HomeMy WebLinkAboutReports - 2023.07.20 - 40263
AGENDA ITEM: Amended Fiscal Year 2022 Deficit Elimination Plan
DEPARTMENT: Fiscal Services
MEETING: Board of Commissioners
DATE: Thursday, July 20, 2023 8:35 PM - Click to View Agenda
ITEM SUMMARY SHEET
COMMITTEE REPORT TO BOARD
Resolution #2023-3150
Motion to approve the amended submission of the attached Deficit Elimination Plan to the Michigan
Department of Treasury.
ITEM CATEGORY SPONSORED BY
Quarterly Report Gwen Markham
INTRODUCTION AND BACKGROUND
Public Act 140 of 1971 requires that a Deficit Elimination Plan be formulated by the local unit of
government and filed with the Michigan Department of Treasury when any governmental fund
experiences negative unrestricted fund balance and when any proprietary fund experiences a
negative unrestricted net position. Often times the negative unrestricted fund balance is a result of
the timing of the grant reimbursements. The timing difference happens often when reimbursements
for capital projects come from special assessments. The negative unrestricted fund balances will be
cleared up during the current fiscal year as outlined in the attached deficit elimination plan.
Public Act 140 of 1971 requires that a Deficit Elimination Plan be formulated by the local unit of
government and filed with the Michigan Department of Treasury when any governmental fund
experiences negative unrestricted fund balance and when any proprietary fund experiences a
negative unrestricted net position. Oakland County completed the fiscal year ending September 30,
2022, with three (3) funds with negative unassigned fund balances, which requires submission of a
deficit elimination plan.
BUDGET AMENDMENT REQUIRED: No
Committee members can contact Michael Andrews, Policy and Fiscal Analysis Supervisor at
248.425.5572 or andrewsmb@oakgov.com, or the department contact persons listed for additional
information.
CONTACT
Kyle Jen, Director Management & Budget-APP
ITEM REVIEW TRACKING
Aaron Snover, Board of Commissioners Created/Initiated - 7/20/2023
AGENDA DEADLINE: 07/30/2023 8:35 PM
ATTACHMENTS
1. Amended Fiscal Year 2022 Deficit Elimination Plan
COMMITTEE TRACKING
2023-06-15 Finance - Recommend to Board (Resolution #23-105)
2023-06-15 Full Board - Adopt (Resolution #23-105)
2023-07-12 Finance - Amended (Motion Only Item ID #2023-3150) - Recommend to Board
2023-07-20 Full Board - Amended (Motion Only Item ID #2023-3150) - Adopt
Motioned by: Commissioner Robert Hoffman
Seconded by: Commissioner Angela Powell
Yes: David Woodward, Michael Spisz, Michael Gingell, Penny Luebs, Karen Joliat, Kristen
Nelson, Christine Long, Robert Hoffman, Philip Weipert, Gwen Markham, Angela Powell, Marcia
Gershenson, Janet Jackson, Charles Cavell, Brendan Johnson, Ajay Raman (16)
No: None (0)
Abstain: None (0)
Absent: Gary McGillivray, William Miller III, Yolanda Smith Charles (3)
Passed