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<br />2
<br />
<br />The primary source of funding for the Fire Capital Fund is a property tax levy of $130,000.00 per
<br />year, and donations received from LCFD are included in this fund. LCFD has donated $679,108.28 to
<br />this fund in the past five years, plus (if approved) LCFD plans to donate $356,181 for 25% of the
<br />down payment of the new fire engine.
<br />
<br />The truck will be purchased through Sourcewell Consortium Pricing. Sourcewell follows the
<br />competitive contracting law process to solicit, evaluate, and award cooperative purchasing contracts
<br />for goods and services. This process is within the guidelines of our Purchasing Policy.
<br />
<br />There are different payment options offered in the proposal, and staff recommends utilizing the 50%
<br />Prepayment Option. This option involves prepaying $712,360 at contract execution and $619,280 due
<br />before the vehicle is released from the Pierce Manufacturing Plant in Appleton, Wisconsin.
<br />
<br />Summary of costs:
<br />New Pierce Velocity Engine $1,424,721.00
<br />Interest credit for 50% prepayment at the time of contract signing $ - 93,081
<br />
<br />
<br />Total Cost $1,331,640
<br />
<br />FISCAL IMPACT:
<br />It is projected that after the donated amount, the fund balance at the end of 2025 will decrease to
<br />approximately $975,960. The projected balance is net of the down payment for the fire truck of
<br />$712,360 as well as all other scheduled capital needs in 2025 of $399,889. See below a ten-year
<br />projected fund balance.
<br />
<br />2024 Final 2025 2026 2027 2028 2029 2030 2031 2032 2033
<br />Revenues 825,023 585,063 249,519 246,186 245,668 230,000 230,000 230,000 230,000 230,000
<br />Expenditures 1,464,855 1,112,249 416,158 272,128 653,530 144,772 659,996 32,071 43,997 29,874
<br />Fund Balance 1,503,146 975,960 809,321 783,379 375,517 460,745 30,749 228,678 414,681 614,807
<br /> -
<br /> 200,000
<br /> 400,000
<br /> 600,000
<br /> 800,000
<br /> 1,000,000
<br /> 1,200,000
<br /> 1,400,000
<br /> 1,600,000
<br /> -
<br /> 200,000
<br /> 400,000
<br /> 600,000
<br /> 800,000
<br /> 1,000,000
<br /> 1,200,000
<br /> 1,400,000
<br /> 1,600,000
<br />Fund BalanceRevenues and ExpendituresFire Equipment Fund (457)
<br />Revenues Expenditures Fund Balance
<br />Fund 457 will need additional city financial support to allow for future expenditures. LCFD has
<br />indicated the possibility of continued annual support of $100,000 from charitable gambling profits
<br />(This support has been included in the fund balance schedule presented above). However, any
<br />donation from LCFD to Fund 457 would be reviewed by the LCFD Board of Directors on an annual
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