Title
Adoption of the Component Units 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, to provide the tax revenues included in the 2008 Budget.
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Brownfield Redevelopment 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 843 - Brownfield Redevelopment Fund:
Taxes $6,670
Municipal Contributions 26,290
Interest Earnings 2,980
Brownfield Redevelopment Fund Total Revenues $35,940
Brownfield Redevelopment Fund Total Expenditures $35,940
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Local Development Finance Authority (LDFA) 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 848 - Local Development Finance Authority (LDFA) Fund:
Taxes $518,330
Municipal Contributions 469,780
Interest Earnings 45,900
LDFA Fund Total Revenues $1,034,010
LDFA Fund Total Expenditures $1,034,010
Resolved, that the City Council of the City of Rochester Hills hereby adopts the SmartZone 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 851 -SmartZone Fund:
Municipal Contributions $251,520
Interest Earnings 400
SmartZone Fund Total Revenues $251,920
SmartZone Fund Total Expenditures $251,920
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Economic Development Corporation (EDC) 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 893 - Economic Development Corporation (EDC) Fund:
Fund Balance to Balance $570
Interest Earnings 100
EDC Fund Total Revenues $670
EDC Fund Total Expenditures $670