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athletic field top dressing ($1,500),prairie burns ($3,500), and ball field light replacement ($3,500). <br /> Equipment Parts increases to align more with historical trends. <br /> Equipment Replacement Fund (2016-2020) <br /> The Equipment Replacement Fund is a section of the Capital Improvement Plan (CIP). The fund covers <br /> replacement of wheeled equipment and vehicles. It was established to identify funding and long-range <br /> planning for equipment replacement. The fund is replenished annually through charges paid by each <br /> General Fund department and other Special Revenue Funds through their operating budgets. The <br /> amount charged to each department is allocated on the estimated replacements over the next 10 years and <br /> updated yearly. In addition, the fund receives a portion of the payment in Lieu of Tax (PILOT) from Elk <br /> River Municipal Utilities, Local Government Aid (LGA),interest earnings, and auction proceeds. The <br /> fund maintains a significant fund balance,but is necessary given the sufficient variability as we utilize cash <br /> reserves when several costly vehicles are replaced in the same year. The replacement cycle is continuously <br /> evaluated,based on costs and department use over the next several years to determine the optimal time to <br /> replace vehicles. <br /> If the Council would like any more information on any specific piece of equipment being <br /> requested please let Suzanne Fischer (Fleet Committee Chair) know. <br /> The city's Fleet Committee is actively involved in the long-range planning of the replacement of the city's <br /> fleet and financial condition of the Equipment Replacement Fund. <br /> General Fund Update <br /> An update on the overall General Fund revenue and expenditures will be provided. In early September, <br /> we should get the preliminary Net Tax Capacity (NTC) number from the county. We will then run tax <br /> impacts to residential and industrial/commercial properties. <br /> A quick summary of the changes from 2015 —2016 proposed General Fund expenditure budget prior to <br /> adjustments is below: <br /> 2015 Adopted Budget $13,312,800 <br /> COLA 2% or by union contract 175,900 <br /> Staff adjustments (personal sheet 0 <br /> Health Insurance/Pension changes (Fera) 97,000 <br /> Inflation/Exp. Adjustments <1.7% 225,700 <br /> 2016 Preliminary Budget $13,811,400 <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Department worksheets <br /> ■ 2016-2020 equipment replacement fund <br /> ■ Capital outlay summary sheet <br /> ■ General fund summary <br /> ■ Personnel summary sheet <br /> ■ Tax levy breakout <br /> N:APublic Bodies\Agenda Packets\08-10-2015\3.1 sr budgetmemo0810.docx <br />