Page 229 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 5 Internal Service Funds
General Vehicle Maintenance & Replacement

The Vehicle Maintenance & Replacement Fund ( VMR) was created to provide a mechanism for
the long term repair and replacement of Town vehicles.

This fund receives planned revenue transfers from each operating fund that owns and maintains
vehicles. Accumulated funds are intended to cover the cost of future vehicle repair and
replacement. The VMR is designed to avoid future bond programs and encourage a more
conservative pattern of spending that minimizes reliance on elastic revenue streams.

Vehicles are designated for replacement based on a long-range depreciation schedule, periodic
evaluations of repair versus replacement costs, and recommended replacement guidelines.
Routine scheduled maintenance is also factored into VMR funding calculations.

Revenues and Other Sources
Revenues and other sources are budgeted to be $462,756.
This represents a 1% increase of $5,266 from the prior year estimated.
o Contributions decreased $ 105,000 due to one-time funds from the Foundation for the
purchase of a school bus.
o Transfer In from General Fund increased $ 110,266 to build fund balance

Expenditures and Other Uses
Expenditures and other uses are budgeted to be $260,000.
This represents a 148% increase of $155,000 from the prior year estimated.
o One-time purchase in the prior year -passenger bus for Westlake Academy $ 110K
o The FY8/ 19 budget includes $ 260,000 for the maintenance and repair of the Fire
department ambulance.

Fund Balance
Excess revenues over(under) expenditures are projected to be $9202, 756.
The beginning fund balance is projected to be $578,848.
The ending fund balance is projected to be $781,604.

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