ADOPTED - AUGUST 23, 2005
Agenda Item No. 20
Introduced by the Finance Committee of the:
INGHAM COUNTY BOARD OF COMMISSIONERS
RESOLUTION AMENDING THE 2005 BUDGET
WHEREAS, the Board of Commissioners has determined that it is in the best interests of the Ingham County government; its taxpayers, and its residents to maintain sufficient financial reserves to provide for the stable operation of the county government; to assure that the County=s financial obligations will be met; and to assure continuance of a strong credit rating; and
WHEREAS, the Board of Commissioners, through Resolution #02-17 has adopted a Financial Reserve Policy to guide decisions regarding the maintenance of sufficient financial reserves; and
WHEREAS, the Financial Reserve Policy and the status of county reserves is to be reviewed on an annual basis; and
WHEREAS, such a review has been done by the Controller, based on 2004 year end balances, and a report with recommendations has been given to the Finance Committee; and
WHEREAS, the Controller has recommended that certain transfers be made and that a reserve be established to begin the process of recognizing the unfunded liability associated with retiree health care; and
WHEREAS, the Finance Committee is recommending that certain transfers be made and that a reserve be established to begin the process of recognizing the unfunded liability associated with retiree health care.
THEREFORE BE IT RESOLVED, that the 2005 budget be amended to authorize a transfer of $320,000 from the General Fund to the Budget Stabilization Fund in order to maintain the balance at its current level of 14% of the average of the last five years General Fund Budget.
BE IT FURTHER RESOLVED, that the 2005 Budget be amended to authorize a transfer of $290,000 from the General Fund to the Public Improvement Fund in anticipation of future capital improvement needs.
BE IT FURTHER RESOLVED, that $1 million of the General Fund balance be designated for unfunded retiree health insurance liabilities.
BE IT FURTHER RESOLVED, that the Controller is authorized to make the necessary budget adjustments and transfers.
FINANCE: Yeas: Dedden, Swope, Hertel, Schor, Thomas, Dougan
Nays: None Absent: None Approved 8/17/05