Res 2005-047 - Laserfiche WebLink

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D. Timing and Expenditure Control - The Director of Finance will work with Department Directors during the fiscal year to schedule the timing of capital projects to insure funds availability. All capital projects must be funded and appropriated. The Finance Department must certify the availability of resources before any capital project contract is presented to the City Council for approval. E.Infrllstructure Maintenance. Replacement and Rene'.val Consistent '.vith its philosophy of keeping its capital fucilities und infrustrucmro systems in good repair and to maximize the asset's useful life, the City should set aside sufficient current n.wenues to finance ongoint; maintenance needs and to pro';ide reserves for periodic replacement and renc\vul. F-:-E. Reporting - financial reports will be made available to Department Directors to manage their capital projects budgets and to enable the Director of Finance to monitor the overall capital proj ects budget. VIII. Capital ReplacClnent Reserve Funds Consistent with its philosophy of keeping its capital facilities and infrastructure systems in good repair and to maximize the asset's useful life. the City should set aside sufficient current revenues to finance ongoing maintenance needs and to provide reserves for periodic. replacement and renewal. A. The Citv will establish Capital Replacement Reserve Funds (CRRl-;') to set aside resources for the future purchases of vehicles. equipment. public buildings and utility system improvements for the General Fund. Water! Wastewater Utility Fund and Electric Utility fund. B. Resources for the CRRFs will be transfen:ed from the General Fund. Water! \Vastewater Utilitv hmd and Electric Utility Fund. The transfer amounts will be calculated as follows: 1. General Flmd - At least 50% of the previous fiscal vear's depreciation expense for vehicles and equipment. 2. Water/ Wastewater Utility Fund - At least 50% of the previous fiscal vear's depreciation expense for vehicles and equipment. 3. Electric Utility Fund - At least 50% of the previous fiscal vear's depreciation expense for vehicles and equipment. C. CRRF resources are restricted to capital expenses for vehicles and equipment that meet the Citv's capitalization threshold and criteria. 1LbIX FINANCIAL PLANNING, ACCOUNTING, AUDITING, AND FINANCIAL REPORTING A. Financial Plmming - The Director of Finance provides recommendations for short-term and long-term strategic financial planning to efficiently and effectively use the City's financial resources. This financial planning is achieved in accordance with the goals and priorities of the City Council, the City Manager, and in compliance with applicable laws and GAAP. City of San Marcos Financial Policy - Revised April 2004 Page ] ]