Title
Adoption of the Debt Service 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 at a rate of 1.0854 mills, to provide the tax revenues included in the 2008 Budget.
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 2001 Street Improvement Debt Series 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 313 - 2001 Street Improvement Debt Fund:
Fund Balance to Balance $113,680
Interest Earnings 49,950
Transfer-In 66,840
2001 Street Improvement Debt Fund Total Revenues $230,470
2001 Street Improvement Debt Fund Total Expenditures $230,470
Resolved, that the City Council of the City of Rochester Hills hereby adopts the 2001 SAD Street Improvement Debt Series 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 314 - 2001 SAD Street Improvement Debt Fund:
Fund Balance to Balance $70,390
Interest Earnings 45,710
Special Assessment 24,980
Transfer-In 87,720
2001 SAD Street Improvement Debt Fund Total Revenues ...
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