HomeMy WebLinkAbout1997-11-10 98-8 RESOLVEACTION
Item No. 98-8
Date: 11-10- 9y
Item/Subjech Appropriation of Unanticipated Personal Property Tax Revenue -
Personal Property Revaluation Project
Responsible Department: Aseewing
Commentary: The personal property revaluation project was Wholly scheduled to cover 1300
accounts. G & K Associates was hired to perform the audit and render an opinion of value.
In the process of collection; the information on the original 1300 accounts, other potential
accounts, many of which were companies which lease property to existing baamess, were
discovered and included in the project. Until the project was Goalded in June, the total
number of amounts reviewed was impossible m determine. The final count is 1526.
G & K's contract taus for a Bat payment of 555 per account and they have bided us for an
additional $12,340 over and above the amount budgeted.
At the present dmq we aadcipme collecting approdmately 53],000 more iu personal property
hazes hban originally anticipated. The attached resolve will appropriate $12,340 from these
revenues in order to make final payment on this project
Departmwt Head
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City Manager
Aeeoclated infermatiom Reactive
Budges Approval:
Fiaana f neabor
Legal Approval:
G�✓Yw
City solider
Introducedfor
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X -First Reading Page— of
A -Referral to Finance
SUBSTIMM COPY
AMENDED
Assigned to Councilor Leen November 10, 1997 98-8
CITY OF BANGOR
QITLE.) P$DjftpyAMmprietionofUnanticipmed PersonalPmpeMTae
Revenues — Personal Property Revaluation Project
By the city Cnuneil of the Mly ofBayya:
R LVND,
WHEREAS, ane# sivepers pmpeMmvalueaanwmperfomr du gFY97;aod
WHEREAS, as a resalt of this revaluation, additional personal property taxes will be received
dining FY98; and
WHEREAS, asworkpmg medonthismvaluatiomaddiaonalp onalpropertyatcounis
were identified and valued wiN a resultant increase in both project costs and tax
receipts;
NOW, THEREFORE, BE ff RESOLVED, by the City Council of the City ofBangoy that:
General FUM revenue account 130741015OW is hereby increased in the amount
of $12,430 to recognize revenues which were not anticipated athe time the FY98
budget was adopted; and
BE IT FURTHER RESOLVED, THAT: these revenues are hereby appropriated to the General
Find expenditure account 1006F730105W for the purpose of making a final
payment to G & K Associates for the recently completed peraonal Property
revaluation.
Assigned to Councilor Leen November I0, 1997 98-8
CITY OF BANGOR
(TITLE.) �QSOIti1Ee.............. ppcpr' molumnkcipatedForsam/Pruperly
Tae Revemes — Personal Property Rewlaakm Project
By W City Coanal of W City ofBanyer;
RESOLVED,
WHEREAS, Awa remhojthis re"nation, additioml persoml property tines will be received
daringFY98; and
WHEREAS, one workprogresred on this rew/amon, addhouvwdjonsomlpropery Consume
were ideraiAedard valved with a resultant increase in bothproject Cods aM lar
receipts;
NOW, THEREFOR$ BEITRESOLVEO by die City Col of the City ofBmrgor, Ane
General FmdReveme Acmm11307-41015000 whereby increased the ammeaaoj$13,340 to
mwgnieereveaaeswhichweremtmaicipmedmWtune WFY9 bz*etwmsadopted 77wm
revenues ere hereby appropriated m Gemra/Furd erpedfhae account 1006.73010500 to maim
firml payment io G &KAsson )brut mmmly mmpLkdpersmml properly re h/ m.
IN CITY COUNCIL
November 10, 1997
First Reading
Referred to Finance Committee
IN CITY COUNCIL
November 26,1997
Masson to Amend vd by Substitution
Passed
Passed As Amended by Su6eClCVClon
Cit
I CL RR
98-8
E E 5 0 L V E
Avoropriatioa of Unanticivated Personal
Property Tax Revenues -Personal Property
Revaluation Project