra~ as already approved for the sto... Drainage Fund be lett intact, and that the Reserve tor capiul Pro'}ects advanca the nece ..... ry f\Ulds ($1.3 1IIillion) to the stono Drainage Fund until bondll are oold in the sprih9 of 1992. This 1& th" reeomendation contained in the .idyear report. bep:"a :ubaitted, g4; STEELE . -ra~~ ~dq!t K4J1ager Director of Finance Related Staft Reporta: 0IR:160:91 0IR:209:91 2 I I 0:01.. ~ ~~ City Xanaqer • '. -. ,r" March 2B, 1991 HONORABLE CITY OOL~CIL Palo Alto, California ,---'. Attention: Finance and Public Worka Committee IW!=P"P lIDJlCI&L "PORT -'roM D8).:ng";E rmm Kembers of the Council: _sport. in 'ri'f 11 This report is in response. to concerns raised at the February 26, ~991 Finance.and Public Works Committee (F&PWl meeting on the Mid Year Financial Report reqarding the storm Drainaqe Fund. l,e'qr9Ud P'PW Chair Mccovn raised IS concern at the F'ebruary 26 F'PW meetinq regarding the Mid-Year Financial Report (CKR:160:91). The report stated that bonds are not elCpected to be sold for the storm Drainage Fund until fall 1991 to more efficiently qroup capital projects together, thereby spreading the fixed leqa..l, printinq .. and: ether ad.inistrative QOst. associated with a sale over a larqer financinq package. That sale is now expected to. occur in spring ot 1992. Delaying the bond sale woul~ also help the City avoid possible arbitrage restrictions if all the financed improvements could net be completed ~lthin the required three year time trame~ Therefore, funds ~ould need to be advanced from the Reserve for Capital Projects to cover the storm Orainaqe Fund capital projects budqeted and appropriated this fiscal year until bonds are SOld, Chair McCown want.ed. to knoW' the impact of ~educing the amount that would need to be advanced this fiscal year ($1.3 million). aOU209:91 • Pilpp..,lop. With the change. di.cussed in the .idyear financial report, the Advance fro. the General Fund to the st'lr.l Drainaqe Fund tor fiscal year 1990-91 tot.alll $1.3 aillion. To reC:""e or eliminate the advance, either the operating or capital budqeta would have to be cut. xo.t o~ the stOMl Drainage Fund budget iB tor capital project:s. Two It ...... budg&ted In the 1990-91 capital I.prov .... ent budget for ·Collection System l.provament~· and ·Stcra Water Quality Improve aenta" totalling $1.15 million have not yet been encumbered, and the appropriations could be d'ililaye.d until bonds are issued!.. The t.vo it .... are' o o stora Drainage Condition Assessment stor. Drainaqe Master Plan $.9 million $.25 million Con8ultant propesals for the storm drain~ge condition assessment have already been aubmitt~ .and an agreement is currently expected to be awarded in early May. Delaying: the condition assessment a-;r .... nt would mean that a comprehensive. Evaluation of the current stor. drainege a)"stell and its rehabilitation needs 'Would be delayed. Engineering staff ie prepared to begi~ this study, which is central to identifying and progr-.-ir.g future capital rehabili tation project. for the Storm Drainaqe Fund for the foreseeable future. Although the delay would not be debilitating, it would cause aignificant inetficiencies. Delaying the Master Plan will negative.ly impact the identification and future programming of needed capital work, especially in Barron Park. 1'99Mpdatiol Staft reeo.aends that the capital program as already approved for the stora Drainage Fund be lett intact, and that the Reserve for capItal Projects advance the necessary fun-i. ($1.3 million) to the Stora Drainage Fund until bonds are 80ld in the spring of 1992. fbi. 1. the recoamendation contained in the midyear report. ~ City .Manager Related Sta~f Reporta, CXR:160,91 CXR:'09:91 2 o Karch 28. 1991 HONORABLE CITY COUNCIL palo Alto, California / Attehtion: Finance and Public Works Commltte~ lap-me lIDNel"" RpoRT - B TOM: PRAlllAGI rmm Members of the council, hpgD 11 'riel' 11 Thi. report is in reaponse to concerns raised at the February 26, 1991 Finance.and Public Works Committe a (F'PW) meeting on the Mid Year Financial Report regardinq the Storm Dr~1nage Fund. 