ADOPTED - APRIL 27, 2004
Agenda Item No. 8
Introduced by the County Services and Finance Committees of the:
RESOLUTION APPROVING A DEFICIT ELIMINATION PLAN
RESOLUTION #04-123
WHEREAS, an accounting deficit will exist in the Drain GIS Study Fund at the end of 2003, and
WHEREAS, a deficit elimination plan must be approved by the County Board of Commissioners and filed with the State of Michigan Local Audit Division.
THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners approves the attached deficit elimination plan.
COUNTY SERVICES: Yeas: Swope, Thomas, De Leon, Hertel, Severino
Nays: None Absent: Nevin Approved 4/20/04
FINANCE: Yeas: Lynch, Grebner, Dedden, De Leon, Thomas, Minter
Nays: None Absent: None Approved 4/21/04
MEMORANDUM
TO: County Services Committee
Finance Committee
FROM: Gerald Ambrose
DATE: April 8, 2004
SUBJECT: Deficit Elimination Plan
Resolution #03-72 authorized obtaining digital orthophotographs of Ingham County. The resolution specified that the cost of the project would be reimbursed by municipalities within the County.
The project is accounted for in the Drain GIS Study Fund. At December 31, 2003, the project had incurred expenditures of $85,000. Collections and commitments from municipalities exceed $200,000. However, generally accepted accounting principles only permit recognition of currently available revenues. Consequently, the Drain GIS Study Fund shows a $38,636 accounting deficit at December 31, 2003. Additional expenditures are anticipated in 2004 and perhaps in 2005. Collections from municipalities and federal matching funds will be adequate to eliminate any deficit by the end of 2005.
The State of Michigan requires the County Board of Commissioners to approve a Deficit Elimination Plan for any fund that will report a deficit. This memo indicating elimination of the Drain GIS Study Fund deficit by 2005 should satisfy that requirement.