Title
Adoption of Capital Funds - 2006 Budget (400'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 3, 2005 meeting City Council acknowledged receipt from the Mayor of the Proposed 2006 Budget Plan and set a Public Hearing to be held September 7, 2005 at 7:30 p.m. to hear comments on the Proposed Budget Plan; and
Whereas, at its September 14, 2005 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 2005 to provide the tax revenues included in the 2006 Budget.
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Fire Capital Fund Budget for Fiscal Year 2006 as follows:
Fund 402 - Fire Capital Fund:
Interest Earnings $120,000
Transfer In 796,810
Total Fire Capital Fund Revenues $916,810
Total Fire Capital Fund Expenditures $916,810
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Pathway Construction Fund Budget for Fiscal Year 2006 as follow:
Fund 403 - Pathway Construction Fund:
Fund Balance $425,060
Charges for Service 800
Interest Earnings 45,000
Transfer In 207,640
Total Pathway Construction Fund Revenues $678,500
Total Pathway Construction Fund Expenditures $678,500
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Capital Improvement Fund Budget for Fiscal Year 2006 as follows:
Fund 420 - Capital Improvement Fund:
Interest Earnings $ 30,000
Transfer In 2,609,420
Total Capital Improvement Fund Revenues $2,639,420
Total Capital Improvement Fund Expenditures $2,639,420