Laserfiche WebLink
CRAFT <br />CIP FINANCES <br />EQUIPMENT RESERVES <br />2/95 <br />This fund was originally established by the City Council through the <br />designation of available General Fund monies and the defeasing of a special <br />assessment bond. Additional revenues are very limited. Typical use of these <br />funds is for smaller equipment items. <br />Approx. 1/95 Balance $261,000 <br />Undesignated $ 60,000 <br />Streets Department 63,000 <br />Parks Department 54,000 <br />Major Equipment Repair & Maintenance 84,000 <br />The Council should note that the Audit sh©ws a higher amount of money <br />available in the equipment reserves. This is due to this category including <br />the D.A.R.E. funds that were generated from the "house" project, and also <br />because this fund includes monies for the school repayment for their <br />contribution to the public works building. The Council should note that the <br />• D.A.R.E. funds will all be spent in 1995 and beginning in 1996, this <br />personnel expenditure for the D.A.R.E. polite officer will have to be included <br />in the General Fund budget. This topic needs to be discussed with the School <br />Board to ascertain their cost sharing of this,.program. Over the next four <br />years, we will be repaying the school $60,0(10 for their contribution to the <br />pubic works building. <br />Regarding the above designations of equipment reserves, it should be noted <br />that all of these designations can be changed per request of the City Council. <br />The major equipment repair and maintenance category is a new one for the <br />City and began with $15,000 from the sale a~f City property to Mr. Foster, and <br />$69,000 from the sale of property to UPA. With regards to the UPA land <br />transaction, the Council should note that this $175,000 was distributed in the <br />following fashion: $6,000/expenses; $50,000/payback to the City Hall fund;: <br />$50,000/Street Department front end loader; and $69,000/major equipment <br />R&M reserve. This major equipment R&M funding category eases some of <br />the pressures from the General Fund budget when unexpected expenditures <br />and emergencies take place. Additionally, regarding the parks amount listed <br />above, this $54,000 amount has been accumulated over time and has been <br />generated mostly through end of the year transfers from the General fund <br />into this reserve. The Street Department reserves have been accumulated <br />typically through the selling of equipment." <br />• <br />Page 5 of 13 <br />