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<br />CENTENNIAL FIRE DISTRICT <br />JOINT POWERS AGREEMENT <br /> <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 /> <br />a+p+v <br />A + P + V x 100 = % of total budget apportioned to the specific municipality. <br /> <br />a = The specific municipality's average number of calls for service for the last five (5) <br />calendar years. <br /> <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 /> <br />v = That specific municipality's total market value expressed in units of $1,000,000. <br /> <br />A = The District's average number of calls for service for the last five (5) calendar <br />years. <br /> <br />P = The total population of the municipalities in the District, expressed in units of 100. <br /> <br />V = The sum total of the municipalities estimated market value within the entire <br />District expressed in units of$l,OOO,OOO. <br /> <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, 7.3, 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 1 st 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 /> <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 /> <br />SECTION vm <br />BUDGET <br /> <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$471,297. It is further agreed that in 1991 the <br />operating budget will be $349,715 and that the capital equipment budget will be $100,000 <br />for a total of$449,715. <br /> <br />Page # 8 <br />