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Regular City Council Meeting— DRAFT Minutes <br />Monday, April 23,2007 <br />Page 38 <br />1 Councilmember Roe suggested, regarding Local Government Aid <br />� (LGA), that the City have a defined policy statement in their revenue <br />:� policy that the City would not depend on LGA as a source of revenue, <br />4 but if received, would determine use for unique and/or one-time ex- <br />� penditures to benefit the City. <br />� <br />'r' <br />� <br />� <br />- �i+� <br />11 <br />�2 <br />13 <br />�� <br />1� <br />16 <br />1� <br />l� <br />l� <br />�� <br />�1 <br />Capital Replacement Policy <br />Finance Director Miller again reviewed specific language revisions <br />and comments on pages 10 and 11. Mr. Miller noted previous discus- <br />sion of staff with Council regarding staff s calculations regarding the <br />deficit of approximately $100,000 in annual funding needs for the <br />purpose of the General Vehicle Replacement and Fire Vehicle Re- <br />placement Funds; and suggested that funds to maintain funds for roll- <br />ing stock would need to be phased in over a period of time. <br />Discussion include differentiating between capital building and capital <br />rolling stock; differences in maintenance or operating versus replace- <br />ment; and rationale for using taxpayer monies on an annual basis for <br />fleet replacement, while not seeking taxpayer monies over a 15 year <br />period for large capital expenditures (i.e., buildings). <br />�� Mr. Miller responded to the Building Replacement Fund, and former <br />�� available �u�ds prior to City Ha1� renovation, of approximately $2 — 3 <br />.�� million, with remaining funds designated in their totality to the ice <br />� � arena needs. <br />�� <br />2� Councilmember Pust expressed her strong support for a detailed in- <br />�� ventory from staff of priorities, what facilities were funded at, and <br />2� how long before major renovations, maintenance or replacement <br />�U would be required. <br />�7 <br />:�'� Councilmember Ihlan sought clarification if staff had considered de- <br />:� � ferred replacement, as applicable and feasible, on specific items or <br />3� rolling stock to prolong life expectancy or if maintenance created <br />3;� more costs than replacement. <br />3� <br />�� Mr. Miller advised that government finance officer, industry standaxds <br />�� and other comparisons were used specifically and taken into consid- <br />