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HomeMy WebLinkAbout1991-06-10 91-239 ORDERDate WV„6-10'91 Item No. 9r-139 Item/Wbjece. Establishment of Long -Term Liability for City Participation.in Privately Funded Sewer Projects Responsible Department Finance Commentary: Past Council Orders directed the Finance Director to reimburse a Thseprivate pari fox all es part of the cost of sewer installation. Those Council Orders certificates terms for repayment tied to issuance of occupancy certificates and/or payments sewer assessments. General Accepted Accounting Principals require that: (a) these longUtilii liabilities and be recognized within the Sewer Utility Fund and (b) sewer assessments are also recognized within the Sewer Utility Fund. This Council Order would direct the Finance Director to research the balance outstanding and establish the long-term liabilities and deferred revenues according to GAAP W n.- pnr ne /InA "' Managers Comments:-� Wa OQA4 4eew ue ia m0+ a, -dl men:-�.c .tB�.a. �• aaa Cily Monier Associated Informalio0:6 BudgW Approval: HLA Piuevnt Dirc Legal Approval: {, Ciq Solin'mr Introduced For [Wassage ❑ First Reading page —ot— ❑Rclerml 91-239 Aerip;ed b CowNm Sawyer, June 10, 1991 CITY OF BANGOR (TITLE.)WILCL Establishment of Long-term Liability for City x' Participation in Privately Funded Sewer Projects By Ale City CMWU of Am MY Offte .' TUT WHEREAS past Council Orders directed the Finance Director to pay certain sums to developers for the construction of sewer lines in subdivisions, or to reimburse others who up fronted monies for sewer extensions which would be paid from future sewer assessments; and WHEREAS General Accepted Accounting Principalwould require that a long-term liability be established with the Sewer Utility Fund to assure proper payment of amounts due: and be it ordered That, Certain Accounts for identifying sewer assessments be transferred from the Capital Fund to the Sewer Utility Fund, and THAT the Finance Director research and establish a long-term liability for payments order by the City Council for construction of sewer lines be established within the Sewer Utility Fund in accordance with Generally Accepted Accounting Principals. In City Council June 10.1991 Passed COL- 0 O1 b dM City Clerk 91-279 ORDER Title. Establishment of Long Term Liability for ....... ........ 'City'Parbicipation'in'privately funded SLausr hUnda ............. ... y ...................... A ped to .......l .... councilman