Title
A Resolution Approving a Policy for Capital and Operational Equipment Leases
Summary
Description of Topic: (who, what, where, when, why and how much)
Sue Steigerwald, need to consider adopting a policy for the leasing of equipment. There will be no negative impact to the budget. Budgeted funds will be moved from general equipment maintenance to capital lease payments when it is determined that a lease meets the definition of a capital lease.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, the City is utilizing both capital and operational leases to purchase needed equipment.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: A policy for capital and operational leases is hereby adopted and a copy is attached to, and made a part of, this resolution.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.