HomeMy WebLinkAboutResolutions - 1998.06.11 - 25392MISCELLANEOUS RESOLUTION #98I53
BY: Commissioners Ruth Johnson; 10j,striq #1, Donn Wolf; District #19; Sue Ann
Douglas; District #815,0/0L.AA044 -071 7.rols1-ir
IN RE: REDUCTION OF OAKLAND COUNTY'S MILLAGE RATE
To the Oakland County Board of Commissioners
Chairperson, Ladies, and Gentlemen:
WHEREAS Oakland County has experienced a growth in tax revenues resulting
from a continually expanding industrial, commercial and residential assessment
base; and
WHEREAS assessed valuation has grown an impressive 38% over the last five
years;
WHEREAS the County General Fund has ended each year since 1994 with a
surplus of several million dollars; and
WHEREAS the Fiscal Services Department of the County has projected a $3.2
million dollar surplus for fiscal year 1997-98; and
WHEREAS Oakland County began 1997 with an unreserved fund balance of $166.7
million, providing a substantial buffer against unanticipated budgetary
constraints, poor economic conditions, and/or federal and state revenue cutbacks;
and
WHEREAS the County has a proven record of sound financial management
augmented by increasing property tax revenues and a substantial unreserved
Delinquent Tax Revolving Fund Balance; and
WHEREAS Moody's and Standard & Poors investment rating services believe the
County's financial position will remain favorable; they both have assigned a AAA
rating to the County's outstanding unlimited general obligation bonds, which is
the highest rating given for bonds; and
WHEREAS the University of Michigan :nstitute of Labor and Industrial
Relations forecasts that the Oakland County economy will continue to expand over
the next two years; and
WHEREAS low tax rates encourage business growth and expansion and increases
in residential construction and personal income; and
WHEREAS Oakland County has a tremendously strong financial position and is
able tc lower its millage rate while maintaining the outstanding level of service
County residents require.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners
recommend that the millage rate be lowered from 4.3505 to 4.19 mills.
Chairperson, I move adoption of the foregoing resolution.
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Resolution #98153 June 11, 1998
The Chairperson referred the resolution to the Finance Committee. There
were no objections.