HomeMy WebLinkAbout407 - Reinvestment of Property Sales and Other Certain Revenues CITY OF REDDING
COUNCIL POLICY
RESOLUTION POLICY EFFECTIVE
SUBJECT .UMBER NUMBER DATE PAGE
Reinvestment of Property Sales
and Other Certain Revenues
90-543 407 711/99 1
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 Capital Improvement/Economic
Development 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 resources 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-recurring, non-budgeted transactions into
a capital improvement and economic development fund for otherwise unfunded capital projects or
projects that foster economic development. Deviations from this policy may be made only with the
express approval of the City Council.
Amended June 21, 1999, by Resolution 99-94