Adopted Capital Improvement Program Budget FY 2024-25 through FY 2029-30

City of Morgan Hill Capital Improvement Program FY 2024-25 – FY 2029-30

308 - Street CIP- Streets & Roads

Fund Description The purpose of the Street CIP Fund is to support the ongoing rehabilitation and renovation of City roadways. The fund accounts for resources and requirements for capital projects that support the City of Morgan Hill’s streets and roads. The fund has been separated from Street Operations, Fund 202.

Project List

2024-25

2025-26

2026-27

2027-28 2028-29 2029-30

344,375 $ 430,868 $

362,974 $

622,428 $ 588,785

PF2006 - Project Administration SR5004 - Pavement Rehabilitation

$

192,121 $

4,000,000 3,250,000 Totals $ 4,192,121 $ 7,344,375 $ 3,680,868 $ 3,612,974 $ 3,872,428 $ 3,838,785 7,000,000 3,250,000 3,250,000 3,250,000

How this Fund Generates Money for Capital Investment The funds allocated, come from a variety of outside funding sources which are dedicated to road maintenance and rehabilitation. These include State Gas Taxes, Valley Transportation Authority Sales Tax (2016 Measure B) and Vehicle License Fee Tax (also administered through the Valley Transportation Authority). Additionally, the City has prioritized an annual General Fund contribution to maintaining the City roadways. Limitations and Other Important Factors For the most part, the funds used for street-related projects include funding dispersed from outside agencies. Since many of these funds are paid on a reimbursement basis: 1) the work is first completed, 2) a reimbursement request is submitted, and 3) in approximately 60-90 days a reimbursement check is received. Because these funds are typically guaranteed, it is not unusual for the process to overlap fiscal years. The work might be completed in one fiscal year, and the reimbursement is received in the new fiscal year. Expenditures are only made on the assurance of funds to be received. Goals for Capital Investment The goals for the use of this fund during this period are to complete pavement rehabilitation projects improving the conditions of City roadways.

Revenues- Other includes interest income, gas tax and Measure B sales tax allocations and an annual transfer in from the General Fund. Expenditure- Other includes annual transfers-out to the General Fund for administration.

Six-Year Pro Forma Fund 308- Street CIP

2023-24 YE 2024-25

2025-26

2026-27

2027-28

2028-29

2029-30

Projected

Beginning Fund Balance Revenues - Impact Fees

$ 4,078,203 $ 3,142,456 $ 2,725,908 $ 3,045,343 $ 3,094,556 $ 3,197,138 $ 3,022,404

-

-

-

-

-

-

-

Revenues - Other

4,468,743

3,886,877 4,192,121

7,777,340 7,344,375

3,847,021 3,680,868

3,836,006 3,612,974

3,821,754 3,872,428

3,803,411 3,838,785

Expenditures - CIP Projects 5,298,486

Expenditures - Other

106,004

111,304

113,530

116,940

120,450

124,060

127,780

Ending Fund Balance

$ 3,142,456 $ 2,725,908 $ 3,045,343 $ 3,094,556 $ 3,197,138 $ 3,022,404 $ 2,859,251