ADOPTED - JUNE 8, 1999

Agenda Item No. 16

Introduced by the Administrative Services/Personnel and Finance Committees of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION AUTHORIZING A BUDGET ALLOCATION TO THE ECONOMIC DEVELOPMENT CORPORATION

RESOLUTION #99-129

WHEREAS, the Ingham County Economic Development Corporation (EDC) has presented its strategic plan for operating under its new organizational structure; and

WHEREAS, the EDC operating fund will experience a shortfall of approximately ($3,645) as of May 1999 due to a loss of revenue from Industrial Revenue Bonds which have been amortized, and had accounted for the major source of funding; and

WHEREAS, committed expenses for the 1999 fiscal year will amount to $7,422 and the current cash fund balance for the EDC is $3,776.

THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners hereby authorize $3,645 from the Economic Development budget (101-28500-967000) to be allocated to the EDC to cover the cost of committed expenses incurred for fiscal year 1999.

BE IT FURTHER RESOLVED, that the Controller is hereby authorized to make the necessary budget adjustments.

ADMINISTRATIVE SERVICES/PERSONNEL: Yeas: Czarnecki, McDonald, Lynch, Severino, Minter Nays: None Absent: None Approved 6/1/99

FINANCE: Yeas: McDonald, Bernero, Grebner, Lynch, Schafer, Juall, Minter

Nays: None Absent: None Approved 6/2/99