CITY COMMISSION AGENDA ITEM

Department:

Finance

Commission Meeting Date:  February 14, 2017

Staff Contact:

Bryan Kidney, Finance Director

Recommendations/Options/Action Requested:

Adopt Resolution No. 7187 declaring the City’s intent to reimburse costs of acquiring certain equipment from proceeds of a lease purchase agreement.

Executive Summary:

During the 2017 budget process, the City identified eight items to finance through a lease purchase.

Equipment	Department	Estimated Cost
Emergency Vehicle Traffic Signal Preemption System	Fire Medical	$719,000
Approximately 136 Mobile Data Computers	Police	$672,100
Crime Scene Laser Scanner	Police	$95,000
Replacement of two skid steer loaders	Public Works	$150,000
Two Passenger Vans	Fire Medical	$54,000
Heavy Duty Utility Truck	Fire Medical	$32,000
Total		$1,722,100

The City will solicit proposals from interested local banks for the 5 year lease purchase financing. The timing of the lease will be contingent on the bidding out of the individual equipment items.

Strategic Goal Area:

Public Safety

Fiscal Impact (Amount/Source):

The fiscal impact to the City will be five years of lease payments beginning in fiscal year 2018. At the current interest rates, the debt service would be approximately $389,006 per year. These items were included in the 2017-2021 CIP and will be included in the upcoming 2018 budget. 

Attachments:

Resolution No. 7187

Reviewed By: (for CMO use only)

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