City Council

1. CAPITAL ASSET NEEDS (CAN) ORDINANCE EMERGENCY 25-283\nEXCEPTION AND CAPITAL IMPROVEMENT PROGRAM (CIP)\nPROJECT DEFERRALS - FISCAL YEAR 2024-25\nRECOMMENDATION:\nStaff requests the City Council:\n1. Authorize the “Emergency Exception” clause of the Capital Asset Needs\nOrdinance under Section 2-209.2 (a)(2), Economic Downturn, for Fiscal Year\n2024-25.\n2. Provide direction on which approved projects may be deferred to help\naddress the General Fund revenue shortfall resulting from the current\neconomic downturn.\n3. Approve a financial plan to reinstate the $2.9 million in deferred projects by:\na. Prioritizing funding in FY 2025-26 if revenues exceed expectations,\nand if needed.\nb. Reinstate the funding over a 10-year period for fiscal years that\nrevenues exceed expenditures to ensure a fiscally sustainable\nGeneral Fund budget.\nAttachments: 1. Capital Asset Needs Code\n2. Capital Improvement Program\n3. Summary of Proposed Alternative Projects for Deferral