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Page 5 of 9 <br />aging. Cosmetic or minor defects may exist, and minor maintenance or <br />preventative upkeep may be needed to preserve useful life. <br />Fair The asset is nearing the end of its useful life — performance may be degraded or <br />reliability reduced. It typically requires increased maintenance or more frequent <br />attention to remain operational, and scheduled repairs may be needed to avoid <br />failure. <br />Poor / <br />Failed <br />The asset has reached (or substantially exceeded) its useful life and can no longer <br />reliably perform its intended function. Major repair or replacement is required; <br />temporary repairs are unlikely to meaningfully extend remaining life. <br /> <br />Note that replacement value represents only the cost to replace an asset in kind—that is, <br />restoring it to its current form and function. It does not represent the full cost or value of the <br />asset. For example, the replacement value for streets includes only the cost of resurfacing the <br />pavement. It does not include rebuilding the structural layers beneath the pavement, which <br />may require strengthening to handle heavier vehicles, nor does it include widening or other <br />capacity improvements. Replacement value reflects only the cost to maintain the infrastructure <br />as it exists today, not the cost to upgrade or expand it. <br /> <br />The City’s General Fund–supported infrastructure, with an asset replacement value exceeding <br />$4 billion, is currently in good overall condition. Approximately 2 percent of assets are currently <br />in poor or failing condition, and 4 percent are in fair condition. Unfortunately, 2-6 percent of the <br />$4 billion system value equates to $80 million to $240 million in needs. Insufficient planning <br />and funding to date have created a significant gap and growing need to address the City's <br />infrastructure needs. Certain areas, including fleet and facilities, present areas of critical <br />concern and will remain in Fair or Poor condition without significant investments over the next <br />ten years, as explained in more detail below. <br /> <br />Figure 1. Current State of City General Fund-Supported Infrastructure <br /> <br /> <br />The percentage values in Figure 1 represent the number of assets in the current condition <br />Page 337 of 373