Agenda - 06-08-2010 - 2b - Laserfiche WebLink

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2 Projects with a Shortfall • Twin Creeks Park (funded with 2003 Alternative Financing) $ 900,000. Blackwood Farms (From County Parks Reserve) $ 400,000 Homestead Community Center (project over budget) $ 17,834 ; Lands Legacy (2004 2/3 "s Bonds) $ 111,636 Total Shortfall $1,429,470 The County has an existing project in the County Capital Projects Fund designated as "Unallocated ". The purpose of the project is to accumulate unallocated revenues that are dedicated to the County Capital Projects Fund but not yet appropriated to any one project. There are $1,020,133 of unallocated resources in this project that can be appropriated for capital needs. Summary of Available Resources 13 Active Projects with Available Balances to be Closed $ 849,730 3 Projects set up as Reserves to be Closed $ 111,755 3 Projects with Available Balances to be Transferred $ 825,000 26 Completed Projects Closed 5/18/10 $ 245,560 • Unallocated Revenues Sales Tax Revenues $285,733 Interest Income $734,400 $1,020,133 Total Available Resources $3,052,178 FINANCIAL IMPACT: The appropriation unallocated revenues combined with funds from closed projects will provide a total of $3,052,178 available to fund future County Capital priorities. A total of $1,429,470 is needed to fund the four projects with a shortfall, $200,000 is recommended to be transferred to the County Capital Reserve, $200,000 (included in the 2010/2011 annual budget) is recommended to be transferred to County Capital Projects and $1,222,708 will remain available for future County Capital priorities. RECOMMENDATION(S): The Manager recommends the Board: 1. Appropriate $1,020,133 from Unallocated Resources and $409,337 from the Fund Balance of the County Capital Projects Fund to fund the $1.429,470 shortfall; and 2. Appropriate $200,000 from the Fund Balance of the County Capital Projects Fund to the New Capital Reserve Fund, leaving $1,422,708 available for future • County Capital needs.