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CENTENNIAL FIRE DISTRICT <br /> JOINT POWERS AGREEMENT <br /> Base formula. The following calculation shall determine each municipality's <br /> representative share of the total operating budget and capital expenditure budget. The <br /> sum of: <br /> a +p +v <br /> A + P + V x 100 = % of total budget apportioned to the specific municipality. <br /> a = The specific municipality's average number of calls for service for the last five (5) <br /> calendar years. <br /> p = The specific municipality's population in the District, expressed in units of 100. <br /> Source for population information shall be the latest Metropolitan Council estimate <br /> of the population. <br /> V = That specific municipality's total market value expressed in units of $1,000,000. <br /> A = The District's average number of calls for service for the last five (5) calendar <br /> years. <br /> P = The total population of the municipalities in the District, expressed in units of 100. <br /> V = The sum total of the municipalities estimated market value within the entire <br /> District expressed in units of 51,000,000. <br /> All figures shall be carried out to one (1) decimal place for the functioning of the formula. <br /> Except as modified by Sections 7.2, 73, and 7.4 the municipalities proportionate share of <br /> the total budget contribution shall be determined by multiplying the municipalities <br /> percentage times the annual budget. The municipalities contribution shall be recalculated <br /> on an annual basis by June 1st of the year preceding the budget year to which the <br /> calculation shall apply. Each municipality shall pay over to the District the amount owing <br /> in four (4) equal installments on January 31, April 30, July 31, and October 31 of every <br /> year. <br /> 7.2 At such time when it is determined that a member municipality contributes in excess of <br /> 70% of the budget for any particular year„ that affected municipality may request the <br /> Committee to reevaluate the funding formula. <br /> SECTION VIII <br /> BUDGET <br /> 8.1 Established Budgets. The municipalities hereby agree that the operating budget for 1990 <br /> will be $321,297 (of which $23,680 is for depreciation), and that the capital budget for <br /> 1990 will be $150,000 making a total of $471,292 It is further agreed that in 1991 the <br /> operating budget will be $3 and that the capital equipment budget will be $100,000 <br /> for a total of $449,715. <br /> Page # 8 <br />