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110 The amount will be maintained at an amount equal to the proportion of useful life expired 111 multiplied by estimated replacement cost. 112 113 The City will establish a Building Capital Fund and will appropriate funds to it annually to provide 114 for timely preservation of all buildings supported by general governmental funding. Only 115 preservation which meets the capitalization threshold shall be paid for out of this fund. 116 Preservation includes major items such as roof repair and HVAC replacement. 117 118 The City shall establish a Street Infrastructure Replacement Fund to provide for the general 119 replacement of streets and related infrastructure throughout the community. The annual MSA 120 capital allocation will be included as a part of the source of funds for computing the adequacy of 121 this fund. This fund will maintain five to ten years of construction projects in reserves as identified 122 in the City’s approved Capital Improvement Plan. 123 124 The City shall establish a Park Capital Fund to provide for the general replacement of parks and 125 related infrastructure throughout the community. The funding should equal the proportion of 126 useful life expired multiplied by estimated replacement cost for all park system assets. 127 128 Within each enterprise fund, the City shall establish a funding mechanism to provide for the 129 general replacement of related infrastructure throughout the community. The funding should 130 equal the proportion of useful life expired multiplied by estimated replacement cost for all 131 enterprise fund system assets. 132 133 The Finance Commission will annually review and report to the City Council their 134 recommendations and analysis of planned capital investments and related reserve balances. The 135 purpose of such analysis will be to gauge the health and sustainability of City reserves related to 136 capital investments for the short (1-3 year), medium (4-9 years), and long term (10+ years). It will 137 also take into account related borrowing and repayment costs. 138 139 Capital Replacements should be considered using the following priority guidelines (in order): 140 1)Projects necessary for the public’s health and safety, or to meet legal mandates. 141 2)Projects that responsibly preserve or replace existing assets to either extend remaining 142 service life or to create efficiency. 143 3)Projects that expand existing assets or services in order to benefit the Public Good. 144 4)Projects that purchase new assets or services in order to benefit the Public Good. 145 Higher-cost capital asset additions or replacement of existing assets that feature substantial 146 changes from their original size, functionality, or purpose should be considered as separate 147 Council actions with detailed fiscal analysis. 148 Definitions 149 150 Capital assets – Assets with a per unit value of $25,000 or more and a useful life of two or more years. 151 Assets in the aggregate over $100,000 will be recognized as a capital asset even if the per unit value 152 is under $25,000 but must be more than $5,000 each. 153 154 Capital Improvement Plan – A comprehensive 20-year outlook itemizing all capital assets and their 155 replacement funding requirements. The plan will take into account useful asset lives and salvage Page 4 of 5 Qbhf!53!pg!231