CITY COUNCIL AGENDA ITEM
Memo Date: November 4, 2024
Agenda Date: November 12, 2024
Prepared By: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director
Through: Stockton Whitten, City Manager
Requested Action:
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Approve a Resolution Amending the FY2025 Budget, BAF #25-008-A, for purchase of a Monarch fire pumper truck from Sutphen Corporation for $1,119,995
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BACKGROUND:
City Council approved purchase of several capital items in the FY 2025 Adopted Budget using debt financing. The Finance Director has been working with the City's financial advisor to obtain quotes for lease financing to purchase the equipment. Sutphen Corporation is currently building a fire truck that will be ready for delivery by mid-year 2025. City Council approved the purchase of the fire truck at the City Council meeting on October 8, 2024 (agenda 24-580); however, the debt financing is not in place yet & therefore a purchase order cannot be issued. Sutphen Corporation is requiring a purchase order to be issued ASAP in order to hold the truck for the City of Cocoa, even though they were provided with a letter of intent to purchase the truck. If the City is unable to purchase the truck that is currently being built, build-out of a new truck could take up to three years. Staff is requesting approval of BAF # 25-008-A to provide funding for the fire truck using fund balance. Staff anticipates requesting approval of a lease agreement at the December 10, 2024 City Council meeting. If the debt financing is approved by City Council, a subsequent BAF will be presented for approval to reverse BAF # 25-008-A & return the budget to fund balance
STRATEGIC PLAN CONNECTION:
Fiscal Sustainability
BUDGETARY IMPACT:
Budgeted No
If not budgeted, is amendment/transfer attached? Yes
Amount Requested $1,119,995
Account Number 001-2201-522.64-00 CA2501
Account Name Capital Vehicle Equipment & Machinery
Source of Funds: Fund Balance 001-0000-389.90-00
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