'lg_oDp" F'PW Chair McCown raised a concern at the Fe~ruary 26 F'PW meeting regarding the Kid-Year Financial Report (CMR:160:91). The report .. tated that bonds ar.e not expectea to be sold for the Storm Drainage Fund until fall 1991 to more efficiently group cepit;',l projects together. thereby spreadinq t.."le. fixed legal~ printing, and other administrative costs associated with a sale over a larger financinq package. That pale is now expected to occur in spring of 1992. Delaying the bond hle would also halp the City avoid po •• ible arbitraqe restrictions it all the financed improvements could not be completed within the required three year ti.e frame. Therefore, funds would need to be advanced from the Res~e for capital Projects to cover the Storm Drainaqe Fund capital projects budgeted and appropriated this fiscal year until bonds are sold~ Chair KC:Cown wanted to know the impact of reducing the amount that would need to be advanceg this fiscal year ($1.3 million). CMR'209,91 pilev, •• tg With th. change. discussed in th. midyear financial report, the ad:vance fro. the General Fund. to the stOB Oraineqe !'\lnd t;:.r fiscal year 1990-91 total .. $1.3 .Ulion. To reduee or .11.inate the adva.."'!Ce, .ither the operating or capital budg_ts would have: to bg: cut. Moat. of the Stora Drainage J'und, budqe.t ia r:t)~ capital project •• TVa it..-~.ted in the 1990-91 Capital Improvement budget for ·Collection System I-.provements· and ·storz. Water QU.e.lity Il'llprove ment.· totalllnq $1~15 million have not yet-been encumbered, and the appropriations could be delayed until bonds are issued. The two iteas ar&; o a stor. Drainage Condition As ••• sa.nt star:. Dralnaqe Kaster Plan $.9 million $.2S million Consultant proposals for ~~e sto~ drainage condition assessment have already been subWlitted and an agreement is currently expected to be a,.,-ard.a4 in early Kay_ Delaying ~e condition assessment agr.~t VOQld mean that a c:oaprehensive evaluation of t.he-current stor. dninag8 system and its reh .. bilitation needa would be <lebyed. Enginowing staff is prepared to begin this study, "hieh ia central to identifYing and programaing future capital reh~bili t!.t.ion projects .for the Stor. Drainage Fund for the foreseeable future. Al1:hou9b the delay would not be debilitating, it woule! e&uae significant inefficiencies. Delaying the Master Plan vill negatively i~act the identification and future proqraaminq of needed capital work, especi.ally in Barron Parl<. 'e99M_p4a1;:l°D Staff recoa.ends that the capital program as already approved tor the stano ~ain .. g. Fund be left intact, aM that the Re"erve for Capital Projecta advance the neoee .... ry funds ($1.3 million) to the star. Drainage Fur><J until boMB are 801e! in the spring of 1992. 'l'bla is the re<:o_endatlon eontained in the .idyear report. , . ,\ . ~ " , Re"~a :ubIoltted, ~ .~ tk,-'-Z.D S1'EELE -~r IlAltRlSON ~ .t Manaqer Director of Finance City Manaqe.r Related Staff Reports: CJIR:160:91 ;~ ., '"IF . ~ . , . ' ." " ' llarcb 28, 1991 HONORABLE CITY COUNCIL Palo Alto, california / Attention: Finance and Public Works committee MID-rnp IIV!'CI1J. lpou -STORM DpANAGE lowp Members of the council: .eport. ,. ki.t 11 This report is in response to concerns raised at the ~ebruary 26, 1991 Finance,and Public Works committee [F'PW) meeting on the Mid Year Financial Report regarding the Storm Drainage Fund. Maqroupcl P.PW Chair McCown raised a concern at the February 26 F'PW meeting regarding the Mid-Year Financial Report (CHR:160:91). The report ate-teeS that bonds are not expected to be sold tor the Storm Drainage Fund until fall 1991 to Bore efficiently group capital projects together, thereby spreadifl9 the fixed legal, printinq., and other administrative costa associated with a sale over a larger finaneing pac:kaqe. That sale is now expected to occar in sprinq of 1992. Delayinq the bond siIlle would also help the City avoid possible arbitrage restrictions 1t all the financed improvements could not be ~ompleted within the required three year time frame. Tbarefore l funds would need to be advancecS froll the Reserve for capital Projects to cover the Storm Drainage FUnd capital projects budgeted and appropriated this fiscal year until bonds are sold. Chair Mccm.-:n wanted to know the i_pact of reducinq the amount that would need to be advanced this fiscal year ($1.3 .lllion). CIIlt:209'91 pi.qg •• lop With the chanqe8 diBcussed: in th •• idyear financial report, the advance fro. the Generel FUnd. to the Storm. Drainage Fund for fiscal year 1'90-91 total. $1. 