Title
Adoption of Debt Funds 2005 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 4, 2004 meeting City Council acknowledged receipt from the Mayor of the proposed 2005 Budget Plan and set a Public Hearing to be held September 15, 2004 at 7:30 p.m. to hear comments on the proposed Budget Plan; and
Whereas, at its September 22, 2004 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 2004 to provide the tax revenues included in the Proposed 2005 Budget.
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Local Road Improvement Bond Debt-2001 Series Fund Budget for 2005 as follows:
Transfer-In $192,570
Total Local Road Improvement Bond Debt- 2001 Series Fund Revenues $192,570
Total Local Road Improvement Bond Debt- 2001 Series Fund Expenditures $192,570
Be It Further Resolved, that the City Council for the City of Rochester Hills hereby adopts the Local Road SAD Bond Debt - 2001 Series Fund Budget for 2005 as follows:
Fund Balance $ 41,330
Investment Earnings 28,120
Other Revenue 26,750
Transfer-In 123,600
Total Local Road SAD Bond Debt - 2001 Series Fund Revenues $219,800
Total Loca...
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