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
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Managers Comments:-� Wa OQA4 4eew ue ia m0+
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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
............. ...
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A ped to
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councilman