2018-2022 Equipment Replacement Plan and Capital Improvement Plan; Bishop
City of Hopkins
FINANCE DEPARTMENT
MEMORANDUM
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Date: August 8, 2017
To: Mayor & City Council
From: Nick Bishop, Finance Director
Subject: 2018-2022 Equipment Replacement Plan & Capital Improvement Plan
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During the July 18 work session we met to discuss the 2018-2022 Equipment Replacement
Plan (ERP) and Capital Improvement Plan (CIP). Both plans are still being reviewed and
updated at this time.
The ERP continues to be financially challenged, with a funding shortage projected at the end of
2019. Currently, a planned internal loan and 2018 equipment certificates are needed to balance
the fund. We will continue to review long term solutions, which could include tax levy, financing
options or reducing/delaying equipment purchases.
The CIP has undergone minimal changes and is able to fund projects scheduled for 2018-2022.
At the work session we will have a brief presentation on the ERP and CIP. A more in-depth
discussion will occur at a later date.