CITY COUNCIL AGENDA ITEM
Memo Date: January 12, 2023
Agenda Date: January 23, 2023
Prepared By: Brian Dale, Purchasing Manger
Through: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director
REQUESTED ACTION:
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Finance Department is providing details related to FY23 Surplus Revenue from Auction Sales.
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BACKGROUND:
In accordance with Property Control policy, all surplus assets must be disposed of via Public Auction except for assets approved by Finance for Trade-in. City assets includes land, buildings, vehicles, tools, equipment, appliances, office furniture, and computers. The City has a contract with George Gideon Auctioneers Inc. to administer the auctions. The auctioneer will take photographs and post them on its website for online auction. Once sold, the auctioneer will receive a commission based on a percentage of the sale and send a check with the proceeds back to the City. Attached to this agenda is a list of all surplus property auctions completed for FY23. The total amount received broken out by fund is as follows:
General Fund $45,993.29
Utility Fund $42,230.46
Total $88,223.75
RECOMMENDED MOTION:
None. Informational Only.