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CITY OF LOUISVILLE <br />PURCHASING POLICIES <br />OBJECTIVE <br />The City of Louisville is funded by tax dollars. As such, the City's purchasing policies and <br />procedures have been established to ensure that tax dollars are spent in the most <br />economical way. The City uses competitive means for the purchase of all products and <br />services whenever possible and believes in open, fair competition. The purchasing levels <br />in this policy are subject to periodic review and may be changed with City Council <br />approval based on inflation and other factors. <br />USE OF POLICY <br />This policy and the award of bid provisions herein are solely for the fiscal responsibility <br />and benefit of the City of Louisville, and confer no rights, duties or entitlements to any <br />bidders or proposers. <br />SECTION I - DEFINITIONS <br />Capital Asset - Property, including durable goods, equipment, buildings, installations, <br />and land valued at $5,000 or more, and having a useful life greater than one year. <br />Capital Improvement Projects — Any project to build, alter, repair, maintain or replace <br />necessary public buildings, streets and alleys, public parks and facilities, municipal <br />utilities, sidewalks, highways, parks or public grounds. Capital Improvement Projects are <br />included in the City's five-year capital improvement plan. <br />Capital Outlay — Expenditures which result in the acquisition of or addition to capital <br />assets ($5,000 or more). <br />Competitive Bid Process — Term used to encompass bidding, request for proposals, or <br />request for qualifications when trying to get the best price or contractor for a project, <br />including bidding the project to any and all interested vendors. <br />Cost of Operations — Expenditures categorized as wages, benefits, supplies or <br />contractual services; non -capital. <br />Emergency conditions - A situation in which any department's operations may be <br />severely hampered or a situation in which the preservation of life, health, safety or <br />property may be at risk as determined by the Department Director and the City <br />Manager. <br />Encumbrances — An amount of money committed by purchase order but not yet <br />expended for the purchase of a specific good or service. <br />Expenditures — Decreases in net financial resources. Expenditures include current <br />operating expenses which require the current or future use of net current assets, debt <br />service, and capital outlays. <br />4 <br />