07/07/2008 Council Packet - Laserfiche WebLink

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CENTENNIAL FIRE DISTRICT JOINT POWERS AGREEMENT SECTION VII FUNDING 7.1 Member contributions. Each calendar year each municipality shall pay to the District its share of the total operating budget as established by the Committee, as provided for in Section VIII of this Agreement. Capital and operating expenses of the District shall be borne by each municipality in this agreement according to the following formulas: Base formula. The following calculation shall determine each municipality's representative share of the total operating budget and capital expenditure budget. The sum of: a +p +v A + P + V x 100 = 100% of total budget apportioned to the specific municipality. a = The specific municipality's average number of calls for service for the last five (5) calendar years. p = The specific municipality's population in the District, expressed in units of 100 Source for population information shall be the latest Metropolitan Council estimate of the population. v = That specific municipality's total market value expressed in units of $1,000,000. A = The District's average number of calls for service for the last five (5) calendar years. P = The total population of the municipalities in the District, expressed in units of 100. V = The sum of the municipalities estimated market value within the entire District, expressed in units of $1,000,000. All figures shall be carried out to one (1) decimal place for the functioning of the formula. Except as modified by Sections 7.2, 7.3, and 7.4 the municipalities proportionate share of the total budget contribution shall be determined by multiplying the municipalities percentage times the annual budget. The municipalities contribution shall be recalculated on an annual basis by June 1s` of the year preceding the budget year to which the calculation shall apply. Each municipality shall pay over to the District the amount owing in four (4) equal installments on January 31, April 30, July 31, and October 31 of every year. 7.2 At such time when it is determined that'd the budget for any particular year that af fected reevaluate the funding foinlula.