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Cit -yof UBPJGHTON the city that works for you Report Number: Agenda Section: Report Date Aug. 19, 2010 Council Meeting Date Aug. 24, 2010 REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: RESOLUTION APPROVING THE LONG-TERM FINANCING PLAN FOR THE CAPITAL REPLACEMENT PLANS DEPARTMENT HEAD'S APPROVAL: CITY MANAGER'S APPROVAL: No comments to supplement this report Comments attached Recommendation: To adopt the RESOLUTION APPROVING THE LONG-TERM FINANCING PLAN FOR THE CAPITAL ASSET REPLACEMENT PLANS Legislative History: The City provides numerous services for the public. These services require the use of a wide range of capital assets. It is recognized that these capital assets must be maintained and will eventually wear out and need to be replaced. The City of New Brighton, along with most other local governments, both large and small, faces the challenges of meeting infrastructure and equipment needs with limited financial resources. Ongoing service delivery can be assured only if adequate consideration is given to capital needs. In order to meet these needs, the City has established Capital Replacement Plans. The Capital Replacement Plans are multiyear plans identifying capital needs to be financed during the planning period. The plans identify each proposed capital asset to be replaced, the year in which it will be started or acquired, the amount expected to be expended on each item, and the proposed method of financing those expenditures. The long-term financing plans currently model out the projected replacements from 2011 through 2025. The plans are reviewed and updated as necessary at least annually. The first year (2011) of these long- term plans is incorporated into the annual budgets (the City Manager's Recommended 2011 Budgets). A basic function of these plans is to provide the City with an orderly process for planning and budgeting for capital needs. These plans serve as a link to the City's planning process and are developed in conjunction with other long-range strategic plans. An overriding consideration in developing these plans is to prioritize current and future needs to fit within the anticipated level of financial resources. The City's Capital Replacement Plans consist of the Fleet Capital Replacement and the Non- Fleet Capital Replacement Plans. Examples of capital assets in Fleet are fire trucks, police cars, street and park trucks and snowplows, in other words, mobile equipment. Examples of Pagel of 3