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Finance staff proposes overhaul of $1.50 fund for vehicle replacement and depreciation
Summary
Finance staff asked the Budget and Finance Committee for direction on revitalizing the city’s $1.50 replacement fund, including seeding, useful-life assumptions per department and whether to replace vehicles at accounting end-of-life or on condition.
Finance staff presented a discussion paper on the city’s $1.50 fund—a depreciation-style account intended to smooth replacement of vehicles and equipment—and asked the Budget and Finance Advisory Committee for direction on policy and operational details.
Miss Holden said the fund currently has little cash and may not have been adequately seeded when created. She said the city…
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