File #: 2004-0728    Version: 1
Type: Finance Status: Passed
File created: 8/27/2004 In control: City Council Regular Meeting
On agenda: Final action: 10/20/2004
Title: Adoption of Debt Funds 2005 Budget (300's)
Indexes: Budget
Attachments: 1. 0728 Resolution.pdf
Title
Adoption of Debt Funds 2005 Budget (300's)
 
Body
Whereas, in accordance with the provisions of Public Act 2 of 1968, Public Act 621 of 1978, the Uniform Budgeting and Accounting Act for Local Government, and the Charter for the City of Rochester Hills, Chapter III, Section 3.2, the Mayor as the Chief Executive Officer shall prepare the budget proposal for the ensuing year and shall submit it to the Council at its first meeting in August; and
 
Whereas, at its August 4, 2004 meeting City Council acknowledged receipt from the Mayor of the proposed 2005 Budget Plan and set a Public Hearing to be held September 15, 2004 at 7:30 p.m. to hear comments on the proposed Budget Plan; and
 
Whereas, at its September 22, 2004 meeting City Council adopted the tax rates in accordance with Chapter IV, Taxation, specifically Section 4.1, Power to Tax and Secure Revenue, and Section 4.2, Charter Tax Rate & Special Voted Millages Limitation, to be levied in December 2004 to provide the tax revenues included in the Proposed 2005 Budget.
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Local Road Improvement Bond Debt-2001 Series Fund Budget for 2005 as follows:
 
Transfer-In      $192,570
 
Total Local Road Improvement Bond Debt- 2001 Series Fund Revenues      $192,570
 
Total Local Road Improvement Bond Debt-  2001 Series Fund Expenditures      $192,570
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Local Road SAD Bond Debt - 2001 Series Fund Budget for 2005 as follows:
 
Fund Balance                                                                                                              $ 41,330            
Investment Earnings                        28,120
Other Revenue                                                                                                              26,750
Transfer-In                  123,600
 
Total Local Road SAD Bond Debt -  2001 Series Fund Revenues            $219,800
 
Total Local Road SAD Bond Debt -  2001 Series Fund Expenditures      $219,800
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Local Road Improvement Bond Debt-2002 Series Fund Budget for 2005 as follows:
 
Transfer-In                                                                                                                    $346,640
Total Local Road Improvement Bond Debt- 2002 Series Fund Revenues      $346,640
 
Total Local Road Improvement Bond Debt-   2001 Series Fund Expenditures                                                                  $346,640      
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Drain Debt Fund Budget for 2005 as follows:
 
City Taxes                                                                                                                         $1,941,930
Investment Earnings                                                                                                                    5,580
 
Total Drain Fund Revenues         $1,947,510
 
Total Drain Fund Expenditure               $1,947,510
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Local Road Improvement Bond Debt-1994 Series Fund Budget for 2005 as follows:
 
Fund Balance      $100,080
Investment Earnings          14,170
Other Revenue          13,820
Transfer-In          63,680
 
Total Local Road Improvement Bond Debt- 1994 Series Fund Revenues      $191,750
 
Total Local Road Improvement Bond Debt-1994 Series Fund Expenditures      $191,750
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Local Road Improvement Bond Debt-1995 Series Fund Budget for 2005 as follows:
 
Fund Balance      $109,400
Investment Earnings          14,890
Other Revenue          15,920
Transfer-In          40,190
 
Total Local Road Improvement Bond Debt-1995 Series Fund Revenues      $180,400
 
Total Local Road Improvement Bond Debt-1995 Series Fund Expenditures      $180,400
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the OPC Building Bond Debt Fund Budget for 2005 as follows:
 
City Taxes                                                                                                                  $ 746,830
Investment Interest              830      
 
Total OPC Building Bond Debt Revenues      $747,660
 
Total OPC Building Bond Debt Expenditures      $747,660
 
Be it Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Municipal Building Bond Debt Fund Budget for 2005 as follows:
 
Transfer-In                  $690,510
 
Total Municipal Building Bond Debt Revenues      $690,510
 
Total Municipal Building Bond Debt Expenditures      $690,510
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the General Obligation Refunding Bonds- 1998 Series Fund Budget for 2005 as follows:
 
City Taxes      $187,040
Investment Earnings                                                                                                            1,140
 
Total Refunding Bonds Revenue                                                                      $188,180
 
Total Refunding Bonds Expenditures      $188,180
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the General Obligation Refunding Bonds-2002 Series Fund Budget for 2005 as follows:
 
City Taxes      $1,383,960
Investment Earnings                                                                                                             10,200
 
Total Refunding Bonds Revenues      $1,394,160
          
Total Refunding Bonds Expenditures   $1,394,160
 
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the General Obligation Refunding Bonds-1998 Series Fund Budget for 2005 as follows:
 
Transfer-In         $491,450
 
Total Refunding Bonds Revenues        $491,450
 
Total Refunding Bonds Expenditures       $491,450