3 .Ulion. fa reduce or eliminate the adV1L~e, either the operating or capital budqets would have to be cut. Most ot the stOI"lB Draina,]. FUnd budget ia tor capi tal projacu. Two iteas bud~eted in the li'C-'l Capital Improvement budget fcr ·Collection system xmprovements-and ~storm Nater QUality rmprove aents· totallinq $l.lS .111ion have not yet been encumbered, and the appropriations could be delayed until bonds are issued~ Tbe two items are: a o Stora Drainaq. condition Asseaa.ent storm Dreina'l. Mester Plan $.9 million $ .25 .. illion Consultant proposals for the etorm drainage condition assessment have already been submitted. and an agreement 16 curre.ntly expected to be awarded in early May.. Oelayill9 the. condition ".66ssme.nt aqreeJllent Would .ean that a cOlDprehenslve evaluaticn of the current .tOnt drainage sy.tea and its rehabilitat.ion needs would be delayed. I!nqineerinq stllff is prepared to be'lin this study, which is central to identifying and ~roqramminq future capital rehabili tation projects for "the stOrll Drainage F'Und for the foreseeable future. Althouqh the ~elay voul~ not be debilitatinq, it would cau .. siqnificant ineffici~~iaa. Delayinq the Master Plan will negatively i_pact the identification and future progra.ain9 .of need;ed capital work,. especially in Sarron Park. It·e 9Dufat.iDp Staff recoaaends that the capital program as already approved for the Sto .... Drainage FUnd be lett intact, and that the Reserve tor Capital Pro,ects advance the necessary funds ($1.3 lIillion) to the Storm Drainaq. FUnd until bonds are sold in the spring of 1992. Thill 1. the recO!llJllel>daUon contained in the midyear report. Reape~Q ~Ubmitted, ~ --rA Iiz,-u .. tJ STEELE ~y IlARRISON udqet M.n~9er Director of Finance City Manager Relat6d Staff Reports: CMR:160,91 CMR'209,91 2 • ._---- .,;;..;...;;:........;.;...c. ____ "'_~-_._,, __ " ____ ' ____ • ~. • • ,.. ::- ''-'': ,": Karch 28, lUI HONORABLE CITY COUNCIL Palo Alto~ California Attenti6n: Finance and Public Works committee IUp ... ny. lIIWlCIAL REPORT -STORM PlU.lllA(i1 rmm MeaberR of tbe council: I.ttpcrt. in Ixi., 11 This report is in response to concerns raised at the Fe~ruary 26 1 1991 Finance.and Public Works Committee (F'PW) meetinq ~n the Mid Year Financial Report regarding the storm Drainage Fund. BacJtgr9ud F.PW Chair McCown raised a concern at the February 26 F'PW meet.ing regarding the Hid-Year Financial Report (CMR:160:91}a The report stated that bonds are not expe.cted to be sold for the storm Dra.inag-e .Fund until fall 1991 to more efficiently qroup capital projects toqetber, thereby spreac:Unq the fixed leqal,. printing, and other administrative costs associated with a sale over a larqer f" inancing package.. That sale is now expected to occur in sprinq of 1992. Delaying the bond sale WO\lld also help the City avoid possible arbitraqe restrictions it all the financed improvements could not be co.pleted within the required three year time fraDe~ Therefore, funds would need to be advanced from th~ Reserve for capital Projects to cover the storm Drainaqe Fund capital projects budqeted and appropriated this fiscal y~ar until bonds are sold. Chair MCCown wanted to know the impact of reducin9 the amount that would need to be advanced this fiscal year ($1.3 million). CIIR:209:91 • Qia9U aiop with the chanqell discussed in the aicJy-ear financial report, the advance froa the General FUnd to the Star. Drainage Fund tor fiscal year 1990-91 total. $1.3 mUlion. To redl>ce or eUainate the advance, either the operatinq or capital budgets would have to be =t. Most of the stor. Drain .. ; .. Fwld budqet 18 tor capital projects. Two itea8 budgeted in the 1990-91 Capital Improvement budget for ·Collection Syst2JI Improvements-and -storm water Quality Improve .. nta-totalling $1~15 .illion hsve not yet been encu~red, and the appropriations could be delayed until bond .. are issued. The two i tema are: o o Stcra Drainage Condition Assessment Storm Drainaqa Master Plan $.9 ,.illion $ .25 &illion consultant proposals for the .tor.. drainage condition assessment have already been submitted and an agreement is currently expected to be awarded; in early Kay. Delaying the condition assoQssment aqre..ant would lIlean that a comprehensive evaluation of the current .tor. drainage system and its rehabilitation needs would be delayed. Engineering staff is prepared to beqin tbis stUdy,. which is central to identifying and programming future capital rehabili tation projects tor the Storm Drainaqe. FUnd for tbe foreseeable future. Although the dalay vould not be debilitating, it would cau .. significant inefficiencies. Delaying the Kaster Plan will ne<jatively impact the identification and future proqr~ng of needed capital work, especially in Barron Park. staff recOlIImends that the capital program as .elre.~dy approved tor the Stor. Drainaqe Fund be left intact, and that the Re&arve tor capital Projects advance the necessary f<>nds ($1.3 aillion) to the stora Drainage Fund until bond. are 501d in the spring of 1992. This i. the recoazendatfon contained in the .idyear report. Reepect~1JbAitted' 4 STEEU . -ra~~ ~!t Managar Director of Finance ~~:2-ER-- City Manager Related Statt Reports, CMR:160:91 am:209:91 2 ~ , . . " ,'"' -'. --~, ':' 11 Marc:h 28, 1991 HONORABLE CITY COUNCIL Palo Alto, california Attention: Finance and Public works Committee XlP-XPR lZPJn;:tAL IBPORT -8TOM pRAIPC' lUJID _s of the council: Report fa Irl.