ADOPTED - JULY 27, 2010

                                                                                                                                                   Agenda Item No. 27

Introduced by the Finance Committee of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION AMENDING THE 2010 BUDGET

RESOLUTION #10-227

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 2009 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 for potential tax tribunal appeal liabilities; 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 for potential tax tribunal appeal liabilities.

THEREFORE BE IT FURTHER RESOLVED, that $3.2 million of the General Fund balance remain designated for unfunded retiree health insurance liabilities.

BE IT FURTHER RESOLVED, that $700,000 of the General Fund balance remain designated for potential tax tribunal liabilities.

BE IT FURTER RESOLVED, that budgeted use of fund balance in the General Fund be increased $1.3 million to offset anticipated revenue reductions.

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

FINANCE:  Yeas:  Grebner, Schor, Holman, Dougan

 Nays:  None               Absent:  Tennis, Bahar-Cook          Approved 7/21/10