ADOPTED - MAY 11, 2010

                                                                                                                                                   Agenda Item No. 12

 

Introduced by the County Services and Finance Committees of the:

 

INGHAM COUNTY BOARD OF COMMISSIONERS

 

RESOLUTION ADOPTING THE DEFICIT ELIMINATION PLAN FOR THE

INGHAM COUNTY FAIR FUND

 

RESOLUTION #10-158

 

WHEREAS, Ingham County Fair Fund has a $56,803 deficit fund balance as of December 31, 2009; and

 

WHEREAS, Act 275 of the Pubic Acts of 1980 requires that a Deficit Elimination Plan be formulated by the local unit of government and filed with the Michigan Department of Treasury:

 

THEREFORE BE IT RESOLVED, that Ingham County’s Board of Commissioners adopts the following as the Ingham County Fair Fund Deficit Elimination Plan:

 

 

2010

2011

2012

2013

 

 

 

 

 

Fund Balance Deficit - January

      (56,803)

 (56,803)

      (31,803)

     (6,803)

 

 

 

 

 

Revenues - Off Season

       300,000

        310,000

       320,000

      330,000

Revenues - Fair Week

       460,000

       460,000

       470,000

      470,000

 

 

 

 

 

Total Revenue

       760,000

       770,000

       790,000

      800,000

 

 

 

 

 

Expenses - Off Season

       400,000

       400,000

       410,000

      415,000

Expenses - Fair Week

       360,000

       345,000

       355,000

      365,000

 

 

 

 

 

Total Expenses

       760,000

       745,000

       765,000

      780,000

 

 

 

 

 

Fund Balance Deficit - December

      (56,803)

       (31,803)

         (6,803)

   13,197

 

 

BE IT FURTHER RESOLVED, that when the accounts are closed for the 2011 budget year, if the Fair is not in accordance with the plan laid out in the resolution, the Finance Committee will revisit the issue in early 2012.

 

BE IT FURTHER RESOLVED, that the Ingham County Board of Commissioners authorizes the Controller/Administrator to submit the Deficit Elimination Plan to the Michigan Department of Treasury for certification.

 

COUNTY SERVICES:  Yeas:  Copedge, Schor, Grebner, McGrain, Vickers

     Nays:  None     Absent:  Celentino          Approved  5/04/10

 

FINANCE:  Yeas:  Grebner, Tennis, Bahar-Cook, Schor, Holman, Dougan

     Nays:  None     Absent:  None         Approved  5/05/10