86-9170 Est Equip Reserve Fund(Published in The Salina Journal Decembero?4 , 1986) I
ORDINANCE NUMBER 86-9170
AN ORDINANCE ESTABLISHING A MUNICIPAL EQUIPMENT RESERVE
FUND.
BE IT ORDAINED by the Governing Body of the City of Salina,
Kansas:
Section 1. Fund established. In accordance with the provisions of
Chapter 65, 1985 Session Laws of Kansas, there is hereby established a
municipal equipment reserve fund, which shall be used by the City to finance
the acquisition of equipment necessary for the performance of various functions
and services of the city. For the purpose of this ordinance, the word
"equipment" shall mean machinery, vehicles and other equipment or personal
property which has an estimated future purchase or replacement cost in excess
of Five Thousand Dollars ($5,000) and a life expectancy of not less than three
(3) years.
not less than the current use value of existing city equipment covered by the
reserve fund.
Section 3. Plan of operation.
(a) The City Manager shall prepare a plan of operation for the
implementation of this ordinance and for the achievement of the policy objectives
of the Governing Body.
(b) In the year 1986, the City Manager shall include in the proposed
budget for 1987 an amount sufficient to cover necessary 1987 equipment
acquisition costs, plus an amount approximately equal to the average annual
expenditures of the city for equipment purchases during the past five (5) years.
Section 2.
Policy objective.
It is the policy objective of the
Governing Body that
such equipment reserve fund shall be used as a financing
mechanism to secure
the planned and orderly acquisition and replacement of
equipment necessary
for the efficient and
effective operation of the city. It is
the further intent of
the Governing Body
to annually approve in the future the
budgeting of current
revenues sufficient
(a) to finance the acquisition of new
equipment needed in
the following year,
and (b) to finance needed future
replacements and acquisitions by setting
aside a reserve amount. It is the
planned intent of the
Governing Body that
the amount annually reserved shall be
not less than the current use value of existing city equipment covered by the
reserve fund.
Section 3. Plan of operation.
(a) The City Manager shall prepare a plan of operation for the
implementation of this ordinance and for the achievement of the policy objectives
of the Governing Body.
(b) In the year 1986, the City Manager shall include in the proposed
budget for 1987 an amount sufficient to cover necessary 1987 equipment
acquisition costs, plus an amount approximately equal to the average annual
expenditures of the city for equipment purchases during the past five (5) years.
(c) Beginning in 1986, the City Manager shall annually submit, at the
same time the proposed annual budget is submitted, a proposed equipment
acquisition program for each of the following three (3) years. The proposed
budget shall include an amount sufficient to finance proposed equipment
acquisitions for the following year, plus an amount to be reserved as set forth
in the annually revised and extended equipment acquisition program.
Section 4. Investing. Moneys in the Equipment Reserve Fund shall
be invested in accordance with the provisions of K.S.A. 10-131 and amendments
thereto, with interest earnings credited to such fund.
Section 5. This ordinance shall take effect and be in full force from
and after its publication once in the official city newspaper.
Introduced: December 15, 1986
Passed: December 22, 1986
oseph M. Ritter, Mayor
[SEAL]
ATTEST:
D. L. Harrison, City Clerk