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RESOLUTION NO 10-056 City of New Brighton County of Ramsey State of Minnesota Adopting the Long -Term Financing Plan for the Capital Replacement Plans s, the City of New Brighton provides numerous services for the public. These services the use of a wide range of capital assets. It is recognized that these capital assets must be ned and will eventually wear out and need to be replaced; and s, the City faces the challenges of meeting infrastructure and equipment needs with financial resources. Ongoing service delivery can be assured only if adequate ration is given to capital needs; and reas, in order to meet these needs, the City has established Capital Replacement Plans. Capital Replacement Plans are multiyear plans identifying capital needs to be financed ig the planning period; and the City's Capital Replacement Plans consist of the Fleet Capital Replacement, the t Capital Replacement, and the Pavement Management Plans; and a critical component of effective Capital Replacement Plans is long-term financing; and ;as, the City has identified additional sources of financing necessary to maintain its capital and service levels. Therefore Be It Resolved that: 1. 4 erating budgets will continue to include annual installments and these installments will need to increased to keep pace with inflation. 2. of December 31, 2009, the General Fund's reserves exceed the targeted amount per the City's d Balance Policy. The Finance Director is authorized to transfer $1,100,000 from the General Find to the Fleet and Non -Fleet Capital Replacement Funds. 3. arting in 2016, the portion of the debt service tax levy, $393,000 for the 2010A G.O. Public 4. 1fety Center Refunding Bonds, will be redirected to the Fleet and Non -Fleet Capital placement Funds. the Capital Projects Fund # 422, there are resources currently available to provide supplemental ancing to the Pavement Management Plans. The Finance Director is authorized to transfer ose monies to the Pavement Management Fund as they become available and unencumbered.