Council votes to eliminate Centennial’s dedicated fiber fund amid budget review

Centennial — The City Council approved Ordinance 2024-0-20 on Jan. 7 to remove the city’s dedicated ‘‘fiber fund’’ from the Centennial Municipal Code (section 4-8-20), collapsing fiber-related accounting into existing city funds.

Finance Director Jeff Cadiz told council the fund, created by ordinance in 2018 to segregate revenues and expenses tied to the city-owned fiber network, no longer meets the characteristics of an enterprise fund and adds complexity to budgeting and reporting. Cadiz said the Fiber Commission and the Centennial Budget Committee reviewed and supported the recommendation during the 2025–26 biennial budget process.

Cadiz and Mayor Pico both said the city completed construction of the network in 2019 and has not seen operations require standalone enterprise accounting. The ordinance would remove the separate fund while allowing historic fiber revenues and expenses to be reported within existing city funds.

Councilmember Holt voiced concerns but did not oppose the change. In the public hearing for the ordinance there were no speakers signed up. Mayor Pro Tem moved to approve; Councilmember Karnes seconded. After an initial roll call that recorded one dissent and a procedural revote, the final tally was 9 ayes and the motion carried.

Cadiz said staff and the city’s advisory commissions reviewed the recommendation during budget workshops and the biennial budget process, and the ordinance applies only to the fiber fund defined in section 4-8-20.