Approved Agreements and Contracts 2023-01-24 Resolution Approving Deficit Elimination Plan for Marina Fund

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                           CITY OF MUSKEGON
                       MUSKEGON COUNTY, MICHIGAN

                           RESOLUTION NO.2023-19(I)

WHEREAS City of Muskegon's Marina Fund had a $395,374 deficit balance as of June
30,2022;and

WHEREAS, Act 275 of the Public Acts of 1980 requires that a Deficit Elimination Plan
be formulated by the local unit of government and filed with the Michigan Department of
Treasury:

NOW THEREFORE, IT IS RESOLVED that the City Commission of the City of
Muskegon adopts the following as the City of Muskegon's Marina Fund Deficit
Elimination Plan
                                                                      PROPOSED
                                                FY2021-22             FY2022-23
OPERATION REVENUE
Charges for Service                         $       282,819                 300,000
Other                                       $         9,597   1


Total Operating Revenue                     $       292,416   I             300,000

OPERATING EXPENSES
Administration                           $           11,169       $         394,687
Other operations                         $          345,305
Depreciation                            '$          107,417       $         105,000
Total Operating Expenses                 $          463,891       $         499,687
                                                              I
Operation income(loss)                  1$         (171,475) I    $        (199,687)

NONOPERATING REVENUES (EXPENSES)
Investment Earnings                                               $               50
Interest Expense


lncome(loss) before capital contribution,   $      (171,475) I    $        (199,637)
                                        I
CAPITAL CONTRIBUTIONS
Capital grants and Contributions
Transfers In                                                      $         450,000

Change in Net Position                      $      (171,475) ,    $         250,413
                                                              I
Net Position at beginning of year       Is          757,577 I     $         586,102

Net position at end of year                 $       586,102       $         836,515
Adopted this 24 th day of January, 2023




                                     By      ~      ~
                                          KenJohnson
                                          Its Mayor

                                     BN ---~ ~;_-~"~~
                                          Ann Marie Meisch, MMC
                                          Its Clerk




                                    CERTIFICATION

This resolution was adopted at a regular meeting of the City commission, held on January
24, 2023. The meeting was properly held and noticed pursuant to Open Meetings Act of
the State of Michigan, Act 267 of the Public Acts of 1967.

                                             CITY OF MUSKEGON

                                             By~'---, ~ ; ~ , ~ -~                   J.____
                                                   Ann Marie Meisch, MMC
                                                   City Clerk

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