( This report ia in response to concerr.s raised at the February 26 .. 1991 Finance.and Public Works Committee (F«PWJ meetinq on the Mid Year Financial Report regardinq the storm Drainage F~~. Blel!jgroup.4 p,PW Chair MCCown raised a concern at the February 26 F'PW zaetinq regardill9 the Mid-Year Financial Report (CMR:.l60:91). Th.e report stated that bonc:lfi are not expected to be sold tor the storm Prainaqe Fund until fall 1991 to mere efficiently group capital projects toqetr.er, thereby spreadinq the fixed legal, printing, and other administrative coats associated with a sale over a larger financinq package. That .ale is now expected to occur in spring of 1992. Delaying the bond sale would also help the City .void possible arbitrage restrictions if all the financed improvements could not be completed within the required three year time frame. Therefore. funds would need to be advanced frcm the Reserve tor capital Project. to cover the Storm Orainage Fund capital projects budgeted and appropriated this fiscal year until bonds are sold. Chair MCCown wanted to know the impact of reducing the amount t.hat would need to be advance~ this fiscal year ($1.3 million). 0IR:209:U pi.qpallop with the chang •• di&:cussed in the aidyaar finaneial report, the advance frca the General Fund to the storm. DralnaqB Fund tor fiscal year 1990-91 total .. $1.3 aUlion. 1'0 re<2\lCB or eliminate the advance, either the operating or capital bUdqets would have to be cut. IIost of the Ston. Drainage l'\IJIc2 budget is for capital projects. ~ items buc2qet&c2 in the 1990-91 Capital Improvement budget for ·Collection Bystea Iaprovements· and ·storw: water QU~llty Improve .ants-totalling $1.15 .illion have not yet been encumbered, and tbe appropriations. could be delayed until bonds are iesued~ The two it ..... are, o o ston. Drainage Condition ~sae8 ... nt storm Drainage Maater Plan $.9 lIillion $.25 million COnsultant propoaal& for the star. drainage condition aaaessment bave ftlready been sUbaitted and an Bqreeaent i. currently expected to be .... ;ord .. d in early Hay. Delaying the condition aSS'""sment aqreeaent would. -.an that a cOlDprebensive evaluation of the current .tOnl drainage .yste. end its rehabilitation needs 'Would be <2elayed. Enqineerl"'1 staff is prepare<2 to beg!n this study, wbicb ill central to i<2ent1fyinq and ;>roqra ... dnq fut\lre capital rehabili tation projects tor the StOril Drainage .Fund for th2 foresee:able future. Although the <2elay would not be debilitating, it would caUB8 elqniflcant inerficiencies. Delayi"'1 the !laster Plan vill negatively iJopact the identification and fUture programming of needed capital work, especially in Barron Park. Rte '.p"-1:iop staff reco.maends that the capital program as already approved for tha stora Drain"ge FUnd be lett intact, and that the Reserve far Capital Project. advance the nec.ssary tunc2. ($1.3 million) to the ston. Drainage l'\IJIc2 until bonc2a are 801<2 in the apr 1"'1 of 1992. This is the recomaenc2ation containec2 in the mi<2year report. R"~~~itt&c2, ~ STEELE . 1Z2~~ ~~t Manager Director of Finance blated Staff Reports: CMR: 160: 91 CNR,209,91 2 March 28, 199.1 HONORABLE CITY COUNCIL Palo Alto, California Attention: Finance and Public Works Committee )w)::DU. 7tJN!C!IAL .REPORT -'fORK ORAlnG. rpxp Mellbers ot the Council, .nort 1D Iri.f 11 This report 1. in response to concerns raised at the February 26, 1~91 Finance.and Public Works Committee (F'~} meeting on the Mid Year Financial Report regarding the storm Drainaqe FUnd. Mekqr0up4 "PW Cha.ir MCCown raised a concern at the February 26 F.PW meeting reqardinq the Mid-¥aar Financial Report {CMR:160:91). The report stated that bonds are not expected to be sold for the Storm Drainage Fund until fall 1991 to more effiCiently qroup capital projects toqether, thereby spreading the fixed legal, printinq, and other administrative coats associated with a sale over a larger finanCing package. That sale is nov expected to occur in spring of 1992. Delaying the bond sale would dso help the City avoie! possible arbitrage restrictions it all the financed i.provementa could not be completed within the required three year t.ae frame. Therefore, funds would need to be advanced from the Reserve for capital Projects to cover the storm Drainage Fund capital projects budgeted and appropriated this fiscal year until bonds are sold. Chair MCCown wanted to know the impact of reducinq the amount that would need to be advanced this fiscal year ($1.3 Billion}. QIR'209,91 / pl'nA.iop With the changes