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get two or three years of use out of it. The down side would be not having the $3,000 in the drug <br />forfeiture fund, which is used to purchase equipment. <br /> <br />Chairperson Elvig indicated it would be the Police Department's decision as to how they would <br />weigh that out. <br /> <br />Police Chief Way explained Assistant City Administrator Nelson will be bringing something <br />forward soon regarding City vehicles. The City is in a pinch for vehicles and is looking into <br />other options. <br /> <br />Chairperson Elvig asked if another vehicle would be sold if this vehicle were to be kept. <br /> <br />Police Chief Way replied the vehicle it replaces may be moved over to administrative use. He <br />explained staff is looking into rather than moving vehicles from police use to administrative use, <br />to sell them and put the money towards leasing vehicles and purchasing other less expensive and <br />more filel efficient vehicles. <br /> <br />Finance Officer Lund noted cities like Elk River sell their cars and still receive $10,000 to <br />$15,000 back on the cars. <br /> <br />Councilme~nber Zimmerman commented these cars bring a good price at auction. <br /> <br />Finance Officer Lund indicated this information will be incorporated into the 2005 budget. <br /> <br />Police Ch i c f Way explained drug forfeiture money cannot be used to purchase vehicles; hoxvever, <br />there is funding available to fix the vehicle. If it is determined it would be expensive to fix the <br />vehicle it would be sold. <br /> <br />Motion by Councihnember Zimmem~an, seconded by Councilmember Strornmen, to recommend <br />that the City Council approve the use of the 1995 drug seized Lexus for staff use. <br /> <br />Chairperson Eivig clarified staff will still be looking at the actual expenses required to fix the <br />vehicle, and if there are any problems the recommendation may be reversed. <br /> <br />Police Chief Way responded in the affirmative. <br /> <br />Motion carried. Voting Yes: Chairperson Elvig, Councilmembers Zimmerman and Strommen. <br />Voting No: None. <br /> <br />Case #1: Amend Capitalization Threshold for Fixed Assets to $5,000 <br /> <br />Finance Office Lund stated in 1999, the City Council adopted a fixed asset threshold for fixed <br />assets in thc amount of $1,000. For year ending 2004, the City of Ramsey is required to <br />implement GASB #34 which is a new reporting model of how the City's Comprehensive Annual <br />Financial Report (CAFR) is to be presented. A major component of this model is the reporting <br /> <br />Finance Committee/May 25, 2004 <br /> Page 2 of 6 <br /> <br /> <br />