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In 1998, the City Council authorized the creation of an endowment fund from which interest <br />only is to be used for street infrastructure maintenance: <br />• Street Infrastructure Fund <br />The following table outlines the current Replacement Funds and the current available data. <br />Replacement Funds <br />Cost of Assets <br />Accumulated <br />Depreciation <br />Projected 2002 <br />Fund Balance <br />General Vehicle <br />214871346 <br />110991601 <br />112851465 <br />Fire Vehicle <br />21351640 <br />9171121 <br />5131268 <br />Plant Equipment <br />717831532 <br />315281954 <br />216241240 <br />Buildings and <br />Improvements <br />411931542 <br />112651932 <br />213461515 <br />Parks Infrastructure <br />1510771411 <br />218591330 <br />118011049 <br />Street Infrastructure <br />9117421379 <br />1615981880 <br />1110661890 <br />Land <br />6.720.239 <br />0 <br />0 <br />Total <br />13010281119 <br />2612691818 <br />1916371427 <br />It should be noted that the traditional cost method of depreciation is not very precise, particularly <br />when it is applied to long -life assets such as buildings and streets. Replacement cost is generally <br />very much higher and requires considerable more funding than may be carried on the city's <br />books. For example, current insurance appraisals indicate that the city's general government <br />buildings excluding recreation and utilities would cost $9,765,504 to replace, considerably more <br />than paid to construct or secure the buildings. <br />Summary <br />The City Council has provided an excellent basis for maintaining the facilities the city currently <br />has and the future refinement will continue to provide sound a financial basis for the future. <br />III -53 <br />