HomeMy WebLinkAboutResolutions - 1987.10.08 - 18065Y AP.PR
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MISCELLANEOUS RESOLUTION # 87246 October 8, 1987
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: MANAGEMENT AND BUDGET - POLICY FOR THE DESIGNATION OF INTEREST INCOME
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS the County has numerous funds and the practice of accumulating
interest to these funds vary; and
WHEREAS accumulation of interest to various funds results in under recovery
from third party payees; and
WHEREAS some funds are required by law to retain interest; and
WHEREAS some funds generate their own revenue; and
WHEREAS the Airport's revenues are from aviation fund taxes and user fees; and
WHEREAS it is the desire of the Board to establish a policy for accruing
interest to various funds.
NOW THEREFORE BE IT RESOLVED interest earnings in all funds not required by
law or funded by separate tax levy be credited to the General Fund.
BE IT FURTHER RESOLVED the Airport Fund be allowed to continue interest
accumulation until such time as the Board determines otherwise.
BE IT FURTHER RESOLVED deviation from this policy only be allowed by Board
Resolution.
Mr. Chairperson, on behalf of the Finance Committee, I move the adoption of
the foregoing resolution.
FINANCE COMMITTEE
Fund
No. Title
Attachment A
Oakland County, Michigan
Funds Retaining Investment Income
10100 General Fund - All residual interest earnings recorded here
20800 Parks and Recreation - Separate legal entity
24900 Federal Revenue Sharing - Legal mandate
26800 County Library Fund - Board discretion
27403 Community Development Loan Program - Separate legal entity
27407 Community Development Rehabilitation Program - Separate legal entity
27408 Community Development Trust Fund - Legal mandate
30000 Sewage Disposal System - Special Assessment Districts - Legal mandate
34100 Building Authority - East Wing - Contractual covenant
34200 Building Authority - Law Enforcement Complex - Contractual covenant
34300 Building Authority - Medical Care Facility - Contractual covenant
37100 Oakland-Pontiac T-Hanger Redemp.-Aviation Div.-Contractual covenant
53001 Economic Devel. Corporation - Separate legal entity
53002 Local Develop. Company - Separate legal entity
58110 Aviation - Board discretion
61600 Delinquent Tax Revolving Fund - Legal mandate-pledged to bondholders
63800 DPW Water & Sewer Equipment - Board discretion
63900 Drain Equipment Revolving Fund - Board discretion
73100 Employees' Retirement Fund - Separate legal entity
73300 O.C. Deferred Compensation - Separate legal entity
73510 Workers Compensation Fund - Board discretion
73520 Unemployment Compensation Fund - Board discretion
73530 County Building and Liability Insurance Fund - Board discretion
80000 Sewer & Water Operations - Enterprise and Trust & Agency Fund
Contractual covenant
90000 Chapter 20&21 Drain Funds-Trust & Agency Funds - Contractual Covenant
8th day of /4 ) October 19 87 this
y Clerk/Register of Deeds
#87246
October 8, 1987
Moved by Caddell supported by Lanni the resolution be adopted.
AYES: Luxon, McConnell, A. McPherson, R. McPherson, Moffitt, Page, Pernick,
Price, Rewold, Skarritt, Wilcox, Aaron, Caddell, Calandro, Crake, Doyon, Gosling,
Hobart, Jensen, R. Kuhn, S. Kuhn, Lanni, Law. (23)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was
adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a
do hereby certify that I have compared the annexed copy of
this Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meeting held on October 8, 1987
with the orginial record thereof now remaining in my office, and
that it is a true and 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