title
Commissioner Brown - Budget & Strategy - To Appropriate CIF Fund Balance to Purchase FY24 Replacement Vehicles (100% County Funds to be Reimbursed with Debt)
body
STAFF CONTACT
Taylor Drury - Budget & Strategy - 704-866-3122
BUDGET IMPACT
budget
CIF - Appropriate $3.8M in fund balance (revenue). Increase transfer to general government capital (expenditures) by $3.8M. General Government Capital Fund - Increase transfer in from CIF (revenue) by $3.8M. Increase expenditures by $3.8M. Appropriation is to be reimbursed in FY24 by debt/financing package. Loan payments and upfit costs will be included in the FY24 budget. This appropriation is only for vehicles included on the County’s FY24 replacement schedule.
body
BUDGET ORDINANCE IMPACT
CIF - Appropriate $3.8M in fund balance (revenue). Increase transfer to general government capital (expenditures) by $3.8M. General Government Capital Fund - Increase transfer in from CIF (revenue) by $3.8M. Increase expenditures by $3.8M. Appropriation is to be reimbursed in FY24 by debt/financing package. Loan payments and upfit costs will be included in the FY24 budget. This appropriation is only for vehicles included on the County’s FY24 replacement schedule.
BACKGROUND
In the current volatile vehicle market, manufacturers are implementing early cut off dates with little or no notice. Because of this, the County must submit vehicle orders prior to soliciting a financing package. A similar appropriation was made for the FY23 replacement and new vehicle list in July 2022. Both appropriations will be reimbursed by debt/financing package in FY24. Loan payments for FY23 and FY24 vehicle financing and upfit costs for FY24 replacement vehicles will be included in the FY24 budget. This appropriation is only for vehicles included on the County’s FY24 replacement schedule.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR), Declaration of Reimbursement and FY24 Replacement Vehicle List