City Council

1. CAPITAL ASSET NEEDS (CAN) ORDINANCE EMERGENCY 25-283 EXCEPTION AND CAPITAL IMPROVEMENT PROGRAM (CIP) PROJECT DEFERRALS - FISCAL YEAR 2024-25 RECOMMENDATION: Staff requests the City Council: 1. Authorize the “Emergency Exception” clause of the Capital Asset Needs Ordinance under Section 2-209.2 (a)(2), Economic Downturn, for Fiscal Year 2024-25. 2. Provide direction on which approved projects may be deferred to help address the General Fund revenue shortfall resulting from the current economic downturn. 3. Approve a financial plan to reinstate the $2.9 million in deferred projects by: a. Prioritizing funding in FY 2025-26 if revenues exceed expectations, and if needed. b. Reinstate the funding over a 10-year period for fiscal years that revenues exceed expenditures to ensure a fiscally sustainable General Fund budget. Attachments: 1. Capital Asset Needs Code 2. Capital Improvement Program 3. Summary of Proposed Alternative Projects for Deferral