Title
Adoption of the General Fund 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 3.8226 mills, to provide the tax revenues included in the 2008 Budget.
Resolved, that the City Council of City of Rochester Hills hereby adopts the General 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 101 - General Fund:
Taxes $13,985,670
Licenses & Permits 1,578,530
Federal & State Grants 5,052,060
Interfund Charges 4,118,330
Charges for Service 856,060
Fees 236,800
Rentals 330,980
Fines & Forfeitures 52,000
Interest Earnings 805,000
Miscellaneous Revenue 43,400
General Fund Total Revenues $27,058,830
General Fund Total Expenditures $27,058,830