Title
Adoption of the Special Revenue 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 4.0157 mills, to provide the tax revenues included in the 2008 Budget.
Resolved, that the City Council of City of Rochester Hills hereby adopts the Major Road 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 202 - Major Road Fund:
Fund Balance to Balance $2,436,990
Federal & State Grants 5,174,720
Charges for Service 29,500
Fees 196,250
Interest Earnings 702,000
Miscellaneous Revenue 23,000
Transfers-In 366,220
Major Road Fund Total Revenues $8,928,680
Major Road Fund Total Expenditures $8,928,680
Resolved, that the City Council of City of Rochester Hills hereby adopts the Local Street 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 203 - Local Street Fund:
License & Permits $10,000
Federal & State Grants 1,209,520
Municipal Contributions 40,000
Charges for Service 42,900
Interest Earnings 88,350
Special Assessment 17,020
Miscellaneous R...
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