Title
Adoption of the Debt Service Funds Budget for Fiscal Year 2008
Body
Whereas, in accordance with the provisions of Public Act 2 of 1968 as amended (the Uniform Budgeting and Accounting Act), and the Charter for the City of Rochester Hills, 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 1, 2007 meeting City Council acknowledged receipt from the Mayor of the Proposed 2008 Budget Plan and set a Public Hearing to be held September 19, 2007 at 7:30 p.m. to hear comments on the Proposed Budget Plan; and
Whereas, at its September 26, 2007 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 2007 at a rate of 1.0854 mills, to provide the tax revenues included in the 2008 Budget.
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 2001 Street Improvement Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 313 - 2001 Street Improvement Debt Fund:
Fund Balance to Balance $113,680
Interest Earnings 49,950
Transfer-In 66,840
2001 Street Improvement Debt Fund Total Revenues $230,470
2001 Street Improvement Debt Fund Total Expenditures $230,470
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 2001 SAD Street Improvement Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 314 - 2001 SAD Street Improvement Debt Fund:
Fund Balance to Balance $70,390
Interest Earnings 45,710
Special Assessment 24,980
Transfer-In 87,720
2001 SAD Street Improvement Debt Fund Total Revenues $228,800
2001 SAD Street Improvement Debt Fund Total Expenditures $228,800
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 2002 Street Improvement Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 325 - 2002 Street Improvement Debt Fund:
Fund Balance to Balance $196,280
Interest Earnings 94,220
Transfer-In 112,860
2002 Street Improvement Debt Fund Total Revenues $403,360
2002 Street Improvement Debt Fund Total Expenditures $403,360
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Drain Debt Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 331 - Drain Debt Fund:
Fund Balance to Balance $32,310
Taxes 2,061,070
Interest Earnings 64,570
Drain Debt Fund Total Revenues $2,157,950
Drain Debt Fund Total Expenditures $2,157,950
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 1994 SAD Street Improvement Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 337 - 1994 SAD Street Improvement Debt Fund:
Fund Balance to Balance $155,230
Interest Earnings 21,830
Special Assessment 10,220
1994 SAD Street Improvement Debt Fund Total Revenues $187,280
1994 SAD Street Improvement Debt Fund Total Expenditures $187,280
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 1995 SAD Street Improvement Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 338 - 1995 SAD Street Improvement Debt Fund:
Fund Balance to Balance $121,780
Interest Earnings 19,990
Special Assessment 12,510
Transfer-In 28,710
1995 SAD Street Improvement Debt Fund Total Revenues $182,990
1995 SAD Street Improvement Debt Fund Total Expenditures $182,990
Resolved, that the City Council of the City of Rochester Hills hereby adopts the OPC Building Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 368 - OPC Building Debt Fund:
Fund Balance to Balance $11,480
Taxes 734,730
Interest Earnings 15,180
OPC Building Debt Fund Total Revenues $761,390
OPC Building Debt Fund Total Expenditures $761,390
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Municipal Building Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 370 - Municipal Building Debt Fund:
Fund Balance to Balance $2,660
Interest Earnings 1,500
Transfer-In 653,200
Municipal Building Debt Fund Total Revenues $657,360
Municipal Building Debt Fund Total Expenditures $657,360
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 1998 Refunding Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 391 - 1998 Refunding Debt Fund:
Fund Balance to Balance $61,360
Taxes 365,600
Interest Earnings 17,540
1988 Refunding Debt Fund Total Revenues $444,500
1988 Refunding Debt Fund Total Expenditures $444,500
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 2002 Refunding Debt Series Fund Budget for Fiscal Year 2008 and therefore may expend up to, but not to exceed, the total appropriation for the total fund as follows:
Fund 392 - 2002 Refunding Debt Fund:
Fund Balance to Balance $241,640
Taxes 824,940
Interest Earnings 54,560
2002 Refunding Debt Fund Total Revenues $1,121,140
2002 Refunding Debt Fund Total Expenditures $1,121,140