HomeMy WebLinkAbout2019-04-08 19-144 Resolve
04/08/201919-144
04/08/2019
19-144
Finance
Resolve
N/A
Title, Resolve
Appropriating $1,000,000 from Unassigned Fund Balance to Fund Street Repairs
This Resolve will appropriate $1,000,000 from the unassigned fund balance to fund street repairs.
The Charter specifies that the City will maintain a fund balance of no less than 8.33% of the prior
years operating expenditures. For fiscal year ending 2018, the City's unassigned fund balance, after
the funding of capital reserves, was approximately $12.4 million which represents 12.74% of the
prior year expenditures.
For the past several years, the City Council has been appropriating significant resources to repair and
maintain City streets. The City, as well as others in the State, have been experiencing an apparent
decrease in the life expectancy in typical mill and overlay work. MaineDot is reviewing the current
asphalt mix in order to determine whether or not enhancements could be made to extend the
longevity of the asphalt produced. The City has also experienced a few difficult freeze/thaw cycles,
which negatively impacts street conditions as well. Therefore the additional funding is being
proposed to address the condition of the City streets.
If approve, the unassigned fund balance would drop to approximately $11.4 million which represents
11.74% of the operating budget.
Finance Committee
04/01/2019
Recommend for passage
First Reading
04/08/201919-144
CITY OF BANGOR RESOLVE
04/08/2019
19-144
Weston
Appropriating $1,000,000 from Unassigned Fund Balance to Fund Street Repairs
Be it Resolved by the City Council of the City of Bangor that, $1,000,000 is hereby appropriated from
Unassigned Fund Balance to fund street repairs.
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