ADMINISTRATION - Joe Huss, Finance Director
Title
ADOPT 2017 CAPITAL EQUIPMENT BUDGET
Background
Council has reviewed the proposed list of capital purchases for 2017 at the City Council Workshops of September 15 and November 3, 2016. Based on discussions from those meetings, the attached 2017 proposed Capital Budget is presented for Council’s consideration and adoption. Total planned capital expenditures for 2017 are just above $2.1 million, about $90,000 less than 2016 capital expenditures.
It has become customary of the Council to fund capital purchases with the use of unrestricted General Fund reserves when those reserves are available. Current projections indicate there will be adequate unrestricted reserves at the end of fiscal year 2016 to fully fund all proposed capital purchases in 2017.
Also presented herein is the five-year outlook for the Capital Equipment Fund. Projections indicate consistent expenditures of roughly $1.9 million annually over the next five years.
Recommendation
By motion, approve the following resolution.
Body
WHEREAS, a proposed Capital Equipment Fund Budget for the fiscal year commencing January 1, 2017 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 2017 appropriations attached hereto are approved.
3. That the 2017 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 1st day of December 2016.