Long Beach, CA
File #: 15-0543    Version: 1 Name: CM - Tidelands Prioritization of Projects
Type: Agenda Item Status: Approved
File created: 6/2/2015 In control: City Council
On agenda: 6/16/2015 Final action: 6/16/2015
Title: Recommendation to receive a report on the Tidelands Capital Budget, and approve the 5-Year Capital Plan and prioritization of projects. (Districts 2,3)
Sponsors: City Manager
Indexes: Report
Attachments: 1. 061615-R-10sr&att.pdf
Related files: 15-0051
TITLE
Recommendation to receive a report on the Tidelands Capital Budget, and approve the 5-Year Capital Plan and prioritization of projects. (Districts 2,3)

DISCUSSION
On December 31,2014, staff provided a memorandum (Attachment A) to the City Council indicating that the changing price of oil required a revised strategy for the Tidelands Capital Budget and a 5-year Capital Plan. The Tidelands Capital Budget is funded entirely from oil revenues, and the low price of oil has greatly reduced the oil revenue that the City can rely on receiving.

On February 3, 2015, the City Council approved nine (9) criteria for evaluating Tidelands Capital projects (Attachment B) and directed staff to recommend how to allocate available funding based on the criteria, and to present the recommendations to the City Council for review and approval. Attachment C, the 5-Year Capital Plan and Prioritization of Projects, list the projects that are being proposed for prioritization. Attachment D lists the prioritized projects that are awaiting funding.

This matter was reviewed by Deputy City Attorney Linda Vu on May 27,2015 and by Budget Management Officer Victoria Bell on May 22, 2015.

TIMING CONSIDERATIONS
City Council action on this matter is requested on June 16, 2015 to allow Tidelands Capital Improvement Division staff to advance approved projects to the next stages in the development process.

FISCAL IMPACT
All of the projects subject to prioritization were previously approved by the City Council. The suggested action aligns available funding with proposed projects. Currently, a total of $95,426,781 in Tidelands Operating Funds (TF 401) is available for allocation for prioritized projects, which consists of an estimated amount that can be reassigned from budgeted projects and funds available in TF 401. Additionally, there are a few ongoing Tidelands Capital Improvement Division projects that were not included in the prioritization process, as they were projects that w...

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