Agenda - Council - 01/26/1999 - Laserfiche WebLink

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I I I I I I I I I I I I I I I Exhibit 2 1999 CAPITAL OUTLAY FUNDING SOURCES: The following are descriptions of the funding sources for the 1999 capital outlay. This information was obtained directly from Section 3.40 of the Ramsey City Code. Equipment Revolving Fund: (a) The Equipment Revolving Fund shall be used to account for resources to finance the replacement of City equipment, vehicles and/or buildings and facilities. (b) Funding shall consist of the following sources: (1) 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. (c) Expenditures shall consist of the following uses: (1) Transfers to non-proprietary fund types for cost associated with the replacement of equipment, vehicles, and/or buildings and facilities in an amount not-to-exceed the lessor of seventy-five percent (75%) of the replacement cost or one hundred percent (I 00%) of the depreciated value. (d) Fund Balance shall be increased and maintained at a minimum level equal to one hundred percent (100%) of the original cost of all equipment, vehicles, and/or buildings and facilities in the Equipment Revolving Fund. Included in the 1999 budget is funding from the Equipment Revolving Fund in the amount of $152,239 towards the purchase of replacement capital outlay items. General Fund: The General Fund is the general operating fund of the City. It shall be used to account for all financial resources except those required to be accounted for in another fund. The balance of the 1999 capital outlay purchases is funded through the General fund. Of this total, $227,125 will be funded from the 1998 year-end budget transfer which is being held in a General Fund reserve account.