Title
Amending the financing and spending plan of the Fire Department and the Debt Fund to reflect sale of bonds and debt service to purchase cardiac monitors.
Body
WHEREAS, The Saint Paul Fire Department protects the life and property of the people of Saint Paul; and
WHEREAS, the Fire Department’s budget includes funding for life saving equipment, such as cardiac monitors; and
WHEREAS, the contract that leased existing cardiac monitors was paid for by the Fire Department on an annual basis; and
WHEREAS, that contract came to an end in 2021; and
WHEREAS, a new six year contract for cardiac monitors requires that a $647,264 payment be made up front in 2022; and
WHEREAS, the Fire Department’s budget currently does not include $647,264 to fund the equipment; and
WHEREAS, the City is able to internally finance the purchase of the equipment via capital notes in the Debt Fund for $613,140; and
WHEREAS, financing from the Debt Fund to the Fire Department would allow for the Fire Department to purchase this lifesaving equipment; and
WHEREAS, the financing includes a $7,000 interest payment for year 2022; and
WHEREAS, the Mayor, pursuant to section 10.07.1 of the Charter of the City of Saint Paul, does certify that there are available for appropriation funds of $613,140 in excess of those estimated in the 2022 budget; now, therefore, be it
RESOLVED, by the City Council of the City of Saint Paul, upon recommendation of the Mayor, that $613,140 is available for appropriation in the 2022 Fire Department budget, and said budget, as heretofore adopted by the Council is hereby further amended as indicated in the attached fiscal analysis form.
Financial Analysis
See Attachment.