Page 246 - Southlake FY23 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 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.
VEHICLE REPLACEMENT
2023 Proposed and 2022 Revised Budget

$ Increase/ $ Increase/
2021 2022 2022 (Decrease) % Increase/ 2023 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
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 $2,077,000 $850,000 (1,227,000) -59.1% $4,957,000 2,880,000 138.7%
Total Expenditures $1,511,828 $2,077,000 $850,000 ($1,227,000) -59.1% $4,957,000 $2,880,000 138.7%

Net Revenues ($1,420,266) ($1,959,000) ($786,000) $1,173,000 ($4,839,000) ($2,880,000)

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

Beginning Fund Balance $5,890,029 $6,469,763 $6,469,763 $8,183,763

Ending Fund Balance $6,469,763 $6,010,763 $8,183,763 $6,344,763

FY 2023 highlights:

• A five-year purchase plan has been developed to detail future capital investment needs related to vehicles and
heavy equipment. For FY 2023, we are planning a transfer from the General Fund to the Vehicle Replacement
Fund of $3,000,000.

• Expenditures are estimated at $4,957,000 to replace aging vehicles coming off-line.

• The projected ending fund balance is $6,344,763, which provides adequate reserves for the program.

• In the next five years, more than 114 vehicles and heavy machinery at an estimated cost of more than
$11.9 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 2023 City of Southlake 245
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