HomeMy WebLinkAbout2020-10-26 20-359 Order
10/26/202020-359
10/26/2020
20-359
School Department
Order
N/A
Title, Order
Authorizing the Transfer of $2,200,000 from the FY 2020 School Department Budget to the Capital Fund to
Fund School Capital Improvements
This order would authorize the transfer of $2,200,000 in FY 20 school department unexpended funds
to the Capital Fund to fund certain school capital improvements. The School Department
experienced larger than anticipated revenues and reduced expenses for FY 2020. Revenues
exceeded estimates due to increases in tuition students and the receipt of COVID 19 funding by
approximately $1 million. Additionally expenditures were approximately $1.2 million less than
anticipated due to schools being closed from March through June.
If approved, this Order would authorize the use of these funds in lieu of the issuance of debt, which
was previously approved by the City Council as follows; $1.2 million for electrical upgrades to Bangor
High School and $200,000 for a portion of the Bangor High School roof. An additional $800,000 will
be used to accelerate the completion of the Bangor High School electrical upgrades and eliminate
the need to issue debt for this portion of the work in future years.
Finance Committee
10/19/2020
Recommend for passage
40
New Business
10/26/202020-359
CITY OF BANGOR ORDER
10/26/2020
20-359
Sprague
Authorizing the Transfer of $2,200,000 from the FY 2020 School Department Budget to the Capital Fund to
Fund School Capital Improvements
Whereas, Order 20-255 authorized the issuance of $1.4 million in General Obligation Bonds; and
Whereas, due reduced expenditures as a result of COVID and an increase in CARES Act funding, the School
Department ended the year with a higher than anticipated balance; and
Whereas, the balance is sufficient to pay for some anticipated capital expenditures including electrical
upgrades and the roof improvements at Bangor High School.
Be it Ordered by the City Council of the City of Bangor that, $2,200,000 is hereby transferred from the School
Department budget to the Capital Fund in FY 2020 to fund certain school capital improvements, including
electrical upgrades at Bangor High School ($2,000,0000) and roof improvements at Bangor High School
($200,000).
IN CITY COUNCIL
OCTOBER 26,2020
CO 20-359
Motion made and seconded for Passage
Vote: 9—0
Councilors Voting Yes: Fournier,Hawes,Nichols, Okafor, Schaefer, Sprague, Supica, Tremble,Davitt
Councilors Voting No: None
Passed
CITY L RK