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HomeMy WebLinkAbout2001-03-14 01-148 ORDERItem No. 01-160 Date: 3 -12 - 01 Item/Subject: ORDER, Transfer Appropriations within the General Fund as a Result of the Creation of the Bangor Nursing and Rehabilitation Center Responsible Department Finance Commentary: The master transaction agreement between the City of Bangor and the Bangor Nursing and Rehabilitation Center (BNRC) identified two existing obligations of the City Nursing Facility that would remain with the City of Bangor after the creation of BNRC. Speci0cally, the City agreed to assume the City Nursing Facility's portion of the City's Maine State Retirement System Initial Unpooled Unfunded Actuarial Liability and their currently outstanding general obligation debt. Since the City Nursing Facility no longer exists as a component of the City of Bangor sufficient funds remain within the operating subsidy to offset the fiscal year 2001 effect of the aforementioned! obligations. This order will redistribute appropriated funds withinthe General Fund. KIM DepaNnent Head Manager's Comments: F�yef' haws City Manager Associated Information:(AJ^ ge<aPProxa ? V� 31716Y KP vmrceL Qr1' Finance Director v City Soliator X passage _ First Reading Page _ of Referral �"` Assigned to Councilor Blanchette March 14, 2001 to a CITY OF BANGOR (TITLE.) Order, Transfer Appropriations within the General Fund as a Result of the Creation of the Bangor Nursing and Rehabilitation Center 6y Me CRy Co und/ W the Ory of Bw jor: ORDERED WHEREAS, the City Nursing Facility ceased to exist as a component of the City of Bangor effective January 1, 2001; and WHEREAS, the City entered into a master transaction agreement with the Bangor Nursing and Rehabilitation Center outlining financial obligations that would remain with the City after the creation of the new facility; and WHEREAS, the General Fund budget that was adopted for fiscal year 2001, assumed that the City Nursing Facility would remain a component of the City for the entire fiscal year; BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR, THAT $93,690 be transferred from the City Nursing Facility Subsidy (6743-76700430) to Fixed Maine State Retiremem (6320-71001050) In the amount of $66,990, Debt Service (6201-84010200) in the amount of $15,300 and Contingency (6410-91008900) in the amount of $110400. IP CM COMCIL March 16, 2001 Mtion for Passage Made p 01-160 asl Seconded Passed //((77 cm ""�— (TITLE,) *r.^.e.. : w ^ Jeri.. .h+ the GeneralR a aResult^of the Creation of the Bangor Musing and e a tat on /.esignMBto Councilor Of51 LILwM.AY I_ 9",,40.