HomeMy WebLinkAboutResolutions - 1994.05.26 - 24224May 26, 1994
MISCELLANEOUS RESOLUTION # 94155
BY: Finance Committee, John P. McCulloch, Chairperson
IN RE: DEPARTMENT OF MANAGEMENT AND BUDGET - APPROPRIATION FOR
DEFERRED COMPENSATION PLAN ADMINISTRATIVE COSTS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS the Oakland County Board of Commissioners adopted a
Deferred Compensation Plan for Oakland County in 1979 by
Miscellaneous Resolution #8898 to allow County employees a fringe
benefit that will provide an income tax shelter and additional
retirement security; and
WHEREAS funding for administrative costs (recordkeeping fees)
has been provided annually through the appropriation process; and
WHEREAS this appropriation was discontinued in the 1994 Budget
process with the expectation of charging administrative costs back
to plan participants; and
WHEREAS this charge-back mechanism cannot be developed for all
plan participants in an equitable manner; and
WHEREAS funding is available for this purpose in the Fringe
Benefit Fund accumulated equity.
NOW THEREFORE BE IT RESOLVED that an appropriation of $38,750
is authorized by the Board of Commissioners for the purpose of
funding administrative costs in 1994 for the Deferred Compensation
Plan.
BE IT FURTHER RESOLVED the 1994 Budget is amended as follows:
1994
Fringe Benefit Fund (73500)
Expense
4-915-01-00-9975 Employees' Deferred Comp. $ 38,750
Sub-total $ 38,750
1-455-001 Rev. Over/(Under) Expense (38,750)
Total $ -O -
BE IT FURTHER RESOLVED a budget amendment will be forthcoming
to fund 1995 administrative costs through departmental charge-
backs.
Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing resolution.
FINANCE
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Executive Date
L. Brooks P,orlon. County Executive Date
HER-pp E FOREGOING 9E30 1- UTION
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the
County of Oakland at Pontiac, Michigan this 26th day o4.11)ty 1994.
Allen, Cialrit Crerk
Resolution #94155 May 26, 1994
Moved by McCulloch supported by McPherson the resolution be adopted.
Discussion followed.
Vote on resolution:
AYES: Huntoon, Jensen, Johnson, Kaczmar, Kingzett, Law, McCulloch,
McPherson, Miltner, Moffitt, Obrecht, Palmer, Pernick, Powers, Schmid, Taub,
Wolf, Aaron, Crake, Dingeldey, Douglas, Garfield, Gosling. (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, do hereby certify that the
foregoing resolution is a true and accurate copy of a resolution adopted by the
Oakland County Board of Commissioners on May 26, 1994 with the original record
thereof now remaining in my office.