CC 10-20-2020 Item No. 9 Interim Budget and Key Projects Update_Staff PresentationOctober 20, 2020Interim Budget and Key Projects UpdateCC 10-20-2020 Item No. 9
Budget Update - Revenues●Sales tax at 56% of budget and 109% over FY 19-20●Transient occupancy tax at 3% of budget and 86% below FY 19-20●No net effect and no bottom-line adjustments recommended at this time
Budget Update – Fund Balance●FY 19-20 General Fund fundbalance projected at $65.5M●$28.4M in unassigned ●FY 20-21 General Fund fundbalance projected at $72.6M●$31.7M in unassigned
Budget Update – Fund Balance●Retain reserve to absorb COVID-19 impacts●Transfer to Capital Reserve (Mid-Year)●Increase Economic Uncertainty and Pension Reserves
Key Project UpdateRegnart Creek Trail●Fencing selections by residents finalized●Permitting is ongoing●Out-to-bid in November/December●Council authorization in January/February
Key Project UpdateTransit Center at SR85/SCB●VTA Board accepted PAB recommendation on Oct. 1st●Additional VTA analysis to occur for long median transit lane with stations●Allocation of $350M Measure B funds is unknown
Key Project UpdateGateway Process●Amendments are being prepared based on input from City Council on 7/7/2020●Presentation to Planning Commission slated for fall 2020 and City Council for winter 2020
Key Project UpdateVallco Engagement●No longer applicable due to upheld SB 35 project
Key Project UpdateLibrary Expansion●Design Build contract awarded in August●Design development is ongoing●Demolition of existing structure is scheduled for February 2021●Completion is scheduled for December 2021
Key Project UpdateLawrence Mitty●Acquisition of property completed in September●Annexation into Cupertino in process
Key Project UpdateObjective Standards●Proposed amendments are being evaluated●General Plan amendments will be presented to City Council winter 2020
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