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In 1998, the City Council further authorized two additional replacement funds to be established: <br />Parks and Recreation Infrastructure <br />– <br />Maintenance Fund <br />Street Infrastructure Replacement Fund <br />– <br />The following table outlines the current Replacement Funds and the current available data. <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 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-55 <br /> <br />