Study SessionMEETING DATE: 1/22/13
STUDY SESSION
gas Gatos COUNCIL AGENDA REPORT
DATE: JANUARY 14, 2013
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
SUBJECT: CAPITAL IMPROVEMENT PROGRAM STUDY SESSION
DISCUSS AND PROVIDE INPUT REGARDING PRIORITIES FOR CAPITAL
IMPROVEMENT FUNDING
BACKGROUND:
For over a decade, the Town's two primary sources of discretionary funding for one -time and
capital projects have been 1) Redevelopment tax increment and debt financing; and 2)
anticipated fiscal year end fund balance resulting from rapidly rising Netflix related sales tax
revenues. In addition, the Town received significant dedicated streets related funding from State
and regional allocations.
However, all of these revenue sources are dropping dramatically for a variety of reasons,
including:
1. The State's elimination of Redevelopment and reallocation of those local property tax
revenues to education, the County and the State;
2. Netflix has changed its business model away from DVD's to streaming content, which is
not taxable under current state and federal laws; and
3. The State has changed the formulas for allocating street funding disproportionately away
from largely built out and affluent communities like Los Gatos and towards those
communities able and willing to provide higher density housing along major
transportation corridors.
All of these changes, as well as the ongoing effects of the Great Recession, have all but
eliminated the ongoing funding needed for significant one -time and capital projects, including
infrastructure maintenance. In addition, every Town budget for at least six years has identified
the lack of separate capital funding as a major challenge, especially given deteriorating
infrastructure (e.g., retaining walls, old concrete streets) and rising requirements (e.g., NPDES
storm water management and treatment).
v
PREPARED BY: Todd Capurso
Director of Parks and Public Works
Reviewed by:
Town Manager Town Attorney
PAGE
JANUARY 14, 2013
MAYOR AND TOWN COUNCIL
SUBJECT: CAPITAL IMPROVEMENT PROGRAM STUDY SESSION
BACKGROUND (cont'd):
Consequently, when adopting the current fiscal year budget last Spring, the Town Council
requested and directed this Capital Improvement Program Study Session. For this Study
Session, staff has identified and aggregated a significant amount of one -time funding that the
Council could choose to make available for unmet capital needs, and is providing a listing of
those unmet capital needs for Council consideration, ranked in tiers as was done for the operating
budget strategy session a year ago.
DISCUSSION:
This report first summarizes, the one -time funding sources available for Council consideration at
this time, and then the list of potential one -time capital project needs.
Revenue Sources
With the loss of Redevelopment and continuing year -end surpluses, staff identified a wide
variety of one time resources to meet Council and community priorities.
The additional and potential revenues can be broken down into three major categories —
Available /Anticipated, Excess Reserves and Potential. The following sections explain how the
Town obtained the revenue funds, and if there are any restrictions for use of these specific funds.
Available Revenues
626 W. Parr Avenue Property Sale (AKA 612 W. Parr Avenue) - At the November 15, 2012,
Town Council meeting, the Council approved the transfer of this property to Villa Vasona
Limited. As a result of this transfer, the Town will receive a net $750,000'GGeneral Fund benefit.
There are no restrictions for use of these funds.
Redevelopment Agency Dissolution - Under AB 26 (the "Dissolution Act ") all California
redevelopment agencies were dissolved effective February 1, 2012. As part of the close -out
process, the Town will receive one -time payments totaling $12 million from redistributed
Redevelopment Agency assets. There are no restrictions on use of these funds.
Friends of the Library - It is anticipated that the Friends of the Library will be able to fulfill the
balance of its $1.8 million contribution to the Town by the end of next fiscal year.
Existing Capital Project Balances - As a result of the combination of lower than anticipated
construction bids on capital projects and project expenditure savings, the Town has an unspent
amount of approximately $250,000. This money has no restrictions for use and is a net to the
General Fund.
Redevelopment Origination Loan — The dissolution of Redevelopment permitted the Town to
receive $1.5 million for repayment of the original Town loan required to establish and operate
the Redevelopment Agency. There are no restrictions on the use of these funds.
PAGE 3
JANUARY 14, 2013
MAYOR AND TOWN COUNCIL
SUBJECT: CAPITAL IMPROVEMENT PROGRAM STUDY SESSION
DISCUSSION (cont'd):
Reserves
Excess Budget Reserves (Above the Designated Amount) - The Town Council adopted a policy
regarding the Budget Stabilization Reserve Fund and the Catastrophic Reserve Fund in FY
2011 /12. These reserves were originally established to set aside funds to offset reductions in
general fund revenue and to respond to emergency events, respectively. The reserves policy
requires that the Town maintain an amount equal to 25% of the total General Fund in Operating
Budget reserves within these two reserve funds currently estimated at $8.6 million. Since FY
2011/12, the Town has set aside an "excess" in budget reserves that now exceeds the required
$8.6 million. The combined balance of the Budget Stabilization Fund ($7.3 million) and the
Catastrophic Reserve Fund ($3.6 million) totals $10.9 million. There is an "excess" balance of
$2.3 million over the required reserves amount (subject to final audit). Upon Council approval,
this "excess" balance in reserves could be allocated to capital projects with no restriction.
