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Summary <br />Sinking fund to cover the cost of major maintenance on City Parks. <br />Description <br />Funding for repair and replacement of existing park facilities such as irrigation systems, playground equipment, <br />shade structures, picnic areas, outdoor furniture, sport courts, fencing, bleachers, walkways, and parking lots. Scope <br />includes repair of sidewalks fronting parks. The actual facilities covered by this project weren’t constructed in equal <br />portions each year so the actual maintenance need won’t be equal each year. A sinking fund is the name given to a <br />pool of money that receives equal annual contributions and that is used for known future costs even when the date of <br />those costs is uncertain. Sinking funds are commonly used for expensive items such as play equipment and <br />irrigation systems. <br />The following projects are scheduled for FY 18 and 19: Tennis Court repair, parking lot repair at Marina Park, Cherry <br />Grove Park, and Stenzel Park, and replacement of play equipment at Marina Park South. This project is funded <br />annually. <br />Justification or Benefit of Project <br />Maintenance is required to keep our parks attractive and functional. <br />Consequences of not doing the Project <br />Without this project park maintenance items will be listed as individual projects within the capital improvement <br />program. If these individual projects aren't funded then the usefulness of the parks will decline. If play equipment <br />replacement isn't funded then play areas will eventually close. <br />Project Numb 2018.0160Project Typ Annual Program/Maintenance <br />Detailed Cost $475,000 Status Active <br />Department/Sponsor Public Works <br />Impact to Operation Cost Neutral Impact to Maintenance Cost Neutral <br />Likely Cost <br />Categor Annual Programs/Projects <br />Project Name City Park Major Maintenance <br />95