Title
Request for Approval of the Rochester-Avon Recreation Authority (RARA) Deficit Elimination Plan
Body
Whereas, the Rochester-Avon Recreation Authority’s (RARA) Fund has a $24,246 deficit fund balance on December 31, 2017; and
Whereas, 1971 PA 140 requires that a Deficit Elimination Plan be formulated by the local unit of government and filed with the Michigan Department of Treasury;
Now, Therefore, It Is Resolved, that the Rochester Hills City Council adopts the following as the Rochester-Avon Recreation Authority Fund Deficit Elimination Plan:
|
Revenue: |
|
|
|
Municipal Contributions |
$ |
719,510 |
|
Charges for Service |
$ |
1,843,030 |
|
Other Revenue |
$ |
31,000 |
|
Total Revenue |
$ |
2,593,540 |
|
|
|
|
|
Expenditures: |
|
|
|
Salaries & Wages |
$ |
1,242,163 |
|
Supplies |
$ |
217,800 |
|
Contractual Services |
$ |
523,225 |
|
Utilities |
$ |
58,000 |
|
Maintenance & Repairs |
$ |
58,000 |
|
Other Expenditures |
$ |
69,100 |
|
Depreciation |
|
|
|
Debt Service |
$ |
265,981 |
|
Capital Outlay |
$ |
9,000 |
|
Total Expenditures |
$ |
2,443,269 |
|
|
|
|
|
Add Back Depreciation (Net Investment in |
|
|
|
Capital Assets Net Position) |
$ |
- |
|
|
|
|
|
Unrestricted Net Position (Deficit) Dec. 31 |
$ |
126,025 |
|
|
|
|
|
|
|
2018 |
|
CA-CL (Deficit) Jan. 1 |
$ |
(24,246) |
|
Revenues |
$ |
2,593,540 |
|
Expenditures |
$ |
(2,443,269) |
|
Add Back Depreciation |
$ |
- |
|
CA-CL (Deficit) Dec. 31 |
$ |
126,025 |
Explanation:
- Revenue increase due to increased Municipal Contributions and Charges for Services due to recent conservative trends.
- Expenditure decrease due primarily to reduction in capital outlay, as build-out renovation of new complex was completed in Fiscal Year 2017.
Be It Further Resolved, that the Rochester-Avon Recreation Authority’s Treasurer/City of Rochester Hills Chief Financial Officer submit the Deficit Elimination Plan to the Michigan Department of Treasury for certification.