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HomeMy WebLinkAbout1996-11-25 97-29 RESOLVECOUNCIL ACTION Data: 11-25-96 Item No. 97-29 Item/Subject: RESOLVE, Making an Appropriation from the General Fund's Improvement Reserve to the Capital Fund for Various Projects Responsible Department: City Manager Commentary: As aee sult of positive financial performance over a number of years the City has met and exceeded our goal of an undesignated fund balance of 9.58 of expenditures. In addition, our Workers' Compensation Reserve has also exceeded needs allowing for a release of funds from this source. As a result, a portion of our fund balance has been recommended for transfer to our improvement reserve to address immediate needs. This Resolve would appropriate $303,163 for three capital projects: repair of the Kenduskeag Stream Retaining Nall behind the County Sail ($190,000), energy conservation projects at various City facilities (108,913), and a consultant study of the City's traffic signal system which can be useful for assisting in potential state funding ($4,250). These projects have been reviewed by the Finance Committee which recommends your approval. n a Manager's Comments; Associated Information: Resolve Budget Approval: Fi Legal Approval: CITY _Introduced For passage First Reading page_of Referral 9J-29 "signed to Councilor Saucy November 25, 1996 CITY OF BANGOR (TITLE.)salue..............Making an Appropriation from the General .... _... ._...._....._...._...._...._......._..._......................._...._........_..._... Fund's improvement Reserve to the Capital Fund for Various Projects BFW Cay Causal of W city o(B47114r. BBSOLVSD, the amount of $303,163 is hereby appropriated from the General Fund's Improvement Reserve to the Capital Fund for the following purposes, xenduskeag Stream Retaining Wall $190,000 Energy Conservation Projects 108,913 Traffic Signal System Study 4.250 Total $303,163 AND, BE IT FURTHER RESOLVED, THAT: Grant funds in the amount Of $108,000 from the Federal Emergency Management Agency are hereby accepted and appropriated to the Capital Fund for the repair of the Renduskeag Stream Retaining Wall. The Finance Director is authorised to establish the necessary revenue and. expenditure accounts for these projects. IN CITY COUNCIL November 25, 1996 First Reading C IN CITY COUNCIL December 9. 1996 Pass d 9]-29 N E S O L V E Mak1vR an Appropriation fron the General Funa's Impro ement Reserve to the Capital fund for Various Projects �U, I(lArvwW