HomeMy WebLinkAboutReso 95-178 - Adopting Policy No. 416: The Rolling Stock Replacement Fund �
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RESOLUTION NO. 95-��
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING ADOPTING POLICY NO. 416: THE ROLLING STOCK
REPLACEMENT FUND.
WHEREAS, the City Council of the City of Redding 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's 1995-96 budget provides for the establishment of a Rolling Stock
Replacement Fund (Fund) to accumulate resources to purchase rolling stock (i.e., vehicles and related
equipment); and
WHEREAS, the Fund will accumulate resources from the sale of rolling stock, interest
earnings, and cash transfers to the Fund; and
WHEREAS, cash transfers to the Fund were approved by Council in the 1995-96 budget; and
WHEREAS, to purchase rolling stock, cash will be transferred from the Fund to the
originating division's fund and expended for the rolling stock; and
WHEREAS, current City policy requires Council approval for appropriation transfers between
funds; and
WHEREAS, the City Council wishes to establish a formal policy authorizing department
directors, with the City Manager's approval, to transfer and expend funds for rolling stock;
NOW, THEREFORE, IT IS HEREBY RESOLVED that the City Council adopts Council
Policy No. 416 entitled Rolling Stock Replacement Fund, to be incorporated in the Council Policy
Nlanual, effective July 1, 1995. A copy of the Policy is attached hereto and made a part hereof.
I HEREBY CERTIFY that the foregoing Resolution was introduced, read, and adopted at a
regular meeting of the City Council on the �st day of August , 1995, by the following vote:
AYES: COUNCIL MEMBERS: x. Anderson, McGeorge, Murray and Kehoe
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: P. Anderson
ABSTAIN: COUNCIL MEMBERS: None
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DAVID . HOE, Ma r �
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. �G�'vN�E STI�OHMAYER, City Clerk W. LEONARD W ATE, City Attorney
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� CI TY OF REDDI G, CALIFORN/A
Council Policy
SUBJECT Resolution Policy Effective
Number Number Date Page
ROLLING STOCK. REPLACEMENT FUND
95-178 416 7/1/95 1
BACKGROUND
The City has established a Rolling Stock Replacement Fund to
accumulate resources to purchase rolling stock ( i .e. , vehicles and
related equipment) . The purpose of establishing the Rolling Stock
Replacement Fund was to manage rolling stock resources in the most
efficient manner possible. To provide departments with the mechanism
to manage their rolling stock the City needs to establish a formal
policy regarding appropriation of funds for rolling stock.
PURPOSE
This policy would authorize department heads, with the City Manager' s
approval, to transfer funds accumulated in the Rolling Stock
Replacement Fund to the originating division' s budget where the funds
could be expended for rolling stock.
POLICY
The City of Redding has established a Rolling Stock Replacement Fund
to accumulate resources to purchase rolling stock. The Rolling Stock
Replacement Fund shall accumulate resources from the sale of rolling
stock, interest earnings and cash transfers from the various divisions
of the City. All cash transfers to the Rolling Stock 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,
sale of rolling stock, interest earnings and transfers out will be
maintained for the Rolling Stock Replacement Fund.
No rolling stock will be pur_chased in the Rolling Stock Replacement
Fund. To purchase rolling stock cash will be transferred from the
Rolling Stock Replacement Fund to the originating division' s budget.
All cash transfers to the Rolling Stock Replacement Fund along with
revenue generated from the sale of rolling stock and interest earnings
may be transferred back to the originating division' s budget and
expended for rolling stock 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 the cash
accumulated in the Rolling Stock Replacement Fund.
PROCEDURE
Transfers from the Rolling Stock Replacement Fund to the originating
division' s budget via an appropriation transfer request (reference
Council Policy 401) .
F-0091 -7%93