FINANCIAL POLICIES
F. Infrastructure Funding The City shall operate and maintain its physical assets (including but not limited to Building and Facilities, Streets and Sidewalks, Equipment and Vehicles, and Technology) in a manner that protects the public investment and ensures achievement of their maximum useful life. An assessment of each category of physical asset will be conducted approximately every five years, to assess the asset’s remaining life and identify repairs or replacement needs for the next five years with the goal of sustaining existing infrastructure in the most cost effective manner. The City will use funds that are restricted for the specific assets prior to unrestricted funds, such as the Infrastructure and Rehabilitation Fund and the Asset Management Plan Fund. The funds that are available for the repairs and maintenance for Buildings and Facilities include but not limited to: o Great Park funds o Capital Improvement Project funds o Development Impact Fee funds o Quimby park funds o Grant funds o Infrastructure and Rehabilitation Fund The Infrastructure and Rehabilitation Fund was created to provide for the accumulation and distribution of funds for various rehabilitation projects. Sources for this fund is the investment income from the Asset Management Plan Fund. o Asset Management Plan (AMP) Fund Provided there are sufficient funds, the AMP Fund can be used for repairs and replacement of City facilities only when no other source of funding is available. Future contributions to the fund shall be made from unanticipated one-time sources with City Council approval, and as necessary through annual budget appropriations from the General Fund and other legally available funding sources. Streets and Sidewalks: Repairs and Replacement of Streets and Sidewalks are categorized into two efforts, mobility or circulation and infrastructure improvement or non-circulation. o Funding available for Mobility, or circulation efforts, include but not limited to: Measure M2 Gas Tax Senate Bill1 – Road Maintenance and Accountability Act (RMRA) System Development Charge (SDC) Circulation Slurry Seal Fund Irvine Business Complex (IBC) - Transportation North Irvine Transportation Mitigation (NITM) o Funding available for infrastructure improvement, or non-circulation efforts, include but not limited to: The City shall establish a Repair and Replacement fund for each infrastructure type. Building and Facilities:
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FY 2019-21 Proposed Budget
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