City Council Minutes 2014 01 28 SP

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City Council Special Meeting Minutes January 28, 2014 Page 2 of 15 City Manager Fleming explained the City Council directed staff to provide a list of potential CIP projects in 2014, which could be deferred and/or delayed. Staff organized this list of potential projects into three "Packages" to help illustrate the impact on projected 2014-2018 reserves of the General, Capital Projects, Open Space and Parks and Historic Preservation Funds. The 2014-2018 CIP Project delays and other actions to increase fund reserves are summarized in these "Packages" and provide a short list of potential significant positive or negative events, which might also affect the City's revenues and expenditures. City Manager Fleming made a PowerPoint Presentation. Changes to Base Model Assumption: + $750,000 DOLA Grant + $500,000 revenue from the sale of a portion of the CTC Property + Latest 2013/14 sales tax revenue estimate ($215,000 GF Increase) + Latest + 2013/-14 consumer use tax revenue estimate ($45,500 net GF increase) + Latest estimate of 2013 turnback ($521,000 GF increase) + $500,000 increase (to a total of $1 million in 2014) loan payment/interfund transfer from HPF to GF in 2014, Result: $1.5 million loan will be repaid with the final transfer of $250,000 in 2015. + Secure a $162,500 contribution from Superior for the US36 Underpass at Davidson Mesa Potential $1 million cost increase for City Services Facility Deputy City Manager Balser addressed the DOLA grant for the City Services Facility. She explained the City has not sought funding from DOLA for a number of years and as others may not be submitting due to flood issues, the timing might be right. The City will work closely with DOLA on the application, which is due in April. COUNCIL QUESTIONS Council member Loo inquired for the grant criteria. Deputy City Manager Balser explained it is for public facilities projects. Mayor Pro Tem Dalton inquired about any partner who would be interested in buying half the city services facility property. City Manager Fleming explained Plenary Roads may be interested in purchasing a portion of City's property for their operations. Mayor Pro Tem Dalton suggested the additional funds derived from sales tax and consumer use tax could be transferred to the Capital Projects. He inquired whether it included the funding required to stabilize the grain elevator. Finance Director Watson confirmed it was included. City Manager Fleming noted securing a $162,500 contribution from Superior for the US 36 Underpass at Davidson Mesa is the most tenuous item on the list, but staff is working with Boulder County on the project.