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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