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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^
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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.