08-404Substitute 4/16/2008
RESOLUTION
Council File # 0$-40?+
Green Sheet # 3052052
NT PAUL, MINNESOTA
2
Presented
RESOLUTION ADOPTING 2008 BUDGET AMENDMENT RELATING
TO 2008 POLICE CARS CAPITAL LEASE AGREEMENT
�
3 Whereas, this same date the Council of the City of Saint Paul has considered a resolurion CF OS 391 authorizing the execution and deiivery of
4 a 2008 ]ease a�reement, equipment schedule No. Ol, an escrow ageement, and related documents, and detemuning other matters m
$ connection therewith; and
6 Whereas, the above meationed agreement provides for an approximately three year cap�tal lease in the approximate pnncipal amount of
7.S771,000 at an interest rate per annum of 2.65% for the acquisition of 36 police vehicles, to be acquired wrth mo�ey segregated pursuant to an
8 Escrow Agreement, dated on or after Apri] I, 2008, by and between the City and SunTrust Bank, a Georgia banking co[porarion, its s�ccessors
9 and assigns; and
1 Q Whereas, the November lease payment of $134,553.87 will be transfetred from STAR fund 930 City Capital Project Activiry. These funds were
1 1 previously budgeted and approved as part of 2008 budget; and
12 VJhereas, the City Council held a public hearing on this budget amendment on the same day; and
13 Whereas, the Mayor, pursuant to Section 10.07.1 of the CiTy Charter, does certify that there are funds of 5771,000 available for appropriation
14 in excess of those estimated m the 2008 Budget; and
1 S Whereas, the Mayor recommends the following changes to the 2008 Budget.
1C GeneralFund00] PoliceDepartment
17
1 g Frnancing Plan
19 001-04307-6205 Capital Lease
2� OtherFinancing
21 Total changes to financing
CucrentBudeet
$0
$1.942.642
$1,942,642
Chanees Amended Budaet
$771,000 $771,000
$0 $1.942.642
$771,000 $2,713,642
ZZ Recognizes t;ie pr�oaeeds from csp�tat Itase fin,�nci�io „3 accordunct� with generaily acce�[ed ace;oimtu�� pzlnc3�kis.
23
24 SpendingPlan
25 001-04307-0821 Cazs
z6 001-04307-0890 Legal and other Lease expenses
27 Other Spending
28 Total changes to spending
Current Budeet
$0
SO
$1.942.642
51,942,642
Chanees
�765,294
$5,706
�0
$771,000
Amended Budeet
5765,294
$5,706
$1,942,642
$2,713,642
Z9 Records the capii�a7 �rurlt�y aad iltc adduian af capiul asouts l�;izt�in the Polit;�: drp�n�ttef2� in accorda��ce u-itla C�AAP.
30 Be it resolved, that the City Counci] approves these changes to the 2008 Budget.
Adopfion Certified by C uncil Secxetary
BY� �/L,P/( � G!?
Approved by M ate µ (�g
By:
Adopted by Council: Date ��/�.��pd�
Requested by Deparhnent of: /�' I
Office of Financi�d� l\
BY �Yl � `, \\V V � �- .
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
bS°�d�
FS — Financial Suvices
07-APR-0B
Green Sheet NO: 3052052
Conqct Pereon & Phone:
Alexandra O'Leary
266-SS32
Must Ke On C(
16-APR-OS �
Doc. Type: RESOLUTION W/$ TR4NSAC
E-Document Required: N
DocumentContaM: Alerandre0'Leary
�►
Assign
Number
for
Routing
Order
ContactPhone: 266-8832 I I
7ota1 # of Signature Pages _(Gip All Lowtions for Signature)
0
1
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anciai Services ffice Fin cial S rvices C �
i Attorne �
a or's Office Ma or/ASSistant
ouncil Ci Counu7
i Clerk Ci C7erk
Adopting 2008 budget amendment of $771,000.00 after a Public� Hearing relating to new 2008 police cazs capital lease agreement
for tluee yeazs.
