HomeMy WebLinkAboutResolutions - 1995.12.07 - 24393Information Technology
Refinance IBM
Information Technology
Distributive Network
94032 Information Technology
Office Automation
354,926
889,520
144,015
93229
94:2.01
December 71 1995
MISCELLANEOUS RESOLUTION #95301
BY: FINANCE AND ?ERSONNEL COMMITTEE, JOHN P. MCCULLOCH, CHAIRPERSON
IN RE: DEPARTMENT OF MANAGEMENT AND BUDGET - RETIREMENT OF CERTAIN DELINQUENT TAX
REVOLVING FUND LOANS
To the Oakland County Board of Commiesioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Oakland County Board of Commissioners has approved certain
Delinquent Tax Revolving Fund (DTRE)loans to the Radio Communications Fund and
Information Technology for purposes of refinancing the 800 MHz system and for
funding various office automation projects, respectively; and
WHEREAS the original loan amounts total $10,052,233 and the current
outstanding balance amounts to $7,531,383, of which $3,112,364 is loans to the
Radio Communication Fund and $4,419,315 is loans to the Information Technology
Fund; and
WHEREAS with the expansion of the 800 MHz system, the Radio Communication
Fund should generate additional revenue in 1996 and 1997 to cover debt service
for a portion of the loans; and
WHEREAS the Information Technology Fund is experiencing favorable variances
in 1995, building funds which can be used to retire their portion of the loans;
and
WHEREAS the Department of Management and Budget has presented the Second
Quarter Forecast projecting a $7.7 million favorable operating variance for 1995,
because of non-recurring circumstances, which would otherwise increase the 1994
year-end General Fund Balance to $19.7 million; and
WHEREAS the County Executive recommends that available funds in the
Information Technology fund and currently undesignated General Fund Balance be
utilized to retire one-half of the Radio Communication loan and 100i of the
aforementioned Information Technology Delinquent Tax Revolving Fund loans thereby
converting this non-recurring financial windfall into a systemic change reducing
debt obligations and debt service requirements throughout the ensuing budget
period and beyond; and
WHEREAS the County Executive's 1996-1997 Biennial Budget Recommendation
contemplates the retirement of this debt obligation by reducing the appropriation
for DTRF principal and interest payments, accordingly.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners
authorizes the transfer of $2,475,201 from General Fund undesignated fund balance
(Account No. 1-10100-490-032 , to a designated fund balance for DTRF Loan
Payment, and directs Information Technology to use $3,503,000, for the purpose of
retiring the following Delinquent Tax Revolving Fund Loans, by December 31, 1995:
M.R,4 Descriotion Loan Balance
93081 Radio Communications $1,556,182
Refinance 800 MHz
94003 Information Technology 476,758
Inventory Pool
34,-110 Information Technology 304,874
FCC Imaging
9410C Information Technology 606,352
Inventory Pool
94178 Information Technology 731,921
Inventory Pool
95012 Information Technology 910,653
Inventory Pool
85,27 5.201
BE IT FURTHER RESOLVED that the 1995 Budget be amended as follows:
Resources:
Prior Years' Fund Balance (3-10100-909-01-00-9901) $2,475,201
Appropriations:
Non-Dept-Principal Payment (4-10100-907-01-00-3579) $2,475,201
Chairperson, on behalf of the Finance and Personnel Committee, I move the
adoption of the foregoing resolution.
FINANCE AND PERSONNEL COMMITTEE
Resolution #95301 December 7, 1995
Moved by McCulloch supported by Kaczmar the resolution be adopted.
AYES: Kaczmar, Kingzett, Law, McCulloch, McPherson, Moffitt, Obrecht,
Pei-nick, Powers, Quarles, Schmid, Taub, Wolf, Amos, Crake, Devine, Dingeldey,
Douglas, Garfield, Holbert, Huntcon, Jacobs, Jensen, Johnson. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
I HERM
L. Brooks
IE FOREGOING W.:SOLUTION
erson, County Exo7sitv._o Date___
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland, do hereby certify that the
foregoing resolut:Lon is a true and accurate copy of a resolution adopted by the
Oakland County Board of Commissioners on December 7, 1995 with the original
record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the
County of Oakland at Pontiac, Michigan this 7th day oiApAcembec7J99
Lyn A D. Allen, County Clerk