HomeMy WebLinkAbout2007-06-11 07-222 ORDERItem No, Dale: June 11, 2007 07 2222 Item/Subject: Order, Tronsfening $295,000 of Unanticipated Building Permit Fees to the General Fund's Benefit Reserve Responsible Deparbnenb Finance As you are aware, the City will be seeing an unprecedented Increase in the cost of employee health insurance (49.09%) as a result of extremely high benefit utilization over the past year. Beginning with fiscal year 2000, the City had intended to limit the growth in the Cftys contribution for health insurance to a percentage equal to two times the LD 1 limit. However, given this approach our employees would have seen an increase In their premiums of more than 100%. Therefore, the proposed budget, which recommends a change in the cost sharing formula, attempts to limit the financial impact to tooth our employees and the City, In order to offset a portion of the impact of this rate increase, Me proposed fiscal year 2008 budget recommends that $295,000 be appropriated from a benefit reserve to be established this year. The attached Order would provide initial Funding for the benefit reserve by appropriating $295,000 in unanticipated building perm t revenues received in fiscal year 2007. This will not haves negative Impact on Code Enforcement's revenue budget for this year, as it has already met its revenue projections from other projects. DepartneM Head Recommend approval. �r \ v,/f MFMW' Associated Information: Budget Approval: F�cce Director Legal Approval: �1 M Introduced for Passage _X. First Reading Page _ of _ Referral 07 222 F AatigodbCO�ucit�r stone Tme il'. 2007 .. CITY OF BANGOR (TITLE.) Order, Transferring $295,000 of Unanticipated Building Permit Fees to the General Needs Benefit Reserve BE IT ORDERED BY THE CITY COUNCIL OF THE CIT' OF BANGOR THAT $295,000 of unanticipated building permit fees received in fiscal year 2007 are hereby transferretl to the General Fund's Benefit Reserve Account. da clm. wmcn . e.'IN 2001 Manua Made and Seconded far P wage Pae d LIU Z12 CLMHg U� f—W"'Ut._ 08DD8 (MLBJ Transferrin¢ 0295.000 0 Bmaticlpated Building Permit Pees to the General F 'c Assigned to Couo�uucilarr i/�// v 1 "V~" ~