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that helped achieve the City's mission of serving the public and enhancing the quality of life in San Leandro. Some of these major initiatives and accomplishments include: Capital Improvements The Village project opened in November 2014. The project's tenants include a Peet's Coffee & Tea, The Habit Burger, AT&T and a CVS, plus an additional one or two tenants. The design concepts include retail and restaurant spaces with outdoor dining, and a public plaza, complete with gathering space and a fountain, a public art component and lush landscaping. Innisfree developed the Village after the City purchased the vacant, blighted property from Albertson's Stores and prepared the site for re -use. Water Pollution Control Plant A $50 million expansion is underway to upgrade the Plant, which was constructed in 1939. Scheduled date of completion is July 2015. Streets and Road Projects As part of the City's overall Pavement Management strategy, the rehabilitation of city streets through the construction of overlay, pothole repairs, and various street resurfacing treatments, continue to improve the streets and roads that enhances the City's road quality and durability. San Leandro Kaiser Medical Center, Phase I The initial phase of development consists of a replacement for the existing Kaiser Permanente Hayward hospital with a new San Leandro Kaiser Medical Center. Phase 1 of the Medical Center opened Spring 2014 and includes a 436,000 square foot, six -story hospital containing up to 264 licensed beds, a 275,000 square foot support building, a central utility plant, and 2,100 surface parking. The state-of-the-art hospital includes ten operating rooms, 24-hour emergency services with forty treatment rooms, and a newborn intensive care nursery. A medical office building contains 116 offices for primary care and specialty physicians, an outpatient procedure suite with six rooms, a pharmacy, a laboratory, and radiology services. This is the largest development project in San Leandro's history. COUNCIL FINANCIAL POLICIES Over the years, the San Leandro City Council has followed a series of Financial Values that provide guidance to budget administration, capital financing and debt management - which are also used to guide the budget process. In addition, the City Council adopted, by resolution, specific budget administration guidelines which set out guidance for fund balance designations and reserves management. The budget administration guidelines recommend sufficient fund balance to provide for: a) Economic uncertainties, local disasters, and other financial hardships or downturns in the local or national economy, b) contingencies for unforeseen operating or capital needs and c) cash flow requirements. Further, the guidelines call for such designated fund balances to be at least 20% of General Fund operating expenditures (budgeted expenditures for the following year). Consequently, based on the General Fund's budgeted operating expenditures for 2014-15 the guideline requirement is approximately $17.3 million. ix