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Total - Fixed Assets 3,452,167 <br />Buildings ( 1,089,950) <br />Park Equipment, etc. (608,609~ <br /> Total furniture, machinery, equipment <br /> and Vehicle Fixed Assets $1.753.608 <br /> <br />1,413,848 <br /> (232,684) <br />(205,880) <br /> <br />$975.284 <br /> <br />Total Replacement Fund Balances 10/91 <br /> <br />(299.564) <br /> <br />Additional funding required for a fully operational <br /> Equipment Replacement Fund <br /> <br />$675,720 <br /> <br />It should be noted replacement dollars for assets acquired in 199I are not included in <br />the above. <br /> <br />At our last meeting we reviewed the balances and status of the landfill funds. Since <br />that time we have received the tipping fee monthly payment for September of 91, and <br />the fund balance is now: <br /> <br />Landfill Tipping Fee Fund Balance 10/91 <br /> <br />$893,737 <br /> <br />Less the restricted balance <br /> Available for any general purpose <br /> <br />(433.6233 <br />$458,114 <br /> <br />Transferring this available balance to an equipment replacement fund would reduce <br />the Landfill Tipping Fee to a fund balance 100% restricted by statute for the purpose <br />of mitigating and compensating for local risks, cost and other adverse effects of landfill <br />activities. This fund balance and its purpose could then be more clearly understood <br />and reported on. <br /> <br />At the same time, this transfer would significantly reduce the unfunded liability of the <br />Equipment Replacement Fund(s). After transfer from the Tipping Fee fund, the <br />unfunded liability would be reduced from $675,720 to $217,606. <br /> <br />To maintain the integrity of the Landfill Tipping Fee Fund, future tipping fees should <br />be allocated between those dollars that are restricted versus those available for any <br />purpose and credited to the appropriate funds within the month of receipt. <br /> <br />Staff Recommendation: <br /> <br />Staff recommends the Tipping Fee funds available for any general purpose ($458,114) <br />plus the fund balances in the General Equipment Replacement ($278,943) and Fire <br />Department Equipment Replacement ($20,621) be transferred to a single replacement <br />fund entitled "Fixed Asset Replacement Fund". As of October, 1991 this fund balance <br />would be $757,678. <br /> <br />Staff further recommends the general purpose portion of future Tipping Fee payments <br />be credited to the "Fixed Asset Replacement Fund" until such time as the fund balance <br />meets the replacement requirements for the City's fixed assets, <br /> <br /> <br />