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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 quality <br />and durability. <br />Affordable Housing and Downtown Office Construction The 200-unit mixed use, transit oriented 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 technology campus on property it owns west of the San Leandro BART Station, which was originally intended for affordable rental housing by BRIDGE Housing. Marea Alta and the San Leandro Tech Campus are <br />now distinct development projects on separate planning and construction schedules. The first fully <br />leased,132,000 square feet and six level parking garage was opened in November 2016 by Westlake <br />Development Partners and the first 115 units of the Marea Alta project is expected in the first quarter of 2017. <br />COUNCIL FINANCIAL POLICIES <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 management. <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 guidelines call for such designated fund balances to be at least 16.67% of General Fund operating <br />expenditures (budgeted expenditures for the following year). Consequently, based on the General <br />Fund’s budgeted operating expenditures for 2016-17 the guideline requirement is approximately $16 <br />million. <br />The 2015-16 financial statements reflect Unassigned Fund Balance that total $29.4 million. For the <br />third time since 2006-07, the Unassigned Fund Balance aligns with the Council’s fund balance <br />guideline. <br />FINANCIAL INFORMATION <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. The budget is prepared by fund, function (e.g., public safety) and department (e.g., police). The legal <br />level of budgetary control is at the fund level. The City Manager is authorized to transfer budgeted <br />amounts between departments and line items within any fund; however, any revisions which alter the <br />ix