FIN 2017-05-16 COMPLETE AGENDA PACKET

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Highlights of the Capital Projects Funds Street Fund: Total revenue in 2016 was $668K, which is $9.3M, or 93.3% below budget. The City had budgeted $2.9 million in development contributions for undergrounding utilities in the 42nd Ave S and 53,d Ave S sidewalk projects as well as bond proceeds of $4.4 million. Both projects have been delayed until 2017 for construction. Total expenditures were $828K against a budget of $9.8M. Design work for Cascade View Safe Routes to School Phase II began in 2016. It is estimated that design work and construction will be completed in 2017. Arterial Street Fund: Total revenue in 2016 was $6.5M, which is $5.1 M, or 43.6% below budget. Two large grants, totaling $10.2M were not received in 2016 but it is anticipated that the grants will be received in 2017. Both the TUC Pedestrian Bridge and BAR Bridge Rehabilitation projects were budgeted to begin construction in 2016 but have been delayed. Also worth noting is the significant increase in Real Estate Excise Tax (REST). Due to a high value property sale, the City realized a substantial increase in REST, which was split between this fund and the land acquisition, rec & park development fund. While revenues were below budget, expenditures were below budget as well. Total expenditures were $7.6M, which is $7M, or 48.0% below budget. Several large projects are accounted for in this fund. Major projects include Interurban Ave S, TUC Pedestrian /Bicycle Bridge, S 144th St Phase II, and Boeing Access Rd Bridge Rehabilitation. Land Acquisition, Rec & Park Development Fund: Total revenue was $2.8M, which exceeded budget by $1.7M, or 253.6 %. REET came in at $1.4M, which is $1.2M above budget. While expenditures were above budget by $491k, or 44.9 %, substantial progress was made on the Duwamish Gardens project, where the construction budget was originally in 2015. Facility Replacement Fund: Revenue in 2016 was $2.71K or $4.3M below budget. Budgeted property sales that were expected to occur in 2016 have been postponed until 2017. Total expenditures were $898K. Four motels the City purchased were demolished in 2016. General Government Improvement Fund: Several projects were completed in 2016. Projects include securing the Police vehicle evidence storage area, 6300 building water service replacement, siding and roofing repairs at both City Hall and TCC, and additions to City Hall card access. Public Safety Plan Fund: In November 2016, voters approved a $77.385 million bond measure to construct a justice center, rebuild three fire stations and provide fire apparatus and equipment for 20 years. In December, the City sold the first series of voter approved debt in the amount of $36.7M. 17