HomeMy WebLinkAbout2020-09-14 20-299 Order
09/14/202020-299
09/14/2020
20-299
Finance
Order
N/A
Title, Order
Authorizing Transfer of $299,600 of General Fund Debt Service Appropriation to Capital Fund Transfer
Appropriation in FY 2020
The attached Order would authorize the reallocation of FY 2020 appropriations within the General
Fund. The adopted FY 2020 budget, assumed the City would issue general obligation bonds for
certain approved capital projects in the fall of 2019. This bond sale did not occur until the spring of
2020. Therefore, the amounts appropriated to pay the principal and interest on the debt were not
expended for this purpose, instead these funds were utilized to reduce the amount of bonds issued
in the spring of 2020. As the appropriation crosses operating divisions, the City Council must take
action to approve the transfer of the appropriation from Debt Service to Capital Fund Transfer within
the General Fund
The spring bond sale occurred days before the impact of COVID-19, which resulted in the delay of
bringing forward this action.
Finance Committee
09/09/2020
Recommend for passage
50
Consent
09/14/202020-299
CITY OF BANGOR ORDER
09/14/2020
20-299
Hawes
Authorizing Transfer of $299,600 of General Fund Debt Service Appropriation to Capital Fund Transfer
Appropriation in FY 2020
Be it Ordered by the City Council of the City of Bangor that, an Appropriation Transfer in the of $299,600 from
the General Fund Debt Service division to the General Fund Capital Fund Transfer division for FY 2020 is
hereby approved.
IN CITY COUNCIL
SEPTEMBER 14,2020
CO 20-2 19'
Motion made and seconded for Passage of Cosent Agenda
Vote: 8—0
Councilors Voting Yes: Fournier,Hawes,Nichols, Schaefer, Sprague, Supica,Tremble,Davitt
Councilors Voting No: None
Passed
5(1
CIT CLE