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231 <br />232 <br />233 Annual review and monitoring of this fund and the rates will occur to insure that adequate resources and <br />234 reserves are maintained. <br />235 <br />236 Storm Water Fund <br />237 Public Works staff identified significant rehabilitation needs in the Storm Water fund. Historically, only <br />238 major storm assets such as storm water lift stations were fully analyzed and included in the CIP. Public <br />239 Works staff reviewed all storm water assets this winter and identified replacement life cycles and costs <br />240 for each asset. Maintenance costs were identified for each asset per year. The estimates are based on <br />241 industry standards and staff observations. Water quality device rehabilitation covers storm ponds, rain <br />242 gardens, etc. Storm infrastructure rehabilitation covers pipes, catch basins, manholes, and outlet <br />243 structures. Much of the current storm water infrastructure was installed in the 1960’s so those assets are <br />244 at 80% of their expected lifecycle of 75 years. Funding options will need to be examined including <br />245 factoring these costs into the utility rate fees, pursing any grant options and also refining the actually <br />246 costs that can be supported in the next 20 years. <br />247 <br />248 <br />249 <br />250 <br />251 Funding Strategies and Impactson Homeowners <br />252 The City’s asset replacement programs and associated strategies have proven effective and have <br />253 positioned the City to achieve financial sustainability with regard to our capital assets. However, a <br />254 sustainable program requires on-going review and adjustments to our changing needs and costs. <br />255 <br />Page 11of 13 <br /> <br />