SUBJECT
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Approve budget amendment to transfer from reserves to capital expense in the Fleet Replacement Fund ($3.3 million one-time transfer)
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DESCRIPTION
For FY 24/25 the Fleet Replacement Fund has incurred greater capital expense than budgeted. Heavy equipment replacement orders were delayed in past years due to manufacturing delays caused by the pandemic; due to this delay replacement timelines were extended. Lead times have returned to mostly normal, so decisions were made this fiscal year to replace any equipment that had their timeline extended.
Fleet Replacement Fund FY 24/25 reserves are $33,423,196.
RECOMMENDATION
Request Board approval on budget amendment transfer of $3.3 million from Fleet Replacement Reserves to the capital.
FISCAL IMPACT
Funds are available for transfer in the Fleet Replacement Fund Reserve for Future Capital.
CONTACT INFORMATION
Michael Chase
Fleet Management Division Director
863-534-5614
michaelchase@polk-county.net