Planning Commission
CIB Committee
Civi1 Service Commission
1. Has this person(firtn ever worked under a contrad for this departmerit?
Yes No
2. Has this persoNfirm evar been a city employee?
Yes No
3. Does this persoMfirm possess a skill not �ortnally possessed by any
curtent city employee?
Yes No
Explain all yes answers on separaYe sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
Because of the City's accounting recognition for GASB the City needs to budget $771,000.00 for the lease-purchase of the police
cars. �
AdvantageslfApproved:
The budget will be amended and the City will satisfy GASB accounting requirements.
DisadvantagestfApproved:
Noneknown
Disadvantages If Not ApRroved:
Budget will not be amended and the City will fail to sarisfy GASB standards
�..�a�.�.n�unior $77'�.���.��
Transaction:
Funding Source: 001
Financial Information:
(F�cplain)
Activity Number: 04307
CostlRevenue Budgeted: y
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Council File # ��'��
Green Sheet # 3052052
RESOLUTION
CITY OF
i
2
3
4
5
6
�
$
9
10
Il
12
ESOTA
LUTION ADOPTAVG 2008 BUDGET AMENDMENT RELATING
TO 2008 POLICE CARS CAPITAL LEASE AGREEMENT
VJhereas, this same date t Council of the City of Saint Pau] has considered a resolution CF 08- authorizin� the execution and delivery of
a 2008 lease a� eq � ment schedule No. Ol, an escrow agreement, a�d related docume�ts, and detemvning other matters in
connection therewith; and
Whereas, the above mentioned a ement provides for an approximately three year capita] ]ease in the approximate principal aznount of
$171,000 at an interest rate per ann of 2.65°lo for the acquisirion of 36 police vehicles, to be acquired with money segregated pursuant to an
Escrow Agreement, dated on or after ri] 1, 2008, by and between the C�ty and SunTrust Bank, a Georgia banking corpotation, its successors
and assi�ms; and
Whereas, the November ]ease payment of $1 5
previously budgeted and approved as part of 2 f
4Vhereas, the City Council held a public hearing
13 Whereas, the Mayor, pursuant to Section 10.07.1 of Ciry Charter, does certtfy [hat there aze funds of $771,000 available for appropriation
14 m excess of those esrimated in the 2008 Budget; and
1 S Whereas, the Mayor recommends the following changes t the 2008 Budget:
16 General Fund OOI Police Department
17
18
19
20
21
22
23
24
25
26
2�
28
Financang Plan
001-04307-6205 Capital Lease
Othet Financing
Total changes to financing
3.87 w�ll be transferred from STAR fund 930 City Capital Project Act��ity. These funds were
budget; and
budget amendme�t on the same day; and
Curzent Budaet
Spending P[an �,
001-04307-0821 Cars $0 �
001-043Q7-Q890 Legal and other Lease expenses $0 �
Other Spending $1.942.642
Tota] cHanges to spendmg $1,942,642
Be it resolved, that the City Council approves these changes to the 2008 Budget.
29 Attachments
30 E�ibit A 2005 Adopted Sales tac revenues and spending
31 E�ibit B City Cap�tal Project Activity spreadsheet.
Chanees Amended Budeet
$771,000 $771,000
$0 $1.942.642
$771,000 $2,713,642
Chanees Amended Budeet
�765,294
$5,706
$o
$771,000
Yeas Nays Absent
Bostrom
Carter
Harris
Helgen
Lanhy
Stazk
Thune
Adopted by Council: Date
Adoption Certified by Council Secretary
By:
Approved by Mayor: Date
By:
�76i,294
$5,706
$1,942,642
$2,713,642
Requested by Depazhneil oE �r��
Office ofFinancial Servi¢es
By' �
Approved b � of ' a�cial Services
gy: �
Approv ty Att rney
BY: � r''
Approv�� by M or fo mi � t , Co � u �
BY n ���/s��