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BACKGROUND Beginning in 1990, the City established a series of replacement/renovation funds where reserves are accumulated to fund future replacement costs, in accordance with the City's financial policies. In December 1998, staff began to identify all City assets, including condition, age, and expected replacement/renovation cycles and costs. From this information, a 30-year "Replacement Plan" was developed and integrated into the biennial Maintenance and Operations Budget. Annual revenue requirements were determined for each fund, sufficient enough (with interest income) to fund the projected annual replacement schedules. The replacement accruals minimize Operating Budget fluctuations by amortizing capital costs over multiple fiscal years. It also ensures that the replacement of large dollar items will not compete for budget funding with City services or other capital improvements when the time comes for them to be replaced. As part of the City's Replacement Plan, the Park Renovation Fund provides for major renovations to City parks, facilities and street medians. Typical repairs include irrigation systems, pathways, turf, trees, play areas, signs, and park furniture (barbecues, benches, tables, drinking fountains, etc.). For the past several years, Parks and Community Services Department staff have made project recommendations to the Parks and Recreation Commission based on the funding available. Staff completed a major update of the Replacement Plan as part of the Operating Budget preparation process in spring 2001, 2003, and again in 2006. As a result, the Park Renovation Fund now also provides for the long-term replacement/renovation of Callippe Preserve Golf Course and the Pleasanton Pioneer Cemetery. Due to the amount of work that will be required over the projected 30-year Replacement Plan, variances will occur in the fund balance depending on the number of actual improvements and scheduling. The replacement schedule in "Financing Our Future" was intended to be a "fluid" document that would be modified as park needs warranted. For FY 2007/08, staff has again reassessed all City parks, trail facilities, and median areas. The attached list of recommendations is based strictly on maintenance issues and current funding levels, with the final decision based on public and Commission input, and approval by the Council. For FY 2007/08, $607,462 is available for renovation projects. The attached list indicates the proposed projects by location and estimated cost. The improved condition of the parks as a result of previously completed work has decreased the need for major improvements, allowing the opportunity to focus the majority of funding on improvements to the street median areas. A significant portion of this year's funding ($490,000) is recommended for the replacement of landscaping in street medians. Funds would be divided into two (2) accounts, $90,000 for the replacement of declining plant material along Stanley Blvd, First Street, and Bernal Avenue; and $400,000 as a set aside to begin large scale renovation of entire median areas. Work began last year on design for the renovation of 20 center medians located on West Las Positas Avenue, from Santa Rita Road east to Page 2 of 3