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INTRODUCTION AND PURPOSE <br /> BACKGROUND <br /> The Equipment Replacement Plan is a ten year forecast of equipment replacements in the <br /> City of Elk River. It is intended to inform and plan for the equipment needs in the next <br /> ten years,with a primary focus on the next five years to align with our capital <br /> improvement plan (CIP). The first year of the plan becomes an adopted equipment <br /> budget and will be funded out of the equipment replacement fund. The remaining nine <br /> years represent an estimate of equipment needs and funding capabilities of the City and <br /> are adjusted accordingly. Funding requirements vary from year to year. In order to <br /> maintain a fairly consistent levy, the ten year plan is projected with a 2% inflation factor. <br /> The cash flow requirements to fund the equipment needs in the equipment fund will <br /> experience some ups and downs over the N n years given the projected equipment <br /> needs and a 2% inflation rate. <br /> The goal for the equipment plan is to reevaluate at least annually the requested or needed <br /> equipment and maintain financial viability of the equipment fund over the long-term. <br /> Highlights of the 2014 proposed purchases: <br /> Police: Two marked squad cars <br /> Fire: Aerial Ladder Refurbishment <br /> Stre Tru lacem <br />