dia""86ed in the _idyaar financial report, the advAnce frOll the c:.neral Fund t.o the stora Drainage Fund for fiscal year 1990-91 t.otdo $1. J aUlion. To reduce or eliminate the advUlce, either the operatlnq or capital budqeb would have to be cut. Most ot the St~ Drainage Fund budget:: i. tor capital project... Tvo it.aas budgeted 1n the 1990-91 Capital Improvement budget. for ·Collection Syat .. rmproveaants-and ·stora water Quality Improve .ant.s" totalling $1.15 _illion have not yet been encumbered, and the appropriations could be delayed until bonds are issued. The two items are: o o storm Drainage Condition Assess.ent stor. Draine;e Master Plan $.9 million $.25 .,illion Consultant proposals ~or the storm drainaqe condition assessment have already :been aut.itted and an agreement ia currently expected to be a"arded 1n early May. Delaying the condition assessment agree.ent would ~an "that .. comprehensive evaluation of the current stara dr.ainege syst_ and its rehabilitation needs would be delayed. Enqineering staft i8 prepared t.o beqin this study, which i. central t.o iden~itying and proqraa.ing future capital rehabili tation projects for the Storm Drainage Fund for the foreseeable future. Although the delay would not. be debilitating, it would cause 8ignificant inefficiencies. Delaying the Kaster Plan vill negatively impact the i~entific.ticn and future programming of needed capital work, especially in Barron Park. '.a -p41t;loA Statf recommends that the capital proqram as already approved for the st~ Drainage ~~ be left intact 4 and that the Reserve tor C3pital Projecta a~vance the necessary funds ($1. 3 .Ulion) to the Stono Drainage Fund until bonds are ",old in the spring of 1992. Tbla i. the reOOBmendatlon contained in the .idyear report. %',.~ W IAI'! ZANER City Kanager Related Sta f f Reports: CKR: 16 0 : 9 1 CKR.209:91 2 • \ )(arch 28, 1991 HONORABLE CITY COUNCIL Palo Alto, California Attention: Finance and Public Wor~s Committee UP-Dl' 'DNrClAA aaPORT -8TOBX DRAINAGe POJrD lIembers of the Council: "port 'I Irl.( 11 This report is in response to concerns raised at the February 26, 1991 Finance.and PUblic Works Committee (YiPWl meetinq on the Mid year pinancial Report regardinq the Sto~~ Drainage Fund. B.Ckqrop4 F&PW Chair McCown raised a concern at the February 26 F'PW meetinq regarding the Mid-Year Financial Report (CMR,160:91). The report stated that bonds are not expected to be sold tor the Storm Crainaqe Fund until fall 1991 to aore efficiently group capital proje~ts toqether, thereby apreadinq the fixed leqal, printing, and other adll!nistrative costs associated with a sale over a larger financing package. That Bale ia now expeoted to occur in spring-of 1992. Delaying the bond sale would al.o belp the City avoid possible arbitrage restrictions if 411 the financed i~provements could not be completed wi~bin the r~ired three year tiae frame~ Tber.fore, funds would need to be advanced from the Reserve for Capital Projects to cover the Storm Drainaqe Fund capital projects budqeted and sppropriate4 this fiscal year until bonds are sold. Chair MCCown wanted to know the impact of reducinq the amount that would need to be advanced this fiscal year ($1.3 million). C!IR: 209: 91 o o pl..qg. •• iP' With the chang ... discuued in the .idyear tinancial zeport, the advance fra. the General Fund to) the Stora Drainage Fund tor risc.l year lUO-U totala $1.3 "UUon. To reduce or eli.lnate the advance, either the operatinq or c.pital budgets would have to be cut. Moat of the stOrD Drainage Fu~ budget Is for capital project8. TWo it ... budgeted in the 1990-91 capital Improvement budget for ·Collectlon Systea ImproveJlents-and ·stOrlll Water Quality Improve.enu· totalling $1.15 .i11ion have not yet been encumbered, and the appropriations could be delayed until bonds are issued. The two ite .. are: o o stOrD Drainage Condition Assessment star. Drainage Master Plan $.9 .illion $.25 .. illion consultant proposals tor the storm drainaqe condition assessment bave already been submitted and an agreement is currently expected to be awarded in early Jlay. Delaying the condition assessment agreuent would aean that a comprehensive evaluation or tne current atorD drainage ayetal and its rehabilitation needs would be delayed. Engineering etaff is prepared to begin this study, which 18 central to identifying and programming future capital rehabili tation projects tor the Star. Drainaqe F1.1nd tor the toreseeable tuture. Although the delay would not be debilitating, it .,ould cau .. significant inefficiencies. Delaying the Master Plan will negatively impact the identification and future proqramminq of needed capital