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.
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May 23, 2005, y12�
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