HomeMy WebLinkAbout2007-10-10 07-314 ORDERDate: I0 -I0-07 `w"„ M� 07 31A
Item/SubjetC ORDER, Amending Designated and Undesignated Fund Balance Policy—
Garland Street Field Reserve.
Responsible Department: Finance
The School Department recently approached the Finance Department with a request to transfer
funds into the eoislirg Garland Street Feld reserve. Asa result of this request, staff researched the
history of this reserve. While it appears that It was originally established as the result of private
fund raising for improvements to Cameron Stadium in the mid 1990s, R does not appear that the
Council took formal action at that time W establish the reserve or set parameters on Its use.
In 1996, the Council adopted a policy on the City's designated and undesignated fund balance
which, as amended, outlines the purpose, funding, authority to use, and amounts and limits an
each of the Cltys General Fund reserve accounts. In retrospect, It appears that the Garland
Street Field reserve was not included at that done under the belief that this reserve was
associated with the School Department. The DepaNneres recent request W transfer funds into
this account led W the determination that R is a City reserve under the authority of the City
Council. As a result, we have prepared an amendment to our policy W include this reserve. As
proposed, this reserve could be used for major maintenance, repairs, renovations, and
Improvements to the Garland Street Feld/Cameron Sbdium athletic complex. Funding could
come through direct appropriation in the annual City or School budgets mr, at the School
Committee's request and wM the approval of the Council, through the transfer of School
Department balances. Authorowon to expend funds would be through the annual City or
Schaal budget or a separate appropriation resolve requested by the School Committee.
Approval of this order would give the Garland Street Field reserve the same formal basis as all
other Qty General Fund Reserves.
Department Head
Managers Comments: Recommend Approval.
f' city Manages
Associated Information: 1;4�
Budget ApprovaL
Finance Director
Legal Approval:
Qty Sollcltor
Introduced for
X Passage (004/(
_ Flet Reading Page _ of _
Referral
07 314
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5` CITY OF BANGOR
(TITLE.) ORDER, Amending Designated and Undesignated FUM Balance Policy —
Garland Street Field Resgve.
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR MAT
the Designated and Undesignated Fund Balance Policy of the City of Bangor is hereby amended
by adding a new section 14, Garland Street Field Reserve, as herbal:
14. Garland Street Reitl Reserve
14.1 Puryose. The Garland Street Field Reserve is established W provide a potential
source of funding far major maintenance, repairs, renovations, and impovements
W the Garland Street RekKameron Stad um athletic complex.
14.2 Funding. This reserve may be funded by direct annual appropriation in the City or
School Department operating budget or, upon a request by the School Committee
and approval by the Uty Council, through the transfer of avaliable balances or
Funds of the School Department his this reserve.
14.3 Authority to Use and Withdraw. Reserve funds may be expanded only upon a
recommendation of the School Committee approved by the City Coundl. Council
approval may occur either as an element of the annual budget process or through
a separate Counal Appropriations Resolve.
14.4 Amounts and Umits. No limitations are placed on the amount that may be reined
In this reserve.
BE 7 FURTHER ORDERED THAT
the remaining sections of the policy, be renumbered to be consistent with this change.
IP C[lY 10.200
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