Page 294 - Southlake FY20 Budget

Vehicle Replacement Fund

Vehicle Replacement Fund

This fund accounts for the resources needed to manage the purchase of vehicles for the City’s fleet. The establishment
VEHICLE REPLACEMENT
and funding of the vehicle replacement program was designed to even out expenses for the City’s fleet from year to
2020 Proposed and 2019 Revised Budget
year and provide a logical method for purchasing and retiring vehicles.
06:26 PM
08/11/19
$ Increase/ $ Increase/
2018 2019 2019 (Decrease) % Increase/ 2020 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease

REVENUES
Miscellaneous $81,726 $75,000 $75,000 $0 0.0% $75,000 $0 0.0%
Interest Income $63,682 $15,000 $100,000 $85,000 566.7% $90,500 $75,500 503.3%
Total Revenues $145,408 $90,000 $175,000 $85,000 $165,500 $75,500

EXPENDITURES
Capital $1,215,722 $2,964,002 $2,964,002 0 0.0% $3,291,000 326,998 11.0%
Total Expenditures $1,215,722 $2,964,002 $2,964,002 $0 0.0% $3,291,000 $326,998 11.0%

Net Revenues ($1,070,314) ($2,874,002) ($2,789,002) $85,000 ($3,125,500) ($251,498)

Transfers In-General Fund $1,500,000 2,000,000 3,900,000 1,900,000 2,000,000 $0
Transfers Out -Debt Service 0 0 0 0 0 $0
Total Other Sources (Uses) $1,500,000 $2,000,000 $3,900,000 $0 $2,000,000 $0

Beginning Fund Balance $5,242,522 $5,672,208 $5,672,208 $6,783,206

Ending Fund Balance $5,672,208 $4,798,206 $6,783,206 $5,657,706

FY 2020 Highlights:

• A five-year purchase plan has been developed to detail future capital investment needs related to vehicles and
heavy equipment. For FY 2020, we are planning a transfer from the General Fund to the Vehicle Replacement
Fund of $2,000,000.

• Expenditures are estimated at $3,291,000 to replace aging vehicles coming off-line.

• The projected ending fund balance is $5,657,706, which provides adequate reserves for the program.

• In the next five years, more than 150 vehicles and heavy machinery at an estimated cost of more than $10 million
are planned to be replaced in accordance with the vehicle replacement schedule. The vehicle replacement
schedule may vary due to maintenance or exceeding the useful life. Vehicles included in the vehicle replacement
plan include: fire trucks, police cars and motorcycles, and forklifts.

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