Resolution #16-04: 2016 Authority Budget Resolution

Date of Adoption: January 21, 2016

Fiscal Year January 1, 2016 To December 31, 2016

WHEREAS, the annual budget and capital budget for the Vernon Township Municipal Utilities Authority for the fiscal year beginning, January 1, 2016 and ending, December 31, 2016 has been presented before the governing body of the Vernon Township Municipal Utilities Authority at its open public meeting of December 16, 2015; and

WHEREAS, the annual budget as introduced reflects total revenues of $2,172,400.00, total appropriations, including any accumulated deficit if any, of $2,174,400.00 and total unrestricted net position utilized of $0.00; and

WHEREAS, the capital budget as introduced reflects total capital appropriations of $52,000.00 and total unrestricted net position planned to be utilized as funding thereof, of $0.00; and

WHEREAS, the schedule of rates, fees and other charges in effect will produce sufficient revenues, together with all other anticipated revenues to satisfy all obligations to the holders of bonds of the authority, to meet operating expenses, capital outlays, debt service requirements, and to provide for such reserves, all as may be required by law, regulation or terms of contracts and agreements; and

NOW, THEREFORE BE IT RESOLVED, by the governing body of the Vernon Township Municipal Utilities Authority, at an open public meeting held on January 21, 2016 that the annual budget, and the capital budget/program of the Vernon Township Municipal Utilities Authority for the fiscal year beginning, January 1, 2016 and ending, December 31, 2016 is hereby adopted and shall constitute appropriations for the purposes stated; and

BE IT FURTHER RESOLVED, that the annual budget and capital budget/program as presented for adoption reflects each item of revenue and appropriation in the same amount and title as set forth in the introduced and approved budget, including all amendments thereto, if any, which have been approved by the director of the Division of Local Government Services.