Item Coversheet
Town of Miami Lakes
Memorandum

To:Honorable Mayor and Councilmembers
From:Honorable Councilmember Luis E. Collazo
Subject:Renewal and Replacement Fund
Date:10/2/2018

Recommendation:

Over the years, the Town of Miami Lakes has made significant investments into our community and has built new or refurbished facilities such as our community centers, youth center, town hall, and park club-house. Funding future renewal and replacement of these facilities is crucial. Since I have been on the Council, I have seen how unexpected expenses can create shortages in requiring action on the part of the Manager/Council to correct. It is important that we begin funding future anticipated major expenses such as roofs, air conditioner, etc, to coincide with their expected life cycle.The Town took a great step forward this year when we began funding our renewal replacement schedule.

I would like support to propose an ordinance mandating that this “best practice” is institutionalized in future budgets, that the Town Manager and Town Council provide such funding and that this fund be kept in a separate account for this specific purpose.

Fiscal Impact: $150,000 per year