CHEYENNE, Wyo – On March 9th, 2020, the Cheyenne City Council adopted a resolution that creates a Revolving Real Property Fund.
According to a memorandum provided by the Finance Committee, the purpose of the fund would be to create a mechanism to facilitate the City of Cheyenne’s acquisition and resale of real property.
“The Governing Body would decide on a case-by-case basis if the proceeds of any real property sale should be deposited into this new fund. The proceeds would earn interest and be used for future real property capital expenditures, instead of being absorbed into the General Fund and used for operating expenditures as was done in the past,” the memorandum said.
The City says that the new fund will help it to be fiscally responsible by saving for the construction or acquisition of much needed future capital expenditures such as a new fire station, a gymnasium, or even remodeling or reconstructing the Municipal Building.
The City says that the funds could also be used to pay for architectural and engineering related design services for future 6th penny ballot projects.
For more information on this resolution please follow this link.
