Agenda - Council - 02/10/1998 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I ~IBIT 2 1998 CAPITAL OUTLAY FUNDING SOURCES: The following are descriptions of the funding sources for the 1998 capital outlay. This information was obtained directly from Section 3.40 of the Ramsey City Code. Peace Officers Special Revenue Fund: (a) The Peace Officers Fund shall be used to account for public safety restricted revenues which must be used exclusively for public safety e, xpenditures and other expenditures as specified. Included in the 1998 budget is the purchase of 4X4 type vehicle for the police department. The estimated cost is $33,000 of which the Peace Officers Special Revenue Fund will provide $25,557 which is the net proceeds of the sale of the DARE house and funds available from drug forfeitures. 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 lesser of seventy-five percent (75%) of the replacement cost or one hundred percent (100%) 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 1998 budget is funding from the Equipment Revolving Fund in the amount of $100,564 towards the purchase of replacement capital outlay items.