Chapter 3.16
GENERAL EQUIPMENT RESERVE AND REPLACEMENT FUND*
Sections:
3.16.010 Establishment and purpose.
*Prior legislation: Ord. 244.
3.16.010 Establishment and purpose.
There is hereby created a general equipment reserve and replacement fund (formerly titled cumulative reserve equipment fund) which shall be used for the purpose of establishing reserves and funding for major capital equipment purchases, upgrades and replacements that have been appropriated in the annual operating budget. (Ord. 678-97)
3.16.020 Funding sources.
The fund shall initially be established through operating transfers from the general, street, cemetery, water, sewer and garbage funds. Thereafter, annual operating transfers shall be made from each fund. These operating transfers shall be based on a straight line depreciation calculation method for existing equipment. Revenues from the sale of equipment assets shall also be accounted for in this fund. (Ord. 678-97)
3.16.030 Expenditures.
Expenditures from the fund shall be made as appropriated and authorized in the city’s annual operating budget. The council shall establish specific policies and procedures for acquisition and surplus of equipment. (Ord. 678-97)