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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