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1998_0217_packet
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1998_0217_packet
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Replacement Policies <br /> PURPOSE <br /> 1. To provide a stable source of funding for those areas of expenditure that fluctuate significantly from <br /> year to year, i.e., equipment replacement and facility maintenance. <br /> 2, To provide a cushion against unexpected revenue problems. <br /> 3. To provide working capital to ensure sufficient cash flow to meet the City's needs throughout the <br /> year. <br /> POLICY <br /> T!w City will maintain a general fund reserve between 40-50%percent of the general funds total <br /> Dual operating budget, Any surplus beyond the required general fund reserve may be transferred <br /> to tether reserve fund with a funding shortfall. <br /> The City will establish an equipment replacement fund, and will appropriate funds to it annually to <br /> provide for timely replacement of equipment. The amount will be maintained at an amount equal to <br /> the accumulated depreciation plus 3 percent to provide for equipment replacement. <br /> The City will establish a building maintenance and replacement fund, and will appropriate funds to <br /> it annually to provide for timely maintenance of all buildings and plants supported by general <br /> governmental funding. The funding should equal the amount of accumulated depreciation recorded <br /> on all general governmental buildings. <br /> City will establish a plant replacement fund to provide for non-vehicular equipment replacement; <br /> i.e., mowers,tools,etc. Funding should equal the amount of accumulated depreciation recorded on <br /> all general governmental equipment. <br /> The City shall establish a recreational facilities replacement fund for the maintenance and <br /> replacement of specialized recreational facilities such as the skating center and park shelters which <br /> have been constructed. Funding shall be the annual appropriation of the 5%set out to the tax <br /> increment policy as the infrastructure replacement fund. The use of this Bind shall be limited to 60% <br /> of the annual interest, until the year 2004,at which time the fund balance will permit the use to <br /> become on the basis of the other replacement funds. <br /> From time to time the City Council shalt establish additional replacement funds as the need and <br /> funding ability becomes available. <br /> IMPLEMENTATION <br /> ENTATION <br /> The City shall use replacement funds to assist in the replacement of equipment,vehicles,and building <br /> rnaint=nce. New equipment or buildings are to be funded from new dollars,unless they are designated <br /> to replace currently depreciated assets. Funds from the replacement funds may be used up to the amount <br /> available from depreciation of the replaced asset. Any additional funding shall be from new sources. <br />
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