08-530Council �le # ��
Green Sheet # 3053677
RESOLUTION
OF SAINT PAUL, MINNESOTA
2
3
Presented by
RESOLUTION ADOPTING 2008 BUDGET AMENDMENT RELATING
TO SCHEDULE NO. 2 TO CAPITAL LEASE AGREEMEN'I' FOR 2008
POLICE CARS LEASE
�S
4 V✓hereas, on April 16, 2008, the C�ty authorized the first lease purchase for 36 squad cazs in resolutions OS-404 and 08-391; and
$ Whereas, this same date the Council of the City of Saint Paul has considered a resolution CF 08- authorizing the execut�on of schedule
6 No. 2 to a cap�tal lease a,�'eement for a second order in 2008 for the purchase of 60 police veh�cles and determinmg other matters in
7 connectiou therew�th; and
8 Whereas, the above mentioned agreement prov�des for an approximately three year capital lease in the approximate principal amount of
9� 1,320,000 at an interest rate per annum of 2.99% fot the acquisition of 60 police vehicles, to be acqwred with money segregated pursuant to
1 � an Escrow Agreement, dated on or after May 21, 2008, by and between the City and SunTrust Bank, a Georg�a banking corporation, its
11 successors and assigns; and
I Z VJhereas, the November lease payment of no more than $231,444 wil] be hansfeaed from STAR fu�d 930 Cfty Capita] Pro�ect Achv�ty. These
13 funds were prev�ously budgeted and approved as part of 2008 budget; and
14 4Vhereas, the City Council held a publ�c heari�g on th�s budget amendment on the same day; and
15 Whereas, the Mayor, pursuant to Section 10.07.1 of the Ciry Charter, does certify that there are funds of $1,320,000 available for
16 appropriation in excess of those estimated in the 2008 Budget; and
1 � Whereas, the Mayor recommends the fo]]owing changes to the 2008 Budget:
18 General Fund 001 Police Department
19
2� FinancingPlan
21 001-04307-6205 Capital Lease
22 Other Financing
23 Tota] changes to fivancing
Current Bud¢et
����,aoo
$1,942.642
$2,713,642
Chanees Amended Budeet
$1,320,000 $2,091,000
$0 $1.942,642
$t,32Q000 $4,033,642
24 Recogr:�zest'ne}�roceecl,fl'onxcapita3let�sefin�amm�e�ettixorcia�aecu-rthgenerafh�acreptedaccuuntingpsincipafs.
2$
26 SpendrngPlan
27 001-04307-0821 Ca�s
2g 001-04307-0890 Legal and other Lease expenses
29 Other Spending
3� Total changes to spending
Cuirent Budeet
$765,294
55,706
$1.942.642
$2,713,642
Chanees
$1,310,500
$9,500
�0
$1,320,000
Amended B�deet
$2,075,794
$15,206
$1,942,642
$4,033,642
31 Rerord� thc ca;�ii.�i outEay au�d t7�e add�C�oaa of ca}�1tsl nssets wst77ia� F}ae Pc�lice cteparm3ent in aceordanee w�th GA4P.
32 Be i[ resolved, that the City Council approves these changes to the 2008 Budget.
Requested by Department oL
Office ofF+ Service:
Services
Adopted by Council: Date ��� / O`�
�-
Adoptio�rtifie y c ecretary
By:
Approved a Aate 7� l� `�
By:
�
By:
Approved
�
tn
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� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
og-�3a
FS — Financial Secvices
ConWct Person & Phone:
Bob Geurs
266-8837
I&MAYA8
�
Assign
Number
For
Routing
Order
Green Sheet NO: 3053677
' anaal Services �
" sncial Services De artment D"uector �
Attome
a or's Office Ma or/ASSistant
mus[ [te on l:ouncll Agenaa by (Date):
21-MAY-08
Doc. Type: PUBLIC HEARING (RESOLUI
E-Document Required: N
Document Contaa: Bob Geurs
ContaM Phone: 266-8837
ToWI # of Signature Pages _(C{ip Al! Locations for Signature)
0
1
2
3
4
5
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Adopting 2008 budget amendment of $1,320,000 after a Public Hearing relating to Schedule No. 2 of Capital Lease Agreement
related to 60 new Police cazs.
iaanons: approve (a) or F
Planning Commission
CIB Committee
Civil Service Commission
t. Has this persoNfirm ever worked under a contract for this department?
Yes No
2. Has this personffirm ever been a city employee?
Yes No
3. Dces this personffirm possess a skill not nortnally possessed by any
curzent city employee?
Yes No
F�cpiain all yes answers on separete sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
Because of the City's accounfing recognirion for GASB the City needs to budget $],320,000 for the lease-purchase of the police cars.
Advantages If Approved:
The budget will be amended and the City will satisfy GASB accounting requirements.
DisadvantageslfApproved:
Nonelmown
Disadvantages If Not Approved:
Budget will not be amended and the City will fail to satisfy GASB standards
� Transaction: $1,320,000.00
Funding Source: 001
Financiallnformation:
(Explain)
Activity Number: 04307
Cost/Revenue Budgeted: Y
/