HomeMy WebLinkAbout1985-12-23 86-54 ORDERIntroduced by CouncilorTillay, December 23, 1985
CITY OF BANGOR
MILE.) lOYraCre __City.Council Smearch and Review Croup
By the CTep county oftfw My offharoa::
ORDERED,
THAT the City Council Cnvete a Council Research and gevfew Creep
to study the City's requirements for cash balances throughout the year
for operating. rmems, charter and ordinance purposes. The Croup
will report its findings to the Council no later than the first meeting
in March, 1986.
Statemnt of Pact, The general food cash balance at October 31, 1980 was
approximately $1.679,000 and Us gradually Increased to $9,515.000 at
October 31, 1985, a period of five years. part of the balance is supported
by reserves set aside for various purposes. In view of. the projected
n
reductl in funding Exam outside sources, it is essential that the Council
be aware of what balances am available or can be made available to
support a stable tax rate, participate in forward projects (Such as the
rlverfrnt, parking garage, etc.) or for whatever other purpose the Council
may decide is in the best interest of the city as a whole.
M-54
OR➢ER
'85 BEC 19 P24
Title,.
FN E
RELE'•:
LI ::: DRAMA 1feAOA* AM I Kke.K P"M ..
5Ei+�"
CITY CLEAR
IN CITY CONLIL.1....................................
December 30, 1985 -
Passed by the following yea and
no vote6
lnta'odu¢ed and filed by
-. Councilors voting - -
Kee: 8raanj Frankel,. Iohzd`% __._ d�/�
mccaxthy,T$ullivan, Tilley, wpeeler ``���/(�c +
and Willey. Cowoilor voting .. �.CouncNman
Cox.
CITT-fIMRK
Resolve or Order -
To convene a council °Research and Review Group to study the City's requirement}
for cash balances throughout the year for operating, reserve, charter and
ordinance purposes.- The Group will report its findings to the Council no later: than the first meting in March, 1986.
Staterent of fact -
The general fund cash b al ante at October 31, 1980 was approximately $1 , 6D,000
n
and had gradually increased to $9,515,000 at October 31 1985, a period of five
years. Part of thebalance is supported by reserves set aside for 'various
purposes. In view of the projected reduction in funding franoutside sources,
,^
It essential that the Council be aware of what balances are
available o
be adds availableto support a stable .tax rate, participate In forward projects
(such as the r1 verfront, parking garage, etc.) or for whatever other purpose
the Council maydecide is in the best Interest of the city as a whole.