HomeMy WebLinkAbout2011-06-27 11-229 ORDEROUNCIL ACTION
Item No. :'G9
Data: June 27 2011
Item/Subject: Order, Authorizing Transfers of Vanous Amounts Between Me tandflll,
Improvement and Parks & Recreation Reserve Accounts and the Transfer of the Cascade Park
Reserve M Me City's Trust & Agency Accounts
Responsible Department Finance
Commentary:
Due w recent changes in Goveme acro Accounting Standards, the Pry undertook a emplowi
renew of its existing fund balance accounts. As part of the review aMff tlevelopetl Me following
recommendations.
I -ands.
1) The ansferr Reserve be eliminated and the remaining balance of aablish d when
Me City be transferred M Me Improvement Reserve. This reserve was established when t Clry
Moor and capped Me Kittredge Roance c sts. l to a costs
footling proven
post
Moore monitoring and maintenance cods. These costs have proven minor over the
years been addressed through the Public Works budget if needed, Herefore the
reservea Is Is n0 necessary.
2) Under Me revised ised accounting standards, Me City can no longer cony negative fund
balances, therefore, the recommendation be funded Is Hat ser from in Ne parks & Recreation
Reserve as of June result
2f ti in , in Ma a transfer from the Improvement Reserve.
The deed[ was a result of timing, in Mat tesignificanthopurchase was made from the
reserve account and it has taken time for the rh of net Calf Course pmreetls N repay the
outlay.
3) As Me underlying funding Hatestablished He Cascade Park MaintenanceReservewas
from private contributions and t &Agency, this account should be transferred from He
General Fund M Ne CAys Trust &Agency Accounts; and reported as an Other Special
Revenue Fund.
On June 20, 2011, the Finance Committee reviewed staff recommendations and voted
unanimously to recommend approval M the CM1y, Council. kyt
oep rtment Head
Manager's Comments: C rf„ l�( n�
��i City Manager
Associated Information: Order
Budget Approval:
00
X Passage
_ First Reading Page _ 0
Referral
c
suna v. 2011
Assigned to Cquncibr_Nealiey
t CITY OF BANGOR
(TIRE.) Order, Authorizing Transfers of Various Amounts Between the Landfill,
Improvement and Parks & Recreation Reserve Accounts and the Transfer of the Cascade Park
Reserve to the City's Trust & Agency Accounts
By Me Gry Countit of the Ory ofBangor:
ORDERED, THAT the balance of the tendril Reserve is hereby transferred to the Improvement
Reserve;and
BE IT FURTHER ORDERED, THAT funds equal to the deficit in the Parks & Recreation Reserve
Account as of June 30, 2011 be transferred from the Improvement Reserve to the Parks &
Recreation Reserve; and
BE IT FURTHER ORDERED, THAT the Cascade Park Maintenance Reserve he transferred from
the General Fund to the City's Trust & Agency Accounts, reported as Other Special Revenue
Funds in the City's financial statements.
IP C11R Comm
June 27. 2011
Me ion Made and Seconded for Passage
and
CI C RR
ORDER
Authorislue Transfers iof Varieec Amounts
Betas Ne Landfill. Improvement and Parts
and Hecre�tfmv u.verve Accmte and the Transfer
of the Cascade Park Reservee. to the City's Trust
a" Agency An