LRB � RESEARCH AND
ANALYSIS SECTION ANALYSIS
NOVEMBER 29, 2006
AGENDA
ITEM 30, FILE 060998
FINANCE & PERSONNEL
COMMITTEE
JAMES CARROLL
File #060998 is a substitute resolution
relating to the sale and issuance of general obligation bonds for equipment of
the fire department, and reasonable facilities for fire protection apparatus or
equipment.
Background and
Discussion
- The Comptroller�s Office annually submits
initial-borrowing resolutions for projects and programs approved in the
adopted budget.
- The resolution authorizes the sale of general
obligation bonds in the amount of
$2,558,000 for fire engines and other equipment.
- The borrowing provides funding for the
following:
- Major Capital Equipment - $2,458,000 � The
funds will purchase major capital equipment which include 3 ambulances,
$176,000 each for $528,000, 3 pumper trucks, $430,000 each for $1,290,000, and
1 aerial ladder, $640,000 budgeted as capital projects.
- Auxiliary Power Supply - $100,000 � This is
a new account for 2007. The funding provides for an auxiliary supply of
power to engine houses to enhance the department�s response capability
Fiscal
Impact
Until the actual structuring of the
debt issue is determined by the Public Debt Commission, details relating to the
long-term fiscal impact will not be known. Depending on actual sale date in 2007, a
maximum of 6 months interest would be incurred during the year. If sold
after July 1, 2007, there would be no fiscal impact in
2007.
Cc: Marianne Walsh
Prepared by:
Craig Kammholz Jim
Carroll, X8679 Mark
Nicolini LRB Research & Analysis
W. Martin
Morics
November 21,2006
Richard
Li