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Committee votes to reactivate equipment replacement reserve and use assigned funds for fleet and machinery
Summary
The Ways and Means Committee approved beginning to use an existing assigned equipment replacement reserve (ERR) that staff recompiled and matched to departmental asset lists; staff said the model forecasts replacement costs, excludes items under $5,000 and will reconcile to the capital budget and audit.
On Sept. 4 the Ways and Means Committee voted to begin using a long-standing equipment replacement reserve (ERR) that finance staff recompiled, reconciled to departmental asset lists and matched to a schedule of useful life and replacement cost.
Why it matters: The ERR assigns fund balances to specific vehicles and equipment and is intended to smooth future capital funding needs; staff said it will improve budgeting for high-cost items such as fire trucks and ambulances.
Michelle described the…
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