Financing

The Board of Directors established over time a Capital Improvement Fund to cover the cost of new facility construction and major renovation of facilities. As of June 2003, the fund amounted to approximately $15 million. In addition, the Board of Directors in November of 2002 adopted Ordinance No. 3-02 which established a development impact fee on new construction within the District that is estimated to generate approximately $3.3 million per year for the Capital Improvement Fund. The District has traditionally funded its capital expenditures on a pay-as-you-go basis. However, in order to complete all 8 new fire stations within the desired timeframe, other sources of financing will be explored and possibly utilized to cover the cost of the Program.
 

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