HomeMy WebLinkAbout416 - Rolling Stock Replacement FundCITY OF REDDING, CALIFORNIA
Council Policy
SUBJECT Resolution Policy Effective
Number Number Date Page
ROLLING STOCK REPLACEMENT FUND 95-178 416 08-01-95 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 rOiling 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 accumuiated in the Rolling Stock Repiacement 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 Repiacement 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 purchased 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 Roiling Stock Replacement Fund,
along with revenue generated from the sale of roiling 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 Repiacement Fund to the originating division's budget
via an appropriation transfer request (reference Council Policy 401).
F-0091 - 7/93