Laserfiche WebLink
<br />WS – Item 13 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 13 <br /> <br /> <br />Date: February 5, 2018 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, Finance Director <br /> <br />Re: 2018 Capital Equipment Replacement <br /> <br /> <br />Background <br /> <br />The 2018 Adopted Budget – Capital Equipment Replacement schedule called for the <br />issuance of Certificates of Indebtedness in the amount of $390,929 to be used for the <br />purchase of capital equipment as part of the city’s equipment replacement program. As <br />the costs outlined in the 2018 Adopted Budget were estimated costs, (State bid pricing <br />was not yet available) staff has prepared an amended Capital Equipment Replacement <br />schedule for Council review. In addition to updated costs, staff has removed the <br />replacement of Investigations Vehicle #390 from the 2018 replacement schedule <br />subsequent to the vehicle re-evaluation. <br /> <br />The Amended Capital Equipment Replacement schedule calls for the issuance of <br />Certificates of Indebtedness in the amount of $303,900. The reserves of the Area and <br />Unit Fund (406) will be utilized to issue a loan to finance the equipment purchases. The <br />interest rate on the certificates will be 1.00% and a special levy will pay for the <br />certificates in 2019, 2020, and 2021. The levy proceeds will be credited to the Area and <br />Unit Fund. <br /> <br />Requested Council Direction <br /> <br />For discussion purposes only. Staff would like to place Authorization of the Issuance of <br />2018 Certificates of Indebtedness on the February 12, 2018, City Council Meeting <br />agenda for consideration. <br /> <br />Attachments <br /> <br />Amended 2018 Capital Equipment Replacement Schedule <br />2018 Police Division Fleet Replacement Memo 1.26.2018 <br />2018 Capital Equipment Replacement Budget Documents 7.31.2017 <br /> <br /> <br /> <br /> <br /> <br />