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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