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