HomeMy WebLinkAboutReso No. 1990-543 - Policy regarding reinvestment of proceeds of property sales and similar unbudgeted and non recurring revenues RESOLUTION NO. 90 4r
A RESOLUTION OF THE .CITY COUNCIL OF THE CITY OF REDDING
' ESTABLISHING AND ADOPTING A POLICY REGARDING REINVESTMENT OF
PROCEEDS OF PROPERTY SALES AND SIMILAR UNBUDGETED AND
NON-RECURRING REVENUES.
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, regulatory policies established by the City Council
are usually adopted by Ordinance and included in the Municipal
Code. However, other policies are also established, which by
their nature do not require adoption by Ordinance; these policy
statements, adopted by Resolution of the City Council, need to be
consolidated in a reference document for easy access; and
WHEREAS, on August 4 , 1987, by Resolution No. 87-261 , the
City Council adopted a Council Policy Manual to achieve said
objectives; and
WHEREAS, City Council wishes to establish a policy regarding
reinvestment of proceeds of property sales and similar unbudgeted
and non-recurring revenues, a ' copy of which is attached hereto
and incorporated _herein by reference;
_ NOW, THEREFORE, IT IS 'HEREBY RESOLVED by the City Council of
the City of Redding as, follows :
1 . That all of the above recitals are true and correct;
2 . That . attached\ `hereto and incorporated herein by
reference is the policy statement to be incorporated in the
Council Policy Manual .pertaining to reinvestment of proceeds of
property sales and similar unbudgeted and non-recurring revenues.
( 0
3 . That the Council Policy attached hereto be and hereby
is adopted as the Council Policy of the City of Redding
pertaining to reinvestment of proceeds of property sales and
similar unbudgeted and non-recurring revenues .
I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City Council of
the City of Redding on the 6th day of November , 1990, and was
duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Arness, Dahl , Moss & Buffum
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Fulton
ABSTAIN: COUNCIL MEMBERS: None
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ATTEST:
?sae, Q:�'2a
',ETHEL'A. NICHOLS , City Clerk
FOPPROVED•
1RA DALL A. HAYS, City Attorney
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CITY OF REDDING, CALIFORNIA •
COUNCIL POLICY
SUBJECT Reinvestment of Proceeds RESOLUTION POLICY EFFECTIVE PAGE
of Property Sales and Other Unbud-
geted
NUMBER NUMBER DATE
and Non-Recurring Revenues 408
Background
The City Council proposed adoption of a policy of
reinvesting revenues arising out of property sales and
other unbudgeted non-recurring revenues into a build-
ing fund aimed at transferring City assets from one
• form to another.
Purpose
Adoption would serve as a useful guide to the Council
in dealing with the proceeds of property sales and
other non-recurring unbudgeted revenues in such a
manner that the assets of the City are rolled over
from one form to another.
Policy
Toward the objective of ensuring that capital re-
sources of the City are conserved and invested (or
reinvested) in a permanent manner, it is the policy of
the City Council of the City of Redding to place funds
arising out of property sales and similar non-recur-
ring, non-budgeted transactions into a building and
property acquisition fund for projects such as the •
civic center and corporation yard. Deviations from
this policy may be made only with the express approval
of the City Council.
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