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CC - (FOUR-FIFTHS VOTE REQUIREMENT)_ Approval of an Budget Amendment Increasing the Asset Replacement Fund Fiscal Year 2015/2016 Budget by $448,000 for Two Underfunded Vehicles for the Fire Department.
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Contact Person/Dept: Paul Condran/Transportation
Phone Number: (310) 253-6520
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: Yes [] No [X]
Commission Action Required: Yes [] No [X] Date:
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - City Council (10/22/15)
Department Approval: Art Ida, Director of Transportation (10/21/15)
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RECOMMENDATION
Staff recommends that the City Council approve a budget amendment increasing the approved Fiscal Year 2015/2016 Asset Replacement Fund budget by $448,000 to cover the necessary expenses of two approved Fire Department vehicles which, due to changes in technology, and raw material costs, were underestimated in the budget projections.
A budget amendment requires a 4/5ths affirmative vote.
BACKGROUND
The Asset Replacement Fund is the accounting tool used to track the City's major capital equipment, including all rolling stock and construction equipment. The ARF also collects funds to replace equipment as it reaches the end of its useful life. The annual management of the Asset Replacement Fund is an extensive process used to best determine the types of vehicles and equipment that will be replaced and meet operational department's future needs Depending on the anticipated useful life of the equipment this forecast can be made as many as twenty years prior to the actual purchase of the vehicle.
In Fiscal Year 2015/2016, two Fire Department vehicles were approved for replacement. Because of enhanced safety, operational and augmented ...
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