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Document
MODL - OA4 Lease-Buy Analysis 2004
Year Created: 2004
DOCUMENT
POL - VEHICLE AND EQUIPMENT REPLACEMENT POLICY - Torrington
- ENTITY TYPE: City/Township
- TYPE OF DOCUMENT: POL - Policies/Procedures
This document is the City of Torrington Vehicle and Equipment Replacement Policy. The purpose of this policy is to establish a Vehicle and Equipment Replacement Fund to replace existing vehicles and equipment at the end of their projected life expectancy, minimize the impact of large capital expenditures in a single budget year, and project expected replacement costs. The policy applies to all City Departments, except the Board of Education, and includes vehicles and equipment that individually cost $5,000 or more and are acquired from any source.
The policy outlines the procedure for maintaining a master list of all City-owned vehicles and equipment, which includes information such as unit number, description, year, projected life expectancy, and projected replacement cost. The responsibility of maintaining and updating the list lies with the Superintendent of Equipment Maintenance, who provides updated spreadsheets to Department Heads prior to each new budget year.
If a replacement vehicle or equipment differs from what is listed on the master list, the Department Head must follow the same procedure as acquiring a new vehicle. The funds in the Vehicle Replacement Account that were intended for the scheduled replacement can be applied to the substituted vehicle, subject to approval from the appropriate boards.
Funding for the Vehicle Replacement Account is determined based on the amount necessary to maintain the City's existing vehicle and equipment inventory, with assistance from an actuary. The Torrington City Council and the Torrington Board of Finance approve all funding for the account. Projections of replacement costs are conducted by the Superintendent of Equipment Maintenance, and an actuary reviews these projections on a three-year cycle to ensure proper funding.
The policy also outlines the process for acquiring new vehicles or equipment, which requires prior approval from all appropriate boards and budgeting as a separate line item. The City of Torrington New Vehicle/Equipment Purchase Request Form must be completed by Department Heads, providing details of the acquisition costs and any additional requirements.
Vehicle disposal is the responsibility of the City Purchasing Agent, with assistance from the Superintendent of Equipment Maintenance. Replaced vehicles can only be retained if the Department Head justifies the retention request through the Vehicle Retention Form, which must be approved by the Superintendent of Equipment Maintenance and the Purchasing Agent. The Purchasing Agent must notify the Comptroller's office of all vehicle disposals.
Proceeds from vehicle sales and interest from the account are deposited into a separate Vehicle/Equipment Replacement Contingency Account, which can be used to offset the costs of projected vehicle replacements or emergency purchases. The WPCA proceeds are kept separate and controlled by the WPCA, and approvals from the appropriate governing body are required before funds can be drawn from the contingency account.
The policy and the City of Torrington Vehicle and Equipment Master List are reviewed annually by a committee appointed by the Mayor, and any revisions to the master list are filed with the City Clerk's Office.