ADOPTED -JULY 22, 2008

Agenda Item No. 18

Introduced by the Finance Committee of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION AMENDING THE 2008 BUDGET

RESOLUTION #08-195

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 2007 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, that funds continue to be reserved in order to recognize the unfunded liability associated with retiree health care, and that funds currently reserved for health services be more specifically reserved for Ingham Health Plan and/or Jail Medical Services; and

WHEREAS, the Finance Committee is recommending that certain transfers be made, that funds continue to be reserved in order to recognize the unfunded liability associated with retiree health care, and that funds currently reserved for health services be more specifically reserved for Ingham Health Plan and/or Jail Medical Services.

THEREFORE BE IT RESOLVED, that the 2008 budget be amended to authorize a transfer of $700,000 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 Budgets.

BE IT FURTHER RESOLVED, that $3 million of the General Fund balance remain designated for unfunded retiree health insurance liabilities.

BE IT FURTHER RESOLVED, that $1,040,309 of the General Fund balance currently reserved for health services as part of the agreement for the sale of Ingham Regional Medical Center be reserved specifically for Ingham Health Plan and/or Jail Medical Services as determined through the budget process.

BE IT FURTHER RESOLVED, that the Controller is authorized to make the necessary budget adjustments and transfers.

FINANCE:  Yeas:  Grebner, Hertel, Weatherwax-Grant, Celentino, Dougan

     Nays:  None         Absent:  Schor        Approved 7/16/08