Title
Fleet Auction Revenue and Expenses
Action:
ACTION:
(A) Recognize, receive and appropriate $144,174.01 from vehicle auction revenue to the Vehicle Replacement Reserve Fund (9010) for future vehicle purchases
(B) Amend the 2019-2020 Annual Budget Ordinance to recognize, receive, and appropriate an increase in revenue of $9,099.45 from vehicle auction to the General Fund (0001) within DSS Transportation Unit.
Staff Contact: Mark Bevilacqua, Fiscal Administrator, Asset and Facility Management
Presentation: No
BACKGROUND/JUSTIFICATION:
Net proceeds of $153,273.46 were realized from the vehicle auction on January 11, 2020. The Department of Social Services sold three vehicles for net proceeds of $9,099.45 that were originally funded by the North Carolina Department of Transportation (NCDOT). Regulations require the sale proceeds from NCDOT funded vehicles be used by DSS Transportation unit. The remaining $144,174.01 would be appropriated to the Vehicle Replacement Reserve Fund for other County vehicle purchases
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
FY20 increase in revenues and associated expenses in the amount of $153,273.46 consisting of $144,174.01 in the Vehicle Replacement Reserve Fund (9010) and $9,099.45 in the General Fund (0001) within the DSS Transportation unit.