HomeMy WebLinkAboutResolutions - 1996.03.07 - 24824MISCELLANEOUS RESOLUTION #96040 March 7, 1996
BY: Finance and Personnel Committee, Sue Ann Douglas, Chairperson
IN RE; DEPARTMENT OF MANAGEMENT AND BUDGET - REVISION OF POLICY FOR THE
DESIGNATION OF INTEREST INCOME
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS Miscellaneous Resolution 487246 set a policy for the
distribution of interest earnings; and
WHEREAS said resolution states that "interest earnings in all funds not
required by Law or funded separate tax levy be credited to the General Fund";
and
WHEREAS this policy, which includes interest income earned by internal
service funds, also was incorporated into the Fiscal Policies Manual, adopted
May 24, 1990 by Miscellaneous Resolution 490095.
WHEREAS Federal OMB circular A-37 requires that charges to federal
grants, including internal service fund charges, be based on cost; and
WHEREAS internal service fund cost, for the purpose of rate calculation,
must be offset by fund balances including interest income earned on those fund
balances.
NOW THEREFORE BE IT RESOLVED that the Policy for the Designation of
Interest Income, approved pursuant to M.R. 487246 and 490095 be amended to
include "interest income earned from a specific internal service fund balance,
shall be credited to a specific internal service fund".
Chairperson, on behalf of the Finance and Personnel Committee, I move
the adoption of the foregoing resolution.
Finance and Personnel Committee
Resolution #96040 March 7, 1996
Moved by Douglas supported by Amos the resolution be adopted.
AYES: Garfield, Holbert, Jacobs, Jensen, Johnson, Kaczmar, Kingzett, Law,
McCulloch, McPherson, Moffitt, Obrecht, Palmer, Pernick, Powers, Schmid, Taub,
Wolf, Amos, Crake, Devine, Douglas, (22)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
REGOING RESOLUTION
Ain Date
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 March 7, 1996 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 of March 1,56,
n '%••
D. Allen, County Clerk