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HomeMy WebLinkAbout1996-05-29 96-246 RESOLVECODNCIL ACTION Date: 5-29-96 Item No 96-266 Item/Subject: Resolve: Appropriating PERC Performance Credit to the General Fund's Capital Improvement Reserve Responsible Department: City Manager Camientary: As was the case last year, we have once again received a performance credit refund from PERC. This year's credit is in the amount of $201,201.33 compared to last year's approximately $75,000. It should be noted that the size of this year's credit is unusually large and future year credits, if any, are more likelyto be closer to last year's amount. I would recomsend that these funds be once again dedicated to the City's capital improvement reserve. Such a designation allows these funds to be usedforcapital purposes which might otherwise require tax support in the City's general fund. By using these funds to offset the need to increase property tax revenues, all of the citizens and property owners in Bangor will realize a benefit. nSPARTMF.NT earn Manager's Cosnents: This has been reviewed by the Finance Committee which recommends your approval. The Committee also suggested that a portion of these funds be used to cover the higher than anticipated disposal costs associated with this year's spring cleanup. In n rural years, the City collects approximately 300 tons of material. This year we anticipate Collections of 900 to 1,000 tons. This may result in a shortfall in our appropriation of approximately $50,000. The attached Resolve allows for a portion of this credit to be used for this expenditure should other sources not be available.,Q// n Cd�wa,.y �TY MANAGER Associated Information: Legal Approval _Introduced For _ Passage _ First Reading pageof_ Referral Assigned to Councilor Leoa ... 96-266 May 29, 1996 CITY OF BANGOR (TITLE.)CSOIUQ.... ....... dlBP.F.923iating_PERC Pe...... the General Fund's Capital Improvement Reserve By Ne City Cmani WtU CU1'ofBa%W: RNSOLVBD, there is hereby appropriated the enchant of $291,201.33 to the General Fund's Reserve for Capital Improvements. This amount represents the performance credit received from the Penobscot Energy Recovery Facility from operations during calendar year 1996. AND, BE IT FURTHER RESOLVED, THAT should the Director of Finance determine that the anticipated over -expenditure for disposal fees associated with spring cleanup exceed other under - expenditures within the Department of Public Services, a portion of these fundsshall be appropriated and used to cover these expenses. IN CITY COUNCIL May 29, 1996 Moved to Referrals First Reading Councilor ?Abstained r44; L TY CLERK IN CITY COUNCIL June 10, 1996 Passed 96-246 NE50LVE Appropriating PERC Performance Credit to the General Fund's Capital Improvement Reserve.