ITEM TITLE:
Technology Reserve
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $702,298
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Review and provide consensus direction for final 2019 Budget
SUMMARY STATEMENT:
• The Technology Reserve is similar to the Major Equipment Reserve; it is a schedule of all Technology-related purchases, which includes useful life and replacement estimates, and an inflation factor.
• The budgeting convention is to average the next five years of scheduled purchases, plus any NEW additions to the schedule requested for the budget-year.
• Note that the Tech Reserve balance is largely depleted in 2018 following the ransomware incident. $540K was transferred to cover the costs of the incident and the resulting re-build. This balance will be partially replenished upon settlement of our insurance claims, which we anticipate during 2019. The current unencumbered balance is $120K.
PDF Attachment: Technology Reserve Schedule