Page 316 - Southlake FY22 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
year and provide a logical method for purchasing and retiring vehicles. d B u d g e t
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2 2022 Proposed and 2021 Revised Budget
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$ Increase/ $ Increase/
2020 2021 2021 (Decrease) % Increase/ 2022 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
Adopted
REVENUES
Miscellaneous $3,988 $60,000 $0 ($60,000) -100.0% $60,000 $0 0.0%
Interest Income $87,574 $58,000 $64,000 $6,000 10.3% $58,000 $0 0.0%
Total Revenues $91,562 $118,000 $64,000 ($54,000) $118,000 $0
EXPENDITURES
Capital $1,511,828 $2,233,000 $2,233,000 0 0.0% $2,077,000 (156,000) -7.0%
Total Expenditures $1,511,828 $2,233,000 $2,233,000 $0 0.0% $2,077,000 ($156,000) -7.0%
Net Revenues ($1,420,266) ($2,115,000) ($2,169,000) ($54,000) ($1,959,000) $156,000
Transfers In-General Fund $2,000,000 500,000 2,000,000 1,500,000 1,500,000 $1,000,000
Transfers Out -Debt Service 0 0 0 0 0 $0
Total Other Sources (Uses) $2,000,000 $500,000 $2,000,000 $0 $1,500,000 $0
Beginning Fund Balance $5,890,029 $6,469,763 $6,469,763 $6,300,763
Ending Fund Balance $6,469,763 $4,854,763 $6,300,763 $5,841,763

fy 2022 highlighTs:

• A five-year purchase plan has been developed to detail future capital investment needs related to vehicles and
heavy equipment. For FY 2022, we are planning a transfer from the General Fund to the Vehicle Replacement Fund
of $1,500,000.

• Expenditures are estimated at $2,077,000 to replace aging vehicles coming off-line.

• The projected ending fund balance is $5,841,763, which provides adequate reserves for the program.

• In the next five years, more than 138 vehicles and heavy machinery at an estimated cost of more than $16.9
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 other heavy equipment.

BUDGET BOOK | FY 2022 City of Southlake 315
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