Title
Adoption of Debt Funds - 2006 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 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 Local Street Improvement Bond Fund / 2001 Series Budget for Fiscal Year 2006 as follows:
Fund 313 - Local Street Improvement Bond Fund / 2001 Series:
Fund Balance $108,000
Interest Earnings 24,000
Transfer In 57,320
Total Local Street Debt Fund / 2001 Series Revenues $189,320
Total Local Street Debt Fund / 2001 Series Expenditures $189,320
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Local Street Improvement S.A.D. Bond Fund / 2001 Series Budget for Fiscal Year 2006 as follow:
Fund 314 - Local Street Improvement S.A.D. Bond Fund / 2001 Series:
Fund Balance $63,360
Interest Earnings 34,760
Principal 24,920
Transfer In 91,760
Total Local Street S.A.D. Debt Fund / 2001 Series Revenue $214,800
Total Local Street S.A.D. Debt Fund / 2001 Series Expenditures $214,800
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Local Street Improvement Bond Fund / 2002 Series Budget for Fiscal Year 2006 as follows:
Fund 325 - Local Street Improvement Bond Fund / 2002 Series:
Fund Balance $183,400
Interest Earnings 45,000
Transfer In 137,990
Total Local Street Debt Fund / 2002 Series Revenues $366,390
Total Local Street Debt Fund / 2002 Series Expenditures $366,390
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Drain Debt Fund Budget for Fiscal Year 2006 as follows:
Fund 331 - Drain Debt Fund:
Taxes $2,196,550
Interest Earnings 13,850
Total Drain Debt Fund Revenues $2,210,400
Total Drain Debt Fund Expenditures $2,210,400
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Local Street Improvement S.A.D. Bond Fund / 1994 Series Budget for Fiscal Year 2006 as follow:
Fund 337 - Local Street Improvement S.A.D. Bond Fund / 1994 Series:
Fund Balance $153,150
Interest Earnings 20,790
Principal 10,080
Total Local Street S.A.D. Debt Fund / 1994 Series Revenues $184,020
Total Local Street S.A.D. Debt Fund / 1994 Series Expenditures $184,020
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Local Street Improvement S.A.D. Bond Fund / 1995 Series Budget for Fiscal Year 2006 as follow:
Fund 338 - Local Street Improvement S.A.D. Bond Fund / 1995 Series:
Fund Balance $113,500
Interest Earnings 19,320
Principal 12,400
Transfer In 53,740
Total Local Street S.A.D. Debt Fund / 1994 Series Revenues $198,960
Total Local Street S.A.D. Debt Fund / 1994 Series Expenditures $198,960
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Older Person's Commission (O.P.C.) Building Debt Fund Budget for Fiscal Year 2006 as follows:
Fund 368 - Older Person's Commission (O.P.C.) Building Debt Fund:
Taxes $732,190
Interest Earnings 5,700
Total O.P.C. Building Debt Fund Revenues $737,890
Total O.P.C. Building Debt Fund Expenditures $737,890
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Municipal Building Debt Fund Budget for Fiscal Year 2006 as follows:
Fund 370 - Municipal Building Debt Fund:
Interest Earnings $ 400
Transfer In 679,610
Total Municipal Building Debt Fund Revenues $680,010
Total Municipal Building Debt Fund Expenditures $680,010
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Refunding Bond Debt Fund / 1998 Series Budget for Fiscal Year 2006 as follows:
Fund 391 - Refunding Bond Debt Fund / 1998 Series:
Taxes $184,570
Interest Earnings 2,880
Total Refunding Bond Debt Fund / 1998 Series Revenues $187,450
Total Refunding Bond Debt Fund / 1998 Series Expenditures $187,450
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Refunding Bond Debt Fund / 2002 Series Budget for Fiscal Year 2006 as follows:
Fund 392 - Refunding Bond Debt Fund / 2002 Series:
Fund Balance $ 174,400
Taxes 1,196,680
Interest Earnings 24,950
Total Refunding Bond Debt Fund / 2002 Series Revenues $1,396,030
Total Refunding Bond Debt Fund / 2002 Series Expenditures $1,396,030