Long Beach Adopts Innovation & Efficiency Initiatives Fund

News

The City of Long Beach has adopted their Innovation & Efficiency Initiatives Fund in their FY16 budget.

The City had proposed implementing an Innovation & Efficiency Initiatives Fund in 2015 as a revolving fund to allow its Departments to finance projects that create future energy and operational savings. The savings generated by the projects would then be used to replenish the fund. As shared in this City Memo, “The Fund encourages departments toconsider the one-time and ongoing costs of projects, and to propose those projects that achieve the greatest return on investment from an efficiency, cost savings, and revenue standpoint.”

Per the Memo, examples of Innovation & Efficiency Fund Uses include:

  • Funding the installation of energy efficient systems; solar panels, traffic and street lighting improvements, upgraded HVAC systems and other green projects
  • Funding for machinery, equipment, or new technologies that reduce staffing or other operational costs
  • Funding for energy efficient vehicles, which can lead to reduced gas consumption.

 

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