work .. especiallY in Barron Park. 19sOMepA't ioD statf reco-.ends that the capital program as already approved for the Storm Drainaqe Fund be lett intact.. and that the Reserve tor capital Projects advance the necessary funds ($1.3 lIillion) to the Storm Drainage FUnd until bonds are aold in the spring of 1992. This 1. the recommendation contained in the midyear report. Re .. pect~Q :ubaiUed, ~ ·~dz~u£) STEELE . ~LY IIARlUSON Udget Manager Director of Finance %~~2ER city Xanaqer Related Statt Reports: CMR:160:91 CMR.209:91 2 • !larch 2e. 1991 HONORABLE CITY COUNCIL palo Alto, CAlitornia Attention: Finance and Public Works committee XIP=Dp.! URpCIAL IIPOBT -STORM. DpIJIM' rmm Meabers of the Council: aaport. iA Iri.C 11 This report i. in response. to concerns raised. at the February 26, 19'1 Finance ,and Public Works Committee (FjPW} .eoting on the Mid Year Financial Report regarding the Stor. Drainage FUnd. IacJtqr0p4 F'PW Chair MCCown raised a concern at the .February 26 F&PW meeting regarding the Mid-year Financiol Report (CHR:160:91). The report stated that bonds are not Eoxpected to be sold for the Storm Drainage P"und \Ultil fall 1991 to lIore efficiently group capital projects together, t.hereby spreading the fixed legal, printing-, and other administrative costs associated with a sale over a larger financing pacltalie. Th .. t sale is now expected to occur in spring of 1992. Delayinli the bond sale would also belp the city avoid possible arbitraqe restrictions if all the financed improve~ents could not be coepleted within tba required three year t;'e frame. ~.fore, funds would need to be advanced from the Reserve for Capital Project. to cover the Storm. Drainage Fund capital projee-ts budqete4 and appropriated this fiscal year until bonds are sold. Chair MCCown w3.nted to know the impact of reducinq t.he am.ount that would need to be advanced this fiacal year ($1.3 .111ion). CIIR:209:U ---~-----~---. " piaqu •• lop. witb tbe chanq .. diacuaaed in the midyear financial report, the advance frOB tbe General Fund to tbe st01"1lL Drainage Fund tor t hcal year 1990-91 totals $1.3 BUlion. To reduce or elillinato tbe advance, either the operatinq or capital budget. would have to be cut. Meat ot the storm. Drainage Fu.nd budqet i. tor capital project •• Two it ... budgeted in tbe 1~tO-91 Capital Illprovement budget for ·COllection System Improvements· an4 ·Storm Water Quality 11Dpt"ove _nu" t.otalllnq $1.15 .illion have not yet'been encUlIIbered. and tbe apprgpriationa coulc2 be delayed until I:>onds are is."ed. Tho two it .... ar .. : o o Stora Drainage Condition ~se.sment stora Drainage Master Plan $.9 .illion $.25 million con8ultant proposals for the .torm drBinaqe condition assessment have already been sUbmitted and an aqreeaent is currently expectsd to be awarded in early May. Delayinq the condition ossessment aqreeaent would mean that oil comprehensive evaluation of the current .tor. drainage By.tea and its rehabilitation needs voulc:t l>e d"layed. En<jinaerinq "taft is prepared to begin this stuc2y. which i. central to identifylft9 and prQ9rammift9 future capital rehabili tation projects for the stOr'll orainaqe FUnd for the foreseeable future. Altbouqh tbe delay would not be debilitatift9. it would cause siqnificant inefficiencies. Delaylnq the Master Plan will n09atively illlpact the identification and future progralllJDlng of needed capital work I' especially in Barron Puk. staff recomaenda that the capital prQ9Tam as already approved for tbe stOnl Oraina98 Fund be lett intact. and that the Reserve for capital Proj ecte advance tbe neceasary tunda ($1.3 lIillion) to the stOrll DraInage Fund until bond. ere oold in the sprinq of 1992. This b tbe reCOlllllandation contained in tbe .idyear report. \ " 1Ie1l":"A :W-itted , ~ -d,d~u£) STEELE -~'l I!ARJUSON ~ at Manager Director of Finance city Manaqer 1Ielated staff Reports: CKR:160:91 CKR:209:91 2 ,r'.," .~,~: , aJ· . . ''-:, ::"- 0, ~'. March 28 .. 19'1 HOBORAllLE crTY COUNCIL Palo Alto, California Attention: Finance and Public Works Committee IIP-ypa FIQl!CIAL "PORt -'TOlUt Dp.InGI rmrp _. of the CouncU: hpqrt lA Briaf ".- 11 This report is in Tesponae to concezns raised at the February 26, 1991 Finance.and Public Works Committee (F.PWI .eeting on the Mid Year Financial Report regarding the Stora prainage FUnd. M"kqr01lD4 "PW Chair MCCown raised a concern at the February 26 F&PW meeting regarding t.he "Mic!-Year financial Report (CXR.: 160! 