The finance director is presenting a budget amendment to the Capital Replacement Fund for $58,738 to replace an existing police vehicle that was scheduled for replacement in 2024, as purchasing the vehicle now would save the city over $4,000 compared to waiting due to rising vehicle costs.

1. FINANCE DEPARTMENT
Presented by:
Robert Galindo
Finance Director
BUDGET AMENDMENT FY 2022-2023
ITEM # 2
JULY 12, 2023

2. SUMMARY
 This budget amendment is for the Capital
Replacement Fund for $58,738
 Existing police vehicle was scheduled for
replacement in 2024
 Cost to replace vehicles will continue to escalate
based on current pricing and pricing for 2024
 Purchasing the vehicle in 2023 will save the city
$4,000+ instead of waiting for 2024

3. POLICY ANALYSIS
 The Amendment is in compliance with paying
for capital equipment on a pay as you go
method through the Capital Replacement Fund

4. FISCAL IMPACT
 The Capital Replacement Fund has a current
balance of $1,442,564
 Budget Amendment is for $58,738

5. COUNCIL ACTION
 An ordinance to amend the Capital
Replacement Budget account 29-511-9200
for $58,738