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.