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Commission approves first reading of renewal-and-replacement fund ordinance to smooth capital spending
Summary
On first reading the Hallandale Beach City Commission approved an ordinance creating a Renewal & Replacement (R&R) fund and requiring multi-year schedules to stabilize capital maintenance funding; second reading set for February.
The Hallandale Beach City Commission voted on first reading on Jan. 8 to create an ordinance establishing a Renewal & Replacement (R&R) fund intended to smooth budgeting for capital maintenance and replacement.
City budgeting staff and the city manager explained the proposed ordinance will replace the city’s current ‘‘pay-as-you-go’’ approach with a multi-year planning policy recommended by the Government Finance Officers Association. Natasha Mazze (identified as budgeting/grant monitoring director in the meeting) told commissioners the city has roughly $82 million in aging capital assets and…
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