Title:
Fleet Auction Revenue and Expenses
Summary
ACTION:
Appropriate vehicle auction revenue received from the May 11, 2019 vehicle auction from Fleet Reserve Fund Balance in the amount of $68,745.10 to the Fleet Reserve Fund and from General Fund Balance of $525.77 to the DSS Transportation unit in the General Fund
Staff Contact: Mark Bevilacqua, Fiscal Administrator, Asset and Facility Management Department
Presentation: No
BACKGROUND/JUSTIFICATION:
Net proceeds of $69,270.87 were realized from the vehicle auction on May 11, 2019, but were not recognized and appropriated in FY19 and the proceeds closed to fund balance at June 30, 2019. The Department of Social Services sold one vehicle for net proceeds of $525.77 that was originally funded by the North Carolina Department of Transportation (NCDOT). Regulations require the sale proceeds from NCDOT funded vehicles be used by the DSS transportation unit. The remaining $68,745.10 would be appropriated to the Fleet Reserve Fund for other County vehicle purchases.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
FY20 - Appropriate $68,745.10 from Fleet Reserve Fund Balance (9010) to the Fleet Reserve Fund (9010) and $525.77 from General Fund Balance (0001) to the DSS Transportation Unit in the General Fund (0001)