Page 239 - Southlake FY24 Budget

Vehicle Replacement Fund

This fund accounts for the resources needed to manage the purchase of
DID YOU 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
KNOW?
DID YOU
KNOW? from year to year and provide a logical method for purchasing and retiring
vehicles.
VEHICLE REPLACEMENT

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2 2024 Proposed and 2023 Revised Budget t Vehicle Replacement Fund
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$ Increase/ $ Increase/
2022 2023 2023 (Decrease) % Increase/ 2024 (Decrease) % Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Miscellaneous $322,775 $60,000 $60,000 $0 0.0% $60,000 $0 0.0%
Interest Income ($27,817) $58,000 $280,000 $222,000 382.8% $225,000 $167,000 287.9%
Total Revenues $294,958 $118,000 $340,000 $222,000 $285,000 $167,000
EXPENDITURES
Capital $580,170 $4,957,000 $3,057,000 (1,900,000) -38.3% $5,496,401 539,401 10.9%
Total Expenditures $580,170 $4,957,000 $3,057,000 ($1,900,000) -38.3% $5,496,401 $539,401 10.9%
Net Revenues ($285,212) ($4,839,000) ($2,717,000) $2,122,000 ($5,211,401) ($372,401)
Transfers In-General Fund $2,500,000 3,000,000 3,000,000 0 1,500,000 ($1,500,000)
Transfers Out -Debt Service 0 0 0 0 0 $0
Total Other Sources (Uses) $2,500,000 $3,000,000 $3,000,000 $0 $1,500,000 $0
Beginning Fund Balance $7,945,569 $10,160,357 $10,160,357 $10,443,357
Ending Fund Balance $10,160,357 $8,321,357 $10,443,357 $6,731,956
FY 2024 Highlights
- A five-year purchase plan has been developed to detail future capital investment needs related to
vehicles and heavy equipment. For FY 2024, we are planning a transfer from the General Fund to the
Vehicle Replacement Fund of $1,500,000.
- Expenditures are estimated at $5,496,401 to replace aging vehicles coming off-line.
- The projected ending fund balance is $6,731,956, which provides adequate reserves for the program.
- Between FY 2024 and FY 2028, more than 115 vehicles and heavy machinery at an estimated cost of
more than $13.2 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.

FY 2024 City of Southlake | Budget Book 239