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Page 6 of 10 192Street PMP. The Street PMP program is the annual scheduled repairs, refurbishment, or 193replacement of City streets in order to maintain a Pavement Condition Index of 80 or greater, 194which optimizes the life of the pavement. The Street PMP program is currently funded by 195between $1 million and $2 million per year in State MSA (gas tax) funds, and about $300,000 to 196$500,000 per year in interest earnings on the $13 million Street Replacement endowment fund. 197Without changes to the funding, the program begins to spend down the endowment fund 198significantly starting in about 2016, running the fund below a zero balance by about 2028. 199 200Without the State making changes to the MSA funding for the City, the City must supplement 201the annual costs for Street PMP projects with property taxes or property assessments, or other 202funding. The Subcommittee recommends using a combination of funding sources to address the 203shortfall, as follows: 204In 2015, repurpose for Street PMP the current $160,000 ongoing annual levy that goes to 205debt service on existing street bond #25 when that bond is retired. 206In 2016, repurpose for Street PMP the current $150,000 ongoing annual levy that goes to 207debt service on existing street bond #23 when that bond is retired. 208In 2017, add an additional $160,000 of ongoing property tax levy funding for the Steet 209PMP 210In 2018, add another $160,000 of ongoing property tax levy funding for the Street PMP 211In 2019, add another $200,000 of ongoing property tax levy funding for the Street PMP, 212totaling an additional $520,000 of ongoing property tax levy for Street PMP going 213forward 214 215Of the $830,000 total increase in annual ongoing funding for Street PMP over that 5-year period, 216about 63% comes from additional property tax levy funding and about 37% comes from 217repurposing existing property tax levy funds. 218 219 220Park Facilities and PIP. Park Facilities are generally repaired, refurbished, or replaced through 221Park Facilities capital funding and the PIP (Park Improvement Program). Currently (as of the 2222012/13 biennial budget plan), $0 each year goes toward Park Facilities and $40,000 per year 223goes toward the PIP. As noted above, the Park Renewal Plan addresses a backlog of near-term 224Park Facilities Costs. However, without additional funding, the next 20 years of Park Facility 225capital needs will be unfunded by about $9.4 million. 226 227The Subcommittee recommends using a combination of funding sources to address the shortfall, 228as follows: 229In 2016, add an additional $160,000 of ongoing property tax levy funding for Park 230Facilities and PIP capital needs. 231In 2020, repurpose about $650,000 of the $825,000 total ongoing annual levy that goes to 232debt service on existing city hall and public works facility bond #27 when that bond is 233retired. (This leaves $175,000 of that ongoing debt service levy to either apply to levy 234reduction or other needs that may become apparent by 2020.) 235