Administration - Alison Bong, Deputy Finance Director
Title
Title
Adopt 2023 Capital Equipment Fund Budget
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Executive Summary
Pursuant to requirements to adopt annual budgets for certain capital funds, Staff is bringing forward the proposed 2023 Capital Equipment Fund Budget for Council consideration and adoption.
Background
Council reviewed the proposed 2023 budget during the October 8, 2022 workshop. Staff have met with and addressed additional questions from individual councilmembers at their request. There have been no changes to the budget since the October 8 workshop.
The attached 2023 proposed Capital Equipment Fund Budget is presented for Council’s consideration and adoption.
Total planned capital expenditures for 2023 are $3,571,610. With the exception of $164,000, which will be funded from police forfeiture funds, purchases will be funded by a note issue in 2023. The note issue will be offset by a transfer from the General Fund’s unrestricted reserves from savings incurred during the 2022 fiscal year.
Due to the nature of this fund and its associated revenues fund balance is no longer being reported as part of the fund budget itself. Investment earnings and cost savings incurred within the fund produce a small fund balance that is used to finance future assets and reduces the amount of transfer requirements from other funds.
Strategic Plan Relationship
Staff continue to ensure the City is equipped with the most effective equipment to provide exceptional services to the residents and maintain infrastructure.
Through staff’s continued analysis of replacement cycles and evaluation of the condition of existing equipment, the City can continue working towards its priority of greater financial sustainability.
Board/Commission Review
N/A
Financial Impact
It is anticipated that 2023 capital equipment requests will be funded using a combination of unrestricted General Fund reserves, police forfeiture funds, and borrowing. Use of unrestricted General Fund reserves will be maximized.
Public Outreach/Input
N/A
Staff Recommendation
By motion, approve the following resolution.
Attachment List
2023 Capital Equipment Fund Budget
2023 Capital Equipment Request Details
2023 Capital Equipment Subtotals by Department and Classification
Body
WHEREAS, a proposed Capital Equipment Fund Budget for the fiscal year commencing January 1, 2023 has been prepared by the City Manager; and
WHEREAS, the City Council has examined, studied, and reviewed said proposed Capital Equipment Fund Budget; and
WHEREAS, the City Council has, after due consideration and deliberation, made such amendments and adjustments in the proposed Capital Equipment Fund Budget as they consider necessary, desirable, or expedient.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Blaine as follows:
1. That the proposed Capital Equipment Fund Budget attached hereto is approved.
2. That the 2023 appropriations attached hereto are approved.
3. That the 2023 funding sources identified and attached hereto are approved, and, if and where indicated, the transfer of excess reserves from the General Fund is approved.
4. That the City Manager is authorized and directed to implement and to administer, within the budgetary funding limits and within adopted City policy and relevant State and City laws and regulations, said approved Capital Equipment Fund Budget.
BE IT FURTHER RESOLVED by the City Council of the City of Blaine that, if necessary and where allowed, the City intends and reasonably expects to reimburse itself for the payment of capital equipment contained in this budget out of the proceeds of a borrowing (certificate of indebtedness) to be made by the City after the date of payment of the expenditures.
PASSED by the City Council of the City of Blaine this 5th day of December 2022.