Approved Agreements and Contracts 2023-01-24 Resolution Approving a Deficit Elimination Plan for Brownfield

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                            CITY OF MUSKEGON
                        MUSKEGON COUNTY, MICHIGAN

                            RESOLUTION NO.2023-20(J)

WHEREAS City of Muskegon's Brownfield Redevelopment Authority (combined) had a
$64,211 deficit balance 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 Brownfield Redevelopment
Authority (combined) Deficit Elimination Plan.




                                                                          CORRECTED
                                                  FY2021-22               FV2022-23
 ASSETS
 Cash and Investments                         $                                  66,000


 Total Assets                               1$                - I$               66,000


 LIABILITIES
 Accounts Payable                             $
 Accrued Liabilities
 Due to primary government                   $         64,211
 Advances from primary government           ,$      1,046,980     I   $       1,000,000

                                                                  I

 Total Liabilities                            $     1,111,191     I   $       1,000,000


 FUND BALANCES (DEFICIT)
 Unassigned                                   $     (1,111,191) $              (934,000)


 Total Liabilities and fund balances          $               -       $          66,000
Adopted this 24 th day of January 2023



                                     By: ~
                                        Ken Johnson                  -=-.:::::::.
                                        Its Mayor

                                     B~~""---.___ ~~~' \ '-"- ~                 (_j

                                         Ann Marie Meisch, MMC
                                         Its Clerk




                                   CERTIFICATION

This resolution was adopted at a regular meeting of the City commission, held on January
24, 2024. 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

                                            B~')y-~           ~ -.---~          V2 J"--
                                                   Ann Marie Meisch, MMC
                                                   City Clerk

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