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