HomeMy WebLinkAbout97-41
RESOLUTION 97-41
RESOLUTION AUTHORIZING FUND TRANSFERS
TO ESTABLISH REVOLVING EQUIPMENT FUND
MOTION BY: Kedrowski
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
SECOND BY:
Schenck
The City Council has determined that the City establish a regular replacement
schedule for its equipment needs; and
Equipment reliability is increased and maintenance costs are reduced as a result of
not extending the useful life of equipment beyond recognized industry standards;
and
The City would realize significantly greater trade-in values which would reduce the
net purchase cost of its equipment if such equipment is replaced based upon life
cycle expectancy; and
Individual operational safety is aprimary concern which would be increased by the
utilization of quality equipment; and
The establishment of a revolving equipment fund would provide the financing
method to fund city department equipment needs of $5,000 or more; and
A Revolving Equipment Fund would result in property tax savings by reducing
capital expenditures within the City's operating budget and by the elimination of
interest dollars spent on debt financing; and
It is important that the City of Prior Lake present a positive community image by
maintaining its equipment fleet in good condition and promoting pride of ownership.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, that a
permanent Revolving Equipment Fund be created for the purpose of funding replacement and new
equipment purchases of $5,000 or more and that the following allocations and appropriation transfers
from the General Fund, Sewer & Water Fund and Equipment Fund balances are hereby authorized as
follows:
Financing Source:
Fund Transfer:
Amount
1. Equipment Fund Balance
2. General Fund '96 Surplus Allocation
3. General Fund Balance
4. S& W Fund Balance
Revolving Equipment Fund
Revolving Equipment Fund
Revolving Equipment Fund
Revolving Equipment Fund
$304,727.96
$250,000.00
$200,000.00
$250,000.00
162{fflS~~~reek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
--------~~-~~._------~
Passed and adopted this 19th day of May, 1997.
YES
Andren x Andren
Greenfield absent Greenfield
Kedrowski x Kedrowski
Mader x Mader
Schenck x Schenck
NO
{Seal}
RES97xxx.DOC