HomeMy WebLinkAboutReso 2001-103 - Council Policy 422 RESOLUTION NO. 01-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING ADOPTING COUNCIL POLICY 422 (EQUIPMENT
REPLACEMENT FUND)
WHEREAS, the City Council is charged with the responsibility of establishing municipal
policies to guide the various functions of the city and, where necessary, to establish procedures by
which functions are performed; and
WHEREAS, THE City Council wishes to adopt Policy 422 to assist in the budgeting
process as outlined in the accompanying Report to City Council;
THEREFORE, IT IS RESOLVED that the City Council adopts Council Policy 422
(Equipment Replacement Fund) , a copy of which is attached and made a part hereof, to be
incorporated in the Council Policy Manual.
I HEREBY CERTIFY that the foregoing resolution was introduced, read and adopted at a
special meeting of the City Council on the 26th day of June, 2001 by the following vote:
AYE: COUNCIL MEMBERS: Cibula, Kight, Pohlmeyer, Stegall and McGeorge
NOES: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
/I AiA
DAVI I L. C G FRG / ayor
ATTEST: FORM APPROVAL
CONNIE S fROHMAYFi City Clerk W. LEONARD WINGATE, rney
174siff-73.tss
CITY OF REDDING, CALIFORNIA
Council Policy
RESOLUTION POLICY EFFECTIVE
SUBJECT NUMBER NUMBER DATE PAGE
EQUIPMENT REPLACEMENT FUND 422 07/01/2001 1
BACKGROUND
The City has established a Replacement Fund to accumulate resources to purchase certain equipment.
The purpose of establishing the Equipment Replacement Fund is to manage equipment resources in the
most efficient manner possible. In order to provide departments with the mechanism to manage their
'equipment and accumulate resources to replace certain equipment, the city needs to establish a formal
'policy regarding appropriation of funds for equipment.
PURPOSE
This policy would authorize department heads, with the City Manager's approval, to
transfer funds accumulated in the Equipment Replacement Fund to the originating
division's budget where the funds could be expended for equipment.
POLICY
The City of Redding has established an Equipment Replacement Fund to accumulate resources to
purchase equipment. The Equipment Replacement Fund shall accumulate resources, interest earnings
and cash transfers from the various divisions of the City. All cash transfers to the Equipment
Replacement Fund need Council approval either in the annual budget or by amendment to the budget. A
separate accounting of each division's transfers in, interest earnings and transfers out will be maintained
I for the Equipment Replacement Fund.
No equipment will be purchased directly from the Equipment Replacement Fund. In order to purchase
equipment, cash will be transferred from the Equipment Replacement Fund to the originating division's
budget. All cash transfers to the Equipment Replacement Fund, along with interest earnings, may be
transferred back to the originating division's budget and expended for equipment in that division at the
'request of the department director. Council approval for the appropriation of funds is not necessary if
the division's request does not exceed cash accumulated in the Equipment Replacement Fund.
PROCEDURE
Transfers from the Equipment Replacement Fund to the originating division's budge
,via an appropriation transfer request ( reference Council Policy 401)