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File #: RES 14-214    Version: 1 Name: Adopt 2015 Capital Equipment Budget
Type: Resolution Status: Passed
File created: 11/6/2014 In control: City Council
On agenda: 11/6/2014 Final action: 11/6/2014
Title: ADOPT 2015 CAPITAL EQUIPMENT BUDGET
Sponsors: Joe Huss
Attachments: 1. 2015 Capital Budget
ADMINISTRATION - Joe Huss, Finance Director
 
Title
ADOPT 2015 CAPITAL EQUIPMENT BUDGET
 
Background
Council has reviewed the proposed list of capital purchases for 2015 at the City Council Workshops of September 11 and October 9, 2014.  Based on discussions from those meetings, the attached 2015 proposed Capital Budget is presented for Council's consideration and adoption.
 
While it has become customary to fund capital purchases with the use of undesignated General Fund reserves, per Council direction, staff has examined the feasibility and cost-effectiveness of issuing a Certificate of Indebtedness to fund 2015 capital expenditures, and has recommended the issuance of a General Obligation Certificate of Indebtedness to fund the major portion of 2015 capital equipment purchases.
 
Lastly, the five-year outlook for the Capital Equipment Fund indicates consistent expenditures of roughly $1.1 million annually over the next five years.  As 2015 unfolds, staff will reexamine capital needs and continue to look for the most cost-efficient and economical way to fund capital expenditures.  
 
Schedule of Actions
09/11/2014 - Workshop review
10/09/2014 - Workshop review/discussion
11/06/2014 - Council adoption
 
Recommendation
By motion, approve the following resolution.
 
Body
      WHEREAS, a proposed Capital Equipment Fund Budget for the fiscal year commencing January 1, 2015 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 2015 appropriations attached hereto are approved.
 
3.      That the 2015 funding sources identified and attached hereto are approved, and, if and where indicates, 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, 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 6th day of November 2014.