HomeMy WebLinkAbout2010-01-11 10-051 RESOLVECOUNCIL ACTION
Item No. 10 051
Date: 1-11-2010
Item/Subject: Resolve, Appropriating $140,000 from the General Fund's
Undesignated Fund Balance
Responsible Department: Finance
Commentary:
In October, the City Council authorized the execution of an amendment to the City
Manager's employment contract that included a number of financial provisions related
to retirement from City service. In addition, as the City moves forward with its search
for a new City Manager, the Council plans to engage an Executive Search and
Recruitment Firm to aid in the process.
The attached Resolve will appropriate $140,000 from the General Fund's Undesignated
Fund Balance to fund the costs associated with both the City Manager's contract
amendment and the recruitment and search process.
As of June 30, 2009 the City's Undesignated Fund Balance of $8,743,388 exceeded the
Council target of 7.5% of operating expenditures by $2,411,281. In general, the City's
Fund Balance policy indicates that undesignated fund balance should be used primarily
to insure adequate designated reserves, to respond to unforeseen emergencies and to
provide overall financial stability. Based on the unforeseen, unique and non-recurring
nature of this appropriation, this Resolve appears to meet the intent of the City's Fund
Balance policy.
Department Head
Manager's Comments:
Finance Committee recommends approval
City Manager
Associated Information: Resolve
Budget Approval:
finance Director
Legal Approval: za�22J
City Solicitor
Introduced for
Passage
X First Reading Page _ of _
Assigned to Councilor - Bronson A 051
January 11, 2010
CITY OF BANGOR
(TITLE.) RESOLVE, Appropriating $140,000 from the General Fund's Undesignated
Fund Balance
BY THE CITY COUNCIL OF THE CITY OF BANGOR:
BE IT RESOLVED, THAT $140,000 is hereby appropriated from the General Fund's
Undesignated Fund Balance to fund the costs associated with the City Manager position;
AND, BE IT FURTHER RESOLVED, THAT the Finance Director is directed to properly account
for this appropriation specifically pertaining to costs associated with the City Manager's
retirement and costs associated with engaging an Executive Search and Recruitment Firm.
IN CITY COUNCIL
January 11, 2010
First Reading
CITY CLERK
IN CITY COUNCIL
January 25, 2010
Motion Made and Seconded for
Passage
Pal7 7q'!'ed
a 7 ,
CITY CLERK
#10-091
(TffLE 000 from
the General Fund's Undesignated Fund
Balance
Assigned to Councilor
fR ��,