Page 261 - City of Westlake FY20 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 $236,395
• This represents a 71% decrease of $574,081 from the prior year estimated.
o Contributions decreased $125,000 due to one-time funds from the Foundation for the purchase
of a school bus.
o Transfer In from General Fund decreased $449,081 based on one-time building permits and
fees forecast.
o Investment earnings are budgeted to remain flat at $7,210.

Expenditures and Other Uses
• Expenditures and other uses are budgeted to be $82,709.
• This represents a 79% decrease of $302,291 from the prior year estimated.
o One-time purchase in the prior year; $125K passenger bus for Westlake Academy.
o One time purchase in the prior year; $260K ambulance for the fire department.

Fund Balance
• Excess revenues over(under) expenditures are projected to be $153,686
• The beginning fund balance is projected to be $900,912
• The ending fund balance is projected to be $1,054,598

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