Agenda - Council - 11/27/2001 - Laserfiche WebLink

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10. Equipment Revolving Fund. (a) The Equipment Revolving Fund shall be used to account for resources to finance the replacement/addition of City equipment, vehicles and/or buildings and facilities. (b) (1) Funding shall consist of the following sources: Transfers from the Landfill Tipping Fee Fund of seventy-five percent (75%) of tipping fees received during the life of the Anoka Regional Sanitary Landfill; and (2) Transfers from non-proprietary fund types in the amount of the annual depreciation to be held. and invested in order to provide funds for the replacement of equipment, vehicles, and/or buildings and facilities; and (3) Interest earnings on the Equipment Revolving Fund from the distribution of pooled interest earnings; and (4) Transfers from the General Fund at year-end fbr excess General Fund Revenue as outlined in the Excess/Deficient General Fund Revenue Policy (#94-02-045). (c) (1) Expenditures shall consist of the following uses: Transfers to non-proprietary fund types for costs associated with the replacement of equipment, vehicles, and/or buildings and facilities in an amount not to exceed the lesser of seventy-five percent (75%) of the replacement cost or one hundred percent (I 00%) of the depreciated value; and (2) Transfers to non-proprietary fund types for costs associated with the purchase of non-replacement equipment, vehicles, and/or buildings and faciliti% in an amount not to exceed fifty percent of remaining cumulative interest e~'~l~gs and General Fund Excess Revenue transfers unless authorized by ~vote of City Council. Remaining cmnulative interest earnings and General Fund Excess .Revenue transfer will be that balance that remains after all authorized non- replacement equipment purchases have been accounted for; and (3) Transfers to the General Fund at year end for deficient General Fund Revenue as outlined in the Excess/Deficient General Fund Revenue Policy (#94-02-045); and (4) Transfers to the General Fund for unscheduled, unbudgeted, maintenance repair, whereas such cost exceeds $10,000 and Council declares that an emergency situation has occurred. (d) (e) 11. (a) (b) (2) Fund Balance shall be increased and maintained at a minimum level equal to one hundred percent (100%) of the total accumulated depreciated cost of all equipment, vehicles, and/or buildings and facilities in the Equipment R~volving Fund. This fund is eligible for inter-fund loans. Storm Water Management Fund The Storm Water Management Fund shall be used to account for contributions fi'om developers to recoup expenses and finance storm water projects that have been, or will be done, to allow additional development to occur. Funding shall consist of the following sources: Developer's Contributions; and Interest Earnings on the Storm Water Management Fund from the distribution of pooled interest earnings. Page 5 of 12 I I ! I I I I I I I I I I I I I I -213- I