ITEM TITLE:
Report: Results of Surplus Auction for 2005 Genie Lift
SUBMITTED BY: John Witte, Public Works Director
FISCAL NOTES:
Expenditure Required: $0
Unencumbered Balance: $0
Funding Source: N/A
RECOMMENDATION:
Receive and file.
SUMMARY STATEMENT:
This report is filed in accordance with Valdez Municipal City Code 4.06.020, which states, "Sale of obsolete supplies, equipment or personal property having a fair market value of ten thousand dollars or less shall be reported to the city council."
This report summarizes the results of the recent surplus auction held from December 9 -23 on GovDeals.com. The 2005 Genie Lift, with a fair market value of $5,000.00, was successfully sold for $7,600.00.
This auction not only exceeded the estimated value but also contributed positively to the City's financial resources. The proceeds from this sale will be utilized in accordance with the City’s budgeting processes.