City Council approved a new policy for the allocation of funds from the sale of City assets.
After the internal and external costs of the administration of sales, the funds will put into budgets depending on the type of asset and how it was originally acquired. For example, if properties were purchased by specific divisional programs or area rated upon purchase, the asset procedures will fund back to the program or area rating fund.
At present, each sale is directed to different budget lines without a clear policy or procedure for determining where the funds should be directed.
The origin of the policy was a debate to use the sale of excess land to fund new affordable housing. The City is looking to sale under-utilized assets in order to build more affordable housing.
The City’s Director of Revenue Generation answered my questions regarding how that will operate, responding to a question I asked about the report reading as if funds would be put into Councillor’s discretionary funds, which is not the case: