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HomeMy WebLinkAbout2005-05-23 05-169 RESOLVECOUNCIL ACTION Item No. 05-169 Date: May 23, 2005 IteWBubject: Resolve, Appropriating $1,714,000 from Fiscal Year 2005 Unanticipated Airport Revenues to Fund Various Operating and Capital Expenditures. Responsible Department: Airport Commentary: The Airport's FY05 budget was prepared based on 700 international flights. Through April, there have been 1,180 and it is projected that there will be 1,290 total. This has generated significant additional revenue. It has also increased operating expenditures. There also have been additional legal and environmental challenges the Airport hoe had to deal with this year. Given these, it is projected that pre -depreciation net income will be just over $21UM even after these additional expenses. It is prudent to use some of these unanticipated revenues and reinvest them in the aging infrastructure of the Airport when they are available. The attached resolve will appropriate $722,000 toward the additional expenses incurred during the year due to higher than anticipated international flights and legal and environmental expenses. It will also provide $992,000 toward various capital projects. A listing of these projects is attached. Rebecca Huno Department Head Manager's Aa Comments; n/, "Oba�p q� T^F"LUAAWI;0404 rwr✓euw� Fiea.+a City Manager Associated Information: Proposed Capital Expenditures Budget Approval: Fimnce Director Legal Approval: City Solicitor Introduced for _Passage _X_ First Reading Referral to Finance Committee Page — of 05-169 Ica„ Assisted to C ilor C"Imoll May 23, 2005 CITY OF BANGOR (TITLE) Resolve, Appropriating $1,714,000 from Fiscal Year 2005 Unantidpated Airport Revenues to Fund Various Operating and Capital Expenditures. Whereas, business at Bangor International Airport, especially international flights, has been considerably stronger than was anticipated and budgeted for during fiscal 2005; and Whereas, such business generated additional unanticipated revenues, but also created additional unanticipated expenses; and Whereas, an appropriation of a portion of Nese additional revenues is required to offset the additional erryenses associated with servicing the business that produced them; and Whereas, in addition, the Airport experienced higher than anticipated legal and environmental expenses during the current year, and Whereas, even after taking into account Nese additional expenses, the fiscal year performance of the airport will be considerably in excess of that anticipated in the budget; and Whereas, It is prudent to reinvest a portion of these unanticipated net revenues in the infrastructure of Bangor International Airport in order to maintain and improve this community asset and to avoid the necessity of such capital expenditures at a time when airport business may not be as strong; NOW, THEREFORE, BE IT RESOLVED BY THE CIN COUNCIL OF THE CITY OF BANGOR THAT There is hereby appropriated the amount of $1,714,000 from fiscal year 2005 unanticipated Aiport revenues for the purpose of funding operating expenses at Bangor International Airport in the amount of $722,000 and capital expenditures in the amount of $992,000 in accordance with the attached listing of capital projects. The Finance Director is hereby directed to place these funds in the appropriate Airport operating and capital accounts. IN caw WDNCLL May 23, 2005, y12� H Heading _'j y 05-149' Referred to. §§5111 Hi ® Finance Cottee + R 8 S 0 1 V 8 .,?.11.nm/ii"611 DHPOTY CITY dHgR - f (fITI F.pg .I APProPriati. $1,}Iq,Ogkf aFiscal acal Feat- 20US�icapated: Ritpw`,ae¢ to _Fwd VaYiou¢-Opetativg and CapittlBplfal Hxpense¢ R CI13 COONCIL 11 Jun e 13, 2005' Mptioa Made and Seconded for i Eesa 6A d Awlgoed bCwoeibr IIN I AIRPORT DEPARTMENT REQUEST FOR OUTLAYS TO BE FUNDED BY APPROPRIATION OF UNATICIPATED REVENUES FROM FISCAL YEAR 2005 ITEM REASON M UNT New Fund base opemmrcompumLied syacem that also mzhades is m conwl Now Sod ®tl M11io8 aYelem WJIeOow %r fsreruutomvservice, billing !sato IulWmg nlecMc muerson Net troch. praemivg ofiuvmbry to EvmO✓idiu arid quicker camon od Ofhsoei bla. 100,000.W New FiroAlmm Syst®DAH@IAB Q t syuem dna umlwn wok ptopaly aM eaic of the euipmmt c®at be repmralbusoae oloWdatedpXa 100,000.0] Fawn Sp¢m Qurentayuem dam ootwok xrellmM iaout tlarN. N,mi UAB av roMmocerwit Iteplaze alawii[Ihatu hi8hmainrwavice. 100,000.00 Aar Gaditoougumt Hepkce old unit mat is high mvNenuce and MN -t fmddpaXs 60,000.00 Spiiokla Syattma Spriokla Osossia w Bldgs Q71,266,268,457,97, parts of 115, 252,462¢53 384,000.00 FmlTrvck _ To lace 40 ywold fuel truc4 (iH]). This is de diecel aotl 8eeolinerefoely. 119,00000 Glyculblmdingsyso-m Cosy dekmg uomge sysam m bonom-Iced bloding syuem unread ofamamt ospkmd system to cositsim to OSHA requratomts. 50UV�.00 Toni $992,000 00