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<br />Budgeted Expenditures <br /> <br />. All budgeted capital expenditures which have been itemized <br />and previously approved by the city council during the budget <br />process do not require additional approval before purchase, <br />with the exception of items exceeding the amount of$50,000. <br /> <br />. All budgeted capital and general expenditures more than <br />$1,000 or 10%, whichever is higher, above the budgeted <br />amount will require approval of the city council. <br /> <br />. Substitutions of budgeted capital and general expenditures in <br />excess of$I,OOO will require approval of the city council. <br /> <br />Unbudgeted Expenditures <br /> <br />· All unbudgeted capital and general expenditures must be <br />approved by the city council, except for substitutions as <br />described in section 1 (c). <br /> <br />. In emergency situations the Mayor may authorize any capital <br />or general expenditure which might be necessary to maintain <br />operational status of the city. The expenditure will require <br />approval at the next regular city council meeting. In the <br />absence of the Mayor, the Acting Mayor or City Administrator <br />may grant emergency approval. <br /> <br />2. Bids. Quotations and Bonds: <br /> <br />If possible, three quotations may be obtained for all capital or general <br />expenditures dver $5,000. In accordance with M.S. 471.345, a minimum <br />of two quotations must be obtained for purchases over $10,000 and less <br />than $50,000. Purchases over $50,000 shall be made by sealed bid as <br />required by M.S. 471.345, excepting those purchases made through the <br />State of Minnesota Cooperative Purchasing Venture (CPV) Program. <br /> <br />For all contracts, a bid bond in the amount of five percent (5%) of the bid <br />is required to ensure that the successful bidder enters into a contract with <br />the city. In addition, a performance bond and a payment bond are required <br />for all services exceeding $70,000, as defined by M.S.574.26. <br /> <br />All contractors, regardless of the amount of contract for services, are. <br />required to complete Department of Revenue Form IC-134 before final <br />payment can be made. For further assistance with contract and bidding <br />laws, the city attorney should be consulted. <br /> <br />4 <br />