|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
Viloa Miller, Chief Financial Officer |
|
PRESENTER(S): |
Robert Lamph Comptroller |
|
|
Joan Burke, Manager Capital Assets Controls |
TITLE:
title
2025 Asset Disposal Income Report
end
AGENDA ITEM TYPE:
Report
RECOMMENDATION:
Informational report for discussion
BACKGROUND:
UTA has a need to dispose of various vehicles and equipment that have reached the end of their useful life. The Federal Transit Administration regulations require that, for the disposition of federally funded assets, a fair market value determination must be made prior to an asset being disposed. To meet this requirement, UTA utilizes an existing State Contract to perform third-party auctions to establish this fair market value and dispose of unneeded assets. J.J. Kane Auctions hold the current auction services State Contract and is providing these services for UTA. As per the November 11, 2024, board meeting, this serves as an update on the income received in excess of $250,000 per year.
DISCUSSION:
J.J. Kane provides auction services for UTA’s assets for everything other than Information Technology Items or Real Property. UTA has received $555,830.00 in total revenue from the sale of assets through auction services for the year 2025.
Note: Board authorization of the auction services contract expired in April 2025. The board will consider a contract ratification and extension later on the agenda of the February 11, 2026 Board meeting.
ALTERNATIVES:
N/A
FISCAL IMPACT:
The sale of these surplus assets has generated more than half a million dollars in miscellaneous revenue for UTA.
ATTACHMENTS:
None