Title
Adoption of the FY 2009 Annual Appropriations (Debt Service Funds)
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, the Special Appropriations Act pursuant to PA 493 of 2000, and Section III of the Charter for the City of Rochester Hills, the Mayor as the Chief Executive Officer prepared the budget proposal for the ensuing year and submitted it to the Council at its first meeting in August; and
Whereas, at its August 4, 2008 meeting City Council acknowledged receipt from the Mayor of the Proposed 2009 Budget Plan and set a Public Hearing to be held September 15, 2008 at 7:30 p.m. to solicit comments on the proposed budget plan; and
Whereas, at its September 15, 2008 meeting City Council held said Public Hearing on the proposed millage rates to defray the fiscal year 2009 proposed budget expenditures; and
Whereas, subsequent to the City Councils review and comments the Mayor modified the original proposed budget; and
Whereas, the City Council hereby adopts the following 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 the winter of 2008 to provide the tax revenues included in the FY2009 Budget.
Resolved, the following is to provide for the general appropriations of the City and set- forth amounts appropriated to defray the expenditures and establish projected revenues and to adopt the City's Budget for fiscal year 2009.
Be It Further Resolved, the Mayor is hereby authorized to administratively adjust the operating budget line-items up to $25,000 per event, but in no case may total expenditures of a particular fund exceed that which is appropriated by the City Council without a budget amendment. Adjustments from capital accounts and fund balances shall be made only by further action of the City Council.
The City Council does hereby adopt the following fund budget for fiscal year 2009:
Fund 331 - Drain Debt Fund:
Fund Balance |
$41,630 |
Taxes |
2,001,710 |
Interest Earnings |
65,000 |
Drain Debt Fund Total Revenues |
$2,108,340 |
Drain Debt Fund Total Expenditures |
$2,108,340 |
And does hereby estimate $2,001,710 to be raised by 0.5454 mill tax levied for Drain Debt Service purposes on the assessed valuation of all real and personal property subject to taxation in the City.
Fund 368 - Older Persons Building Bond Fund:
Fund Balance |
$13,240 |
Taxes |
709,690 |
Interest Earnings |
15,000 |
OPC Building Debt Fund Total Revenues |
$737,930 |
OPC Building Debt Fund Total Expenditures |
$737,930 |
And does hereby estimate $709,690 to be raised by 0.1933 mill tax levied for OPC Building Debt Service purposes on the assessed valuation of all real and personal property subject to taxation in the City.
Fund 391 - Refunding Bond - 1998 Series Fund:
Fund Balance |
$65,610 |
Taxes |
1,612,700 |
Interest Earnings |
15,000 |
1998 Refunding Debt Fund Total Revenues |
$1,693,310 |
1998 Refunding Debt Fund Total Expenditures |
$1,693,310 |
And does hereby estimate $1,612,700 to be raised by 0.4395 mill tax levied for 1998 Refunding Debt Service purposes on the assessed valuation of all real and personal property subject to taxation in the City.
Be It Further Resolved, that the Assessor of the City of Rochester Hills be and hereby is authorized to have said amounts spread on the 2008 Tax Rolls.
Fund 313 - Street Improvement Bond - 2001 Series Fund:
Fund Balance |
$116,000 |
Interest Earnings |
30,000 |
Transfer-In |
78,770 |
2001 Streets Debt Fund Total Revenues |
$224,770 |
2001 Streets Debt Fund Total Expenditures |
$224,770 |
Fund 314 - SAD Street Improvement Bond - 2001 Series Fund:
Fund Balance |
$72,000 |
Interest Earnings |
33,420 |
Miscellaneous Revenue |
25,380 |
Transfer-In |
92,000 |
2001 SAD Streets Debt Fund Total Revenues |
$222,800 |
2001 SAD Streets Debt Fund Total Expenditures |
$222,800 |
Fund 325 - Street Improvement Bond - 2002 Series Fund:
Fund Balance |
$197,000 |
Interest Earnings |
55,000 |
Transfer-In |
192,610 |
2002 Streets Debt Fund Total Revenues |
$444,610 |
2002 Streets Debt Fund Total Expenditures |
$444,610 |
Fund 337 - SAD Street Improvement Bond - 1994 Series Fund:
Fund Balance |
$272,010 |
Interest Earnings |
10,640 |
Miscellaneous Revenue |
10,440 |
1994 SAD Streets Debt Fund Total Revenues |
$293,090 |
1994 SAD Streets Debt Fund Total Expenditures |
$293,090 |
Fund 338 - SAD Street Improvement Bond - 1995 Series Fund:
Fund Balance |
$125,000 |
Interest Earnings |
11,530 |
Miscellaneous Revenue |
12,130 |
Transfer-In |
46,120 |
1995 SAD Streets Debt Fund Total Revenues |
$194,780 |
1995 SAD Streets Debt Fund Total Expenditures |
$194,780 |
Fund 370 - Municipal Building Debt Fund:
Fund Balance |
$2,500 |
Interest Earnings |
1,000 |
Transfer-In |
739,660 |
Municipal Building Fund Total Revenues |
$743,160 |
Municipal Building Fund Total Expenditures |
$743,160 |