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HomeMy WebLinkAbout2017-02-06 Finance Committee MinutesFINANCE COMMITTEE MINUTES February 6, 2017 Councilors in Attendance: Tremble, Baldacci, Faircloth, Perry, Sprague, Nealley .. . iiiiiir - U 1. Consent a. Emergency Purchase — Airfield Lighting System Hardware Motion made and seconded to accept report of emergency purchase. Motion passed unanimously. 2. Bids/Purchasing a. Ladder Truck Purchase Update Motion made and seconded to continue with the process to acquire the ladder truck directly from Pierce Manufacturing per Council Order 16-374. The total negotiated cost for the fully equipment truck is $1,170,229, below the budget of $1,200,000. This price will require a 100% prepayment and the truck would be ready for delivery in 10 months. Motion made and seconded to move forward with finalizing the purchase. Motion passed unanimously. b. Request to Waive the Bid Process — WWTP — Scada Equipment Upgrade - $27,136 Motion made and seconded to approve the expenditure. Motion passed unanimously. c. Request to Waive the Bid Process — Police — Tru Narc System - $24,131 Motion made and seconded to approve the expenditure. Motion passed unanimously. 3. Amendment to Master Transaction Agreement — BNRC This item is a follow up to a recent pre -council meeting, regarding the funding of the balance of the capital contribution for improvements to the facility at 103 Texas Avenue, as required under the Master Transaction Agreement the City executed with Bangor Nursing and Rehabilitation Center. The amendment will clarify the expenditure of the balance of the funds between the operations of the Nursing Facility and the portion rented by the City for the Public Health & Community Services Department. Motion made and seconded to recommend the amendment to the City Council. Motion passed unanimously. 4. Presentation of FY 16 Audit — Runyon, Kersteen & Ouellette auditorsThe City's external - - -d the results of theFY 2016 audit. reviewed included general fund revenue and expenditure variances, and fund balances. In addition, the auditors reviewed the City's A133 and MAAP audits as well as the management - - All reportsare available on website well as a copy of the power point presentation. 5. Authorizing Transfer of $1,600,000 from Unassigned Fund Balance This transfer allows the City to fund its current capital needs without impacting the upcoming FY 2018 tax rate. As a result, it is recommended that $1,600,000 be transferred for the following purposes; $663,386 to the Improvement Reserve to fund anticipated capital needs for FY 2018; $300,000 to the Bus Replacement Fund to fund a portion of the local share of the recently award FAST grant that provided funding for 4 new busses; and $636,614 to a capital project to fund the final costs anticipated under the Master Transaction agreement related to the facility at 103 Texas Avenue. If approved the unassigned fund balance will drop to approximatley $9.7 million which represents 10.45% of the 2016 operating budget, which is within the limits established by the City Charter. 6. Executive Session — 36 MRSA Section 841(2) — Hardship Abatement 7. Open Session — Hardship Abatement Decision Motion made and seconded to approve the hardship abatement as recommended. Motion passed unanimously. Meeting adjourned at 6;40 pm