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<br /> <br />Capital Improvements <br />Water Pollution Control Plant A $55 million expansion is underway to upgrade the Plant, which was <br />constructed in 1939. Scheduled date of completion is 2016 . <br /> <br />Streets and Road Projects As part of the City’s overall Pavement Management strategy, the <br />rehabilitation of city streets through the construction of overlay, pothole repairs, and various street <br />resurfacing treatments, continue to improve the streets and roads that enhances the City’s road <br />quality and durability. <br /> <br />Affordable Housing and Downtown Office Construction The 200-unit mixed use, transit oriented <br />development Marea Alta rental construction on the former BART parking lot site (1400 San Leandro <br />Boulevard) will provide affordable rental housing. The project developer is BRIDGE Housing <br />Corporation, a nationally recognized nonprofit affordable housing developer and property manager. <br />Simultaneously, Westlake Development Partners is constructing a multi-phased downtown <br />technology campus on property it owns west of the San Leandro BART Station, which was <br />originally intended for affordable rental housing by BRIDGE Housing. Marea Alta and the San <br />Leandro Tech Campus are now distinct development projects on separate planning and construction <br />schedules. Completion of each project is expected in 2016. <br /> <br />COUNCIL FINANCIAL POLICIES <br /> <br />Over the years, the San Leandro City Council has followed a series of Financial Values that provide <br />guidance to budget administration, capital financing and debt management - which are also used to <br />guide the budget process. In addition, the City Council adopted, by resolution, specific budget <br />administration guidelines which set out guidance for fund balance designations and reserves <br />management. <br /> <br />The budget guidelines recommend sufficient fund balance to provide for: a) Economic uncertainties, <br />local disasters, and other financial hardships or downturns in the local or national economy, b) <br />contingencies for unforeseen operating or capital needs and c) cash flow requirements. Further, the <br />guidelines call for such designated fund balances to be at least 15% of General Fund operating <br />expenditures (budgeted expenditures for the following year). Consequently, based on the General <br />Fund’s budgeted operating expenditures for 2015-16 the guideline requirement is approximately $14 <br />million. <br /> <br />The 2014-15 financial statements reflect unrestricted reserves that total $19.1 million. For the second <br />time since 2006-07, the Unassigned Fund Balance aligns with the Council’s fund balance guideline. <br /> <br /> <br />FINANCIAL INFORMATION <br /> <br />City Budget & Budgetary Controls <br />The City Council is required to adopt a final budget through the passage of a resolution no later than <br />June 30, the close of the fiscal year, following a public hearing process conducted to obtain taxpayer <br />comments. This annual budget serves as the foundation for the City’s financial planning and control. <br />ix