91). Tha report .stated that bonds are not expectad to be sold for the Storm Drainage FUnd until fall 1991 to more efficiently group capital projecte together, theraby epreadin9 the fixed legal, printing, and other administrative costs associated vith a sale over a larqer financing pacl<age. That sale 1& now expected to occur in apr ing of 1992. Delaying the bond sale would 81s" help the city aveid possible arbitrage restrictions if all the financed improvements could not be completea within the required three year time frame. 'l'berefDre, funds would need to be advanced from the Reserve for capital Projects to cover the Storm Drainaqe Fund capital projects budgeted and appropriated this fiscal year until bonds are sold. C'tIair McCown wanted to know the ilDpac:t of redueinq the amount that would need to be advanced tbi. Liseel year ($1.3 million). aIR:209:91 piaep, •• loa With the change. discussed in the aldyear financial report, the adYanee from the Cene.ral FUnd to tbe storm Drainaq4J. Fund tor tiBcal y...r 1990-91 total .. $1.3 Billion. ro reduce or elLainate the advance, either the opec.tinq or capital budqeta voul4 have to be cut. Most of the Storm Drainaqe I'w\d budqet i. tor capital project.. Two it ... budgeted in the 199~-91 Capital Improve.ent budget fer ·Collection System Improvements· and ·Stor-. Water QUality Improve ment." totalling $1.15 Billion have not yet been encumbered, and the appropriations could be delayed until bond .. are issued. rhe two ituas are: o o stor. Drainaqe Condition Assessment star. Drainaqe Master Plan $.9 millIon $.25 .Ulion Consultant proposals for the storm drainaqe condition assessment have already been sua! tted and an aqre.elIii;l!nt is currently expected to be avarded in early May.. Delaying the conditio:1 assessment aqreeae:nt would .ean th~t • comprehensive evaluation of the current .tor. drainage system and it. rehabilitation ne.eds would be delayed. Enqineering staff is prepared to bcqin this study, which 1. central to identifyinq and programming future capital rehabili tation projects for the Storm Drainage Fund for the foreaeaabla future. Alt.h0u9h the delay woulcl not be debilitating, it would cauae siqnificant inetticiencies. Delaying the Master Plan vill negatively impact tbe identification and future proqra.ail"i9' of needed capital work, especially in Barron Park. _Kopepa·tipp staft r~~nds that the capital proqraa aa already app~oved for the storm Drainaqe FUnd be left intact, and that the Reserve for Capital Project. advance the necessary funds ($1.3 _lllion} to the stor. Drainage l'un<I until bonds are 801d il> the spring of 1992. rhis is the reeomsendation contained in the midyear report. Rea".'"'*,a &uhlIi tted, 4STEELE ~ 12~~ ~!t Kana9er Director of Finance Related Staff Reports: CXR:160: n CMR:209:91 2 II O:CI.~~ ~ _ ~l\l! ZANER City Manager IlArch n, 1991 HONORABLE CITY COUNCIL palo Alto, California .--. Attention: Finance and Public Works committee I%p=m. PIJWfC"Il\L BIPOBT -STORK ORAlnGI! rmm Members or the Council: hppd. :1ft Bri., 11 This report is in response to concerns raised at the February 26, 1991 Fi~ance.and Public Works Committee (F.PW) ~eetin9 on the Mid Year Financial Report regarding the Stora Drainaqe Fund. F'Y~ Chair MCCown raised a concern at the February 26 F'PW meeting regarding the Mid-Year Financial Report (CMR:160:91). rho. report stated that bonds are not expected to be sold for the Storm Drainaqe Fund until fall 1991 to more efficiently group capital projects together r there.by spreading the fixed leqal r printill9, and other adainistrative costs associated Yith a sale over a larqer financing pacJtage. That sale is now expected to occur in spring of 1992. Delaying the. bond "al .. would also help the City avoid poasi~le arbitrage restrictions it all the financed i.provements could not be completed within the required three year time frame. Therefore" funds would need to be advanced from the Reserve for capital Projects to cover the Storm Drainaqe Fund capital projects budgeted and appropriated this fiscal year until bonds are sold. Chair McCown wanted to know the impact of reducing the amount that would need to be advanced this fiscal year ($1.3 million). CJIR:209:U piap •• ioa With the change. di.cu.sad in the Ilidyear financial report~ the advance fro-. the General J"und. to the Storm. Drainaqe lUnd f"or fiscal year U'O-91 totals $1.3 _UUon. To reduce or elillinata the advance, either the operatinq or capital budqeta would have to be cut. Most or the stor. Draina.,.e FUnd budqet 18 r= capi t& 1 project •• Two it ... budqatad In the 1"0-,1 Capital I~provement budqet for ·COllection Syatam xmprovements· 4nd ·Storm water Quality Improve ments-totalling $1~15 .111ion have not yet been encumbered, and tbe appropriations could be delayed until bonds are issued. The two it_ are: o o $tor. Drainaqe Conditi~n Assess~ent stora