Open Space Reserve Fund - The Town also has an Open Space Reserve Fund balance of
$562,000. This funding was originally established in FY 1997/98, as a result of a General Plan
policy to preserve the Town's open space. The purpose of these funds is to preserve the open
space character of prominent visible hillside lands; to connect open space via trails; to define the
Town's southern boundary by passive open space; and to use open space to protect unique
natural features. The last transaction made for these funds was to purchase property in 2000. The
Council may designate these funds for capital related projects; however, the uses are restricted as
defined by the General Plan policy.
Potential Future Revenues
Property Surplus Proceeds - The Town could potentially receive $4 to $6 million as a result of
property sales, possibly including the Winchester & Lark, Fire stations, the Venue, excess right
of way, and other properties. The Town has recently had property appraisals conducted for many
of these properties given strong interest expressed from potential third party buyers. The amount
of total revenues received from these sales is estimated at approximately $4 to $6 million,
pending Council direction and final sales prices.
Tax Assessment Increases — Many jurisdictions have relied on a wide array of potential tax
increases to fund municipal priorities, including sales tax, utility tax, parcel tax and/or
assessment districts.
The above identified revenues, reserves and potential future revenues are summarized by
category in the table on the next page. The grand total for these new revenues combined is
approximately $14.1 million dollars.
PAGE
JANUARY 14, 2013
MAYOR AND TOWN COUNCIL
SUBJECT: CAPITAL IMPROVEMENT PROGRAM STUDY SESSION
DISCUSSION (cont'd):
FY 2012/13 REVENUE SOURCES
Estimated Amounts
Available Revenues
626W. Parr Avenue Property Sale
$
750,000
Redevelopment Agency Close -Out
$
1,000,000
Friends of the Library
$
1,800,000
Existing Capital Project Balances
$
250,000
Redevelopment Origination Loan
$
1,500,000
Subtotal
$
5,300,000
Reserves
Budget Reserves- Funding Above the Required Amount
$
2,300,000
Open Space Reserve Fund
$
562,000
Subtotal
$
2,862,000
Potential Future Revenues
Property Surplus Proceeds
up to $6,000,000
Tax Increases
unknown
Subtotal
up to $6,000,000+
GRANDTOTAL
$
14,162,000+
Capital Improvement Proeram — New and Existing Proiects
With the additional revenue resources available, the Town Council has the ability to allocate
these funds to existing or new capital improvement projects. In order to assist the Council in this
process, staff has prepared a comprehensive list of potential capital projects by category and
estimated project costs (attached). The projects on this list were developed by staff based on a
variety of considerations, including the Council's core values and Town's current infrastructure
and facility needs.
Staff then ranked the projects using a priority level - ranging from one to three - based on the
Council's core values as well as a staff assessment criteria. Projects ranked in priority level one
are projects that staff is recommending for funding within the next two fiscal years (FY 13/14 or
FY 14/15). The projects ranked in priority level two are projects that are should be considered
for FY 14/15 to FY 15/16. Projects that have been ranked under the third category should be
considered for funding in FY 16/17 or beyond as funding becomes available.
The staff assessment criteria used includes key consideration factors such as: reductions in long-
term maintenance costs, increased accessibility, heavily utilized Town facility, and/or the
possibility of receiving grant funding. The first factor - reduces long -term maintenance costs — is
critical to consider because projects identified under this category can help to reduce the Town's
Operating Budget costs over the long -term, saving Town resources. Facilities that were
identified as heavily utilized are projects that also ranked high in the Council's core value
categories of Community Character and/or Good Governance. These projects preserve and
PAGE 5
JANUARY 14, 2013
MAYOR AND TOWN COUNCIL
SUBJECT: CAPITAL IMPROVEMENT PROGRAM STUDY SESSION
DISCUSSION (cont'd):
enhance the appearance and character of the Los Gatos community, while some projects ensure
responsive, accountable and collaborative government.
Also included in the maxtrix is staff's assessment of the potential for projects to be scalable
and/or completed in portions.
Staff is requesting that Council review the list of projects and either confirm the priority ranking
of projects or make recommendations to change the priority or scale of the projects as
appropriate.
CONCLUSION:
Staff is seeking Council comment and direction regarding use of the proposed revenue sources
for allocation to capital projects. Staff is also seeking Council changes to and/or direction on the
proposed tiering of capital projects. Staff will incorporate Council input into the preparation of
the Town's FY 2013/14 to FY 2017/18 Capital Improvement Program.
ENVIRONMENTAL ASSESSMENT:
The recommended action is not a project defined under CEQA, and no further action is required
at this time. Specific projects may require individual environmental review, once a scope and
funding source have been identified.
FISCAL IMPACT:
The fiscal impact will be dependent upon the Council's direction of the allocation of these new
revenues. If the Council directs staff to allocate some or all of the monies to specific capital
projects, these recommendations will be addressed in a subsequent Council report.
Attachment:
1. Capital Improvement Program Project Proposal List
THIS PAGE
INTENTIONALLY
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