Laserfiche WebLink
Capital Improvements <br />Energy and Water Efficiency Improvements As part of City Council’s goal to maintain and enhance <br />San Leandro’s infrastructure, the City entered into a $5.2 million contract to replace streetlights with <br />brighter, energy efficient LED lights, new lighting systems at 23 City buildings, including the main <br />Library, new HVAC systems at three City buildings and new irrigation for City-owned landscape. The <br />contractor has guaranteed the savings will be sufficient to pay the cost of the project over its useful life. <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 quality <br />and durability. <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) provides 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 <br />campus on property it owns west of the San Leandro BART Station, which was originally intended for <br />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 opened in May 2017 and the <br />final 85 units will open in 2018. Similarly, Westlake’s second office building is under construction <br />and is expected to provide another 132,000 square feet of office space in the summer of 2018. <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 <br />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 <br />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 2017-18 the guideline requirement is approximately $19 <br />million. <br />The 2016-17 financial statements reflect unrestricted reserves that total $33.8 million. The Unassigned <br />Fund Balance aligns with the Council’s fund balance guideline to provide at least 16.7% unrestricted, <br />General Fund reserve, as a percentage of next fiscal year’s General fund Operating Budget. <br />469