Drainage Master Plan $.' ",illion $.25 million consultant propos.ls for tbe stor. drainage condition assessment have already been s.uaitted and an agreement is currently expected to be .. warded in early May. Delayinq tbe condition assessment ilqreeaent would aean that a comprehensive evaluation of tbe current storw. drainaqe system and its rehabilitation needs would be delayed. Engineering staff is prepared to begin this study. which i8 central to identifying and programming future capital rehabili tation projects tor the Storm Drainage Fund tor the Loreseeable future. Altbough the delay would not be debilit .. tinq. it would cause significant inefficiencies. Delaying the Master Plan will negatively impact the identification and future progr-...ing of needed capital work~ especially in Barron Park. statt recommends that th~ capital program as already approved tor the stor. Drainage FUnd he lett intact, and that the Reserve tor capiul Projects advance the necessary funds ($1.3 .UUon) to tbe Stor. Drainaqe Fund until bonds are 50ld in tbe spring of 1992. This i. the recomaendatlon contained in the midyear report. \ Re~a :UblIlitted. ~ ~ikuuCJ STEELE -~y H1.lU\ISON ~ udqet Manager Director of Finance Ci ty )(anaqer Related staU Reports: CMR.:160:91 CHR:209:91 2 • March 28, 1991 HONORABLE CITY COUNCIL palo Alto, california / Attention: Finance and Public Works Committee PP-"!' r;(lIJ.IICUI, BVOBT -BTQ1U( PBAIDGE lOHD Heabers of the COunc 11: Itpor, fp Bri., 11 This report 1. in responae to concern&: raised at tbe February 26 .. 1991 Finance.and Public Works Committee (F'PW) meeting on the Hid Year Financial Report regarding the Storm crainage Fund. 1.PW Chair MCCown raised a concern at the February 26 F.PW meetinq regarding the Kid-Year Financial Report (CMR:160:91). The report stated tha.t bonds are not expected to be sold for tbe Storm Drainage Fund until fall 1991 to .ore efficiently qroup capital projects together, thereby spreading the fixed leqal, printing, and other administrative costs associated with a sale over a larger financing package. That sale is nov expected to occur in spring of 1992. Delaying the bond sale "'<>uld also help the city avoid possible arbitrage restrictions if all the financed improvements could not be co.plet~~ within the required three year time frame. 'l'herefore, funds would need to be advanced froll the Reserve for Capital Projects to cover the storm Drainaqe Fund capital projects bUdgeted and appropriated this fiscal year until bonds are sold. Chair McCown wanted to know the i.pact of reducill9 the aaount that would need to be advanced this fisc~l year ($1.3 millIon). CIIR:2D9 .91 " , -="-'-_._.---.---.... ----_. Oi·au·aioA Vi th the changa.s di.cuaeed in the aidyaar f inanei.l report, the advance from. the General FUnd to the storm Drainage fund tor .fisca.l yaar 1990-91 total II $1.3 .. ill ion. To reduce or eliminate the advance, either the operatlnq or capital budqets would have to be cut. !lost of the storm Drainage Fund budget 1& for capital proj.cta. Two iteas budgeted in the 1990-91 Capital Improvement budget for "Collectien ;&yst" ~mprovuents· and. ·Ston. Water Quality I"mprove mente-totalli~ $1.15 million have not yet been encumbered, and the appropriatIons could De delayed until bonds are issued. Tbe two items are: o o stor. Drainag_ condition Ass ••• aant storm Drainage Ma.ter Plan $.9 ",illion $.25 .. illion Consultant proposals for the stora drainaqe condition assessment have already been liublaitted and an aqreement is currently expected to be awarded in early Kay. Delaying the condition assessment agree.ent would .ean that a comprehensive evaluation of the current stor.. drainage Byst~ and its rebabilitation n~eds would be delayed. Enqineering staff ia prepared to begin this study, whiCh 18 central to idanUfyi~ and. prog?&mIir"1 future capital rehabili tation proj IRet. for the Storm Drainage Fund for the tores:eeable future.. Although the d.elay would not be debilitating, it would causa significant inefficiencies. Delaying the !laster Plan will negatively impact the identification and future prograJaZIing of needed capital work, especial1~" in Barron ParI<. tl·MJpe .. 4atiop Staff recomaends that the capital proqra. as already approved for the Stor. Drainage Fund. be lett intact, and that the. Reserve tor capital Projects aelvance the necessary fUnd. ($1.3 million) to the Stor.. Drainage f"und until bonds are 801d in the spring of 1992. Thill is the reCOJOlIIandation contained in the midyear report. Re~a ~Ublaitted, ~ -~ tlczu-z/J STEELE ~y Ii1IAAISOIl udqet Manager Director of Finance ~~~ER City Manaqer Related staff Reporta: C!!R:160:91 CIIR:209:91 2