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People Serving <br />People <br /> <br /> CITY OF RIVERSIDE <br /> <br />CITY COUNCIL MEMORANDUM <br /> <br />Riverside <br /> <br />1998 <br /> <br />HONORABLE MAYOR AND CITY COUNCIL DATE: March 16, 2004 <br /> <br /> ITEM NO: 27 <br /> <br />SUBJECT: PUBLIC AUCTION OF CITY SURPLUS VEHICLES - INFORMATIONAL REPORT <br /> <br />BACKGROUND: <br /> <br />Public auctions were held in January and February to dispose of City surplus vehicles. The auctions <br />were conducted by the Nationwide Auction Systems at their site in the Cityof Industry. <br /> <br />The City's gross sales were $66,325.00 less the sales commission cost of $2,653.00 and miscellaneous <br />cost of $975.00 for a net gain of $62,697.00. The proceeds have been credited back to the appropriate <br />City funds. <br /> <br />Following is a breakdown of the distribution by fund of the net gain. <br /> <br />General Fund (101) <br />Water (520) <br />Sewer (550) <br />Special Transit (560) <br />Central Garage (650) <br /> <br />$55,689.00 <br /> 1,728.00 <br /> 3,168.00 <br /> 1,056.00 <br /> 1,056.00 <br /> <br />Grand Total <br /> <br />$62,697.00 <br /> <br />FISCAL IMPACT: <br /> <br />Net gain to the various City funds. <br /> <br />ALTERNATIVES: <br /> <br />None <br /> <br />RECOMMENDATIONS: <br /> <br />That the City Council receive and file this report. <br /> <br />27-1 <br /> <br /> <br />