REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Sean Joyce, Interim City Manager
VIA: Sean Crumby, Director of Public Works
PREPARED BY: Ken Dills, Administrative Services Manager
Subject:
title
Approve the Fiscal Year 2020-2021 Infrastructure Fund Annual Report.
body
Statement of Issue:
The City Charter requires an annual review and performance audit of the Infrastructure Fund and a report of the findings to the City Council prior to adoption of the following fiscal year budget. This review addresses Fiscal Year (FY) 2020/21.
Financial Impact:
Not applicable.
Recommended Action:
recommendation
Approve the Infrastructure Fund Annual Report for FY 2020/21.
end
Alternative Action(s):
Instruct staff to make revisions, and resubmit at a later date.
Analysis:
The Infrastructure Fund was established in 2002 via City Charter Section 617(c), which states that "the City Council shall by ordinance establish a Citizens Infrastructure Advisory Board (CIAB) to conduct an annual review and performance audit of the Infrastructure Fund and report its findings to the City Council prior to adoption of the following fiscal year budget."
The revenue source for the fund is primarily General Fund transfers and excess fund balance per the City's financial policy. The policy states the General Fund unassigned fund balance after allocation per the Unfunded Accrued Liability Pension Funding Policy will be allocated 50% to the Economic Uncertainties Reserve, 25% to the Infrastructure Fund, and 25% to the Capital Improvement Reserve.
Transfers in FY 2020-21 totaled $9,400,000 to fund infrastructure improvements and maintenance. Interest and market adjustments totaled $46,224. Other revenue included a maintenance agreement reimbursement of $9,988. The fund also received a grant reimbursement of $20,029 for the use of recycled asphalt on the FY 2018-19 Arterial Rehabilitation project. The remaining bond funds tot...
Click here for full text