HomeMy WebLinkAbout2002-08-12 02-310 ORDERItem No. on -3:o
Date: August 12, 2002
Item/ Subject; ORDER -Establishing a Designated Fund Balance Reserve Entitled: Master
Transaction Agreement"
Responsible Department: Finance
Commentaryr
As you are aware, the City executed a Master Trareaction Agreement (WA), as amended, with Bangor
Nursing & Rehab Center (BNRC). This agreement spun -off a City department and created BNRC as a
separate entity.
This order would establish a designated fund balance to provide a source of funds for items addressed
Within the MTA such as; amounts owed for cast report settlements up to the period ended December 31,
2000, reimbursement to BNRC for non -grant funded Health B Welfare division utilities and the
reimbursement of sick time used during the first year of BNRCls opeation that was transferred from the
City. The reserve would be funded by the receipt of cost report settlements received after January 1,
2001 that are related to periods prior to that date.
Department Head
Manager's Comments:
Recommend approval
City Manager
Associated Information:
Order, Amendment 5
Budget Approval:
This order has been reviewed and recommended far passage by the Finance Committee. _
.FinanceeDirector
Legal Approval:
ty Solicitor
X Passage
_
First Ring Page _ of
Referral
02-310
Assigned to Councilor Palmer August 12, 2002
CITY OF BANGOR
(TIRE.) Order, Establishing a Designated Fend Balance Reserve Entitled: "Master
Transaction Agreement^
ORDERED, 1MIIT In accordance War Article W, Section 19 of the Ory Garter ars! the guidelines set
fodh in Council Order 94297, "Designated and! tlntlgignated Fund Balar e , the M[adied amendment to
the afolementi polky for Me estatlishmeM of a Designated Master Transaction Agreement Reserve
is hereby adopted.
02-310
IN CITY C006CIL
nugesa 12, 2002 ORDER
Notion Made 6 Seconded
for Passage Ttle Establisbieg a 0esigoated Fled
Passed Nelan[e Reserve entitled: "Master
Transaction Agreement"
CLNHR
Assigned to
Councilor
02-310
AMENDMENTS
DESIGNATED AND UNDESIGNATED FUND BALANCE
13. Master Transaction Agreement Reserve
13.1 Purpose. The Master Transaction Agreement Reserve is
established to provide a source of funding for a number of issues
related to the City's and Bangor Nursing & Rehabilitation Center's
(BNRC) Master Transaction Agreement, as amended. The Reserve
will provide a source of funding for the following: reimbursement of
non -grant funded Health & Welfare division utilities, liabilities
resulting from cost report settlements through the period ended
December 31, 2000, and the cost of sick time used by employees
transferred to BNRC for the period January 1, 2000 to December
31, 2000.
13.2 Funding. The Master Transaction Agreement Reserve will be
funded by the cost report settlements received after January 1,
2001 relating to operations prior to that date.
13.3 Authority to Use and Withdraw. The City Council must authorize
the expenditure/transfer/release of these funds either as an
element of the annual operating budget or through a separate
appropriation resolve, except for the items specifically identified
under section 13.1.
13.4 Amounts and Limits. No limitations are placed on the amount
which may be carried in this reserve.