City Council Agenda and Packet 2021 09 14 SP

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LL Cityof CITY COUNCIL COMMUNICATION Louisville AGENDA ITEM 2 COLORADO • SINCE 1878 SUBJECT: DISCUSSION/DIRECTION — CITY MANAGER'S PROPOSED 2022 BUDGET DATE: SEPTEMBER 14, 2021 PRESENTED BY: MEGAN DAVIS, INTERIM CITY MANAGER KEVIN WATSON, FINANCE DIRECTOR SUMMARY: The City Manager's Recommended 2022 Operating & Capital Budget was presented at the September 7, 2021 regular City Council Meeting. Based on Council's discussions at the meeting, the following changes have been made to the Recommended Budget: • $1.5 million per year (2022-2026) has been added back to the Pavement Booster Program in the Capital Projects Fund. • Adjustments to address the long term projected revenue and expenditure imbalance. Based on the Council's request at the September 7 meeting, additional attachments to the Communication are included: • The original 2021-2026 Capital Improvements Plan (C-I-P) as presented in the original 2021-2022 Biennial Operating & Capital Budget document. • The 2021 Budget Amendment as presented on June 15, 2021. The amendment was approved, as presented, except for the proposed amendment to the Recreation Center Construction Fund. • A packet of C-I-P request forms for all the "new" projects in the Recommended 2022 Budget. PAVEMENT BOOSTER PROGRAM The Capital Projects Fund includes an annual $1.5 million transfer -out to assist with debt service on the anticipated Underpass Bonds. This transfer starts in 2023, the first year that principle and interest payments are planned. To help fund this transfer, $1.5 million was removed from the Pavement Booster Program for each year, 2022 through 2026. The $1.5 million per year has been restored back to the Pavement Booster Program. As can be seen in the following fund forecast chart, this has created negative reserve calculations in 2022 through 2026 for the Capital Projects Fund. CITY COUNCIL COMMUNICATION