(A resolution establishing the General Asset Special Revenue Fund)
WHEREAS, the City Administration Building was sold during FY 2009/10;
WHEREAS, it is the desire of City Council to separate these sale proceeds from General Fund revenues;
WHEREAS, the City, in the future, may have other revenues to add to this fund;
WHEREAS, it is in the City’s best interests to establish a special revenue fund in order to separate these resources from the ongoing operations of the General Fund.
NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:
1. There shall be a special revenue fund designated as the General Assets Fund in the City’s budget. All proceeds from the sale of the City Administration Building will be placed in this fund.
2. If this fund is closed, any remaining balance will transfer to the General Fund.
Approved by the Hood River City Council the 28th day of June, 2010, to take effect immediately.
Arthur Babitz, Mayor
Jennifer McKenzie, City Recorder