Reso 2002-070 - Laserfiche WebLink

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Financial Capacity (New Construction and Conversion Projects Only) Applicants with new public library projects shall describe their financial capacity to open and maintain operation of the proposed library including anticipated revenue sources for library operations support. Anticipated Revenue. A portion of City General Fund discretionary revenues of $64.4 mlulon wm pay ror the new Manor Branch opening and ongoing operation costs. In the proposed FY 2002-03 City budget, $5.1 million (or 8%) of estimated General Fund revenues from taxes, fees, interest, and other discretionary sources are designated for Library Services. These funds support the general operating expenses of the Main Library and three branch libraries, including the existing Manor Branch. An additional $750,000 is proposed to be allocated to the Manor Branch capital improvements program. A portion of these funds will be used to meet the 35% matching requirement of the State Library Bond Act grant program. The balance of the City's matching requirement for the Manor Branch project will be appropriated from capital improvement reserves. Ongoing Funding. The City believes sound management of all its resources ensures fiscal stability and mindfulness of the need to balance current and future needs. The City has provided operational funding for the existing Manor Branch on an ongoing basis for the past 35 years. The City has a long history of spending at least 7% of its General Fund budget on library services. In 2001-02, $4.9 million or 8% of the General Fund was spent on library services. The Proposed 2002-03 Budget is a conservative spending plan that balances the delivery of current City services with additional programs in response to Council policy direction and maintains contingency reserve funds for times of economic uncertainty. Other Circumstances. The City has been fortunate to avoid the major revenue shortfalls that have been experienced by neighboring cities. The mild impact of the current recession on City revenues is attributed to a stable industrial base, the success of an Auto Mall, increasing real estate values and a retail base anchored by major "big box" stores. The City's financial position has been recognized by an A+ credit rating from Standard and Poor's Rating Service. The overall fiscal condition of the City will ensure continued support of library services for this community. Fundraising Plans. The City continues to work with a federal liaison to identify and secure grants for City projects. The library also has received significant support from the Friends of the San Leandro Library and the San Leandro Public Library Foundation, two nonprofit organizations dedicated to improving library services. These organizations raised significant private funds for the expansion, renovation and seismic retrofit work on the Main Library. It is anticipated that financial support from the community and these nonprofits will be available to assist the City with the new Manor Community Branch Library. ~- , - - _ ~ci ~.. ~ T A r Provide the timetable for the proposed project. Show estimated dates of completion for future activities, as well as actual dates for activities already completed. ACTIVITY DATE 1. Planning and Land Use Permits Obtained (If Applicable) > 05/07/02 2. Site Acquired (Obtain possession by Purchase, Donation or Lease) > 09/16198 3. Schematic Plans Completion > 05/15/02 4. Design Development Plans Completion > 11/15/02 5. Working Drawings (90%) Completion > 01/15103 6. Construction Documents Completion > 04/01/03 7. Project Advertised for Bids > 04115103 8. Start of Construction > 07115/03 9. Estimated Mid-Point of Construction > 12/15/03 > 05115/04 10. Completion of Construction 11.Opening of Library Building to the Public > 07115104 12. Final Fiscal & Program Compliance Review Completed > 07115104