Title
Adoption of the Enterprise 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, to provide the tax revenues included in the 2008 Budget.
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Water & Sewer - Operating 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 592 - Water & Sewer Operating Fund:
Retained Earnings to Balance $1,853,550
License & Permits 25,400
Charges for Service 711,860
Fees 122,700
Rental 2,800
Fines & Forfeitures 120,000
Water & Sewer Rates 25,569,010
Capital & Lateral 322,000
Interest Earnings 344,640
Miscellaneous Revenue 5,000
Water & Sewer Operating Fund Total Revenues $29,076,960
Water & Sewer Operating Fund Total Expenses $29,076,960
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Water & Sewer - Capital 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 593 - Water & Sewer Capital Fund:
Retained Earnings to Balance $1,031,290
Interest Earnings 168,000
Transfer-In 4,870,140
Water & Sewer Capital Fund Total Revenues $6,069,430
Water & Sewer Capital Fund Total Expenses $6,069,430
Resolved, that the City Council of the City of Rochester Hills hereby adopts the Water & Sewer - Debt Service 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 595 - Water & Sewer Debt Service Fund:
Transfer-In $297,390
Water & Sewer Debt Service Fund Total Revenues $297,390
Water & Sewer Debt Service Fund Total Expenses $297,390