HomeMy WebLinkAboutResolutions - 1976.11.18 - 14311lAWRENCE R. PERNICK, CHAIRMAN
Nov. 18, 1976
MISCELLANEOUS RESOLUTION #
BY: LAWRENCE R. PERNICK, CHAIRMAN, FINANCE COMMITTEE
IN RE: PARKS & RECREATION REQUEST FOR CASH LOAN
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr, Chairman, Ladies and Gentlemen:
WHEREAS Parks and Recreation has undergone an intensive construction
program the past two years; and
WHEREAS expenditures for these capital programs are estimated to exceed
cash receipts for the months of November and December, 1976 to the degree that
a substantial cash flow problem will exist (per the attached schedule); and
WHEREAS the time of collection of funds due from several government grants
and the anticipated collections on next year's [pillage in December is uncertain
at this time; and
WHEREAS this uncertainty makes it difficult to determine exactly when the
cash advance will be needed,
NOW THEREFORE BE IT RESOLVED that the County advance, from its general fund
to Parks and Recreation,an amount not to exceed $125,000, Such amount to be
advanced as needed on an interest free basis and be repaid in full by March 1,
1977.
The Finance Committee, by Lawrence R, Pernick, Chairman, moves the adoption
of the foregoing resolution.
FINANCE COMMITTEE
7729
$ 20,000
7,500
60,000 87,500
305,500
115,000
225,000 340,000
5,000
10,000
190,000
120,000
175000
205,000
295,000
(90,000)
$(124,500)
OAKLAND COUNTY PARKS & RECREATION
Cash Flow Projection
For November & December 1976
November Cash Flow
Estimated Fund Balance 10/31/76 $ 218 3 000
Add: Probable Cash Receipts in November:
Estimated Parks Revenue
Reimbursement for Title X Expenses
DNR Grant - Wave Pool
Less: Estimated Cash Payments in November:
Parks Operating Expenses (1)
Payments for Capital Programs
Estimate of Advance Needed in Nov. (1) (34,500)
December Cash Flow
Estimate of Cash Receipts in December:
Park Revenues
Title X Reimbursement
Estimated Collection in next year's millage
.LessE St i mate of Cas h nts i n Dec ember
Park Operating Expenses (1)
Payments for Capital Programs
Estimate of Advance Needed in Dec, (1)
Total Estimated Need
(1) These amounts do not include payments to any
Oakland County Units except payroll,
#7729
Moved by Pernick supported by Fortino the resolution be adopted.
AYES: Fortino, Kasper, Lennon, McDonald, Moffitt, Montante, Murphy, Page,
Patterson, Perinoff, Pernick, Price, Roth, Simmons, Wilcox, Wilson, Aaron, Button,
Daly, Dearborn, Douglas. (21)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
1, Lynn D. Allen, Clerk of the County of Oakland ands
having a seal, do hereby certify that I have compared the annexed copy of
Miscellaneous Resolution #7729 adopted by the Oakland County Board of
Commissioners at their meeting held on November 18, 1976
[200.eabov v.- • eenaese
with the the original record thereof now remaining in my
office, and that it is a true ami correct transcript
therefrom, and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand- and
affixed the seal of said County at Pontiac, Michigan
18th November this .....................day of,........„ ..... 19.16
Lynn D. Allen Clerk
By,.................,..., „.,,Deputy Clerk