During the FY 18-19 budget process, staff recommended funding a sinking fund in the amount of $150,000 to renew and replace general fund assets based on a list of infrastructure items.This was approved during the budget process.
At the October 2nd, 2018 Council meeting, Councilman Luis Collazo proposed a new business item to formalize the creation of an infrastructure renewal and replacement fund and mandate an annual contribution of at least $150,000 into the fund. The purpose is to fund future major infrastructure repairs and replacements such as roofs, air conditioners, etc. in correlation with their respective life cycle.
Subject to a biennial review of the renew and replacement schedule, staff may recommend an increase to the Sinking fund contribution through the budget process.