| 2009 Income | Jan.1-June 30 | July 1-Dec. 31 | Total |
| Interest | 449.87 | 313.04 | 762.91 |
| 2009 Collections from 2008 | 73,078.59 | 73,078.59 | |
| Summer Assessment | 175,459.56 | 175,459.56 | |
| USFS Weevil Grant | 10,000.00 | 10,000.00 | |
| Total | 73,528.46 | 185,772.60 | 259,301.06 |
| 2008 Expenditures | |
| Roadside Weed Pickup | 8,500.00 |
| Progressive Engineering Administration | 13,500.00 |
| Chemical Treatment | 129,525.00 |
| Weed Harvesting | 12,571.70 |
| Milfoil Weevils | 13,523.28 |
| Bass Tournament Monitor and fish return | 0.00 |
| Insurance/Bond | 645.00 |
| Service (audit, assessment, permit fees) | 2,480.00 |
| Print (mailings, newsletter, website, supplies) | 2,221.31 |
| Misc. (1/2 conference fee) | 30.00 |
| Total | 182,996.29 |
| Fund Balance Jan.1, 2009 | 69,179.75 |
| 2009 Revenue | 259,301.06 |
| Total | 328,480.81 |
| 2009 Expenditures | 182,996.29 |
| Fund Balance Dec.31, 2009 | 145,484.52 |
The $145,484.52 end-of-year balance will be used towards payment for chemical treatment, harvesting, and other expenses incurred from January 1st to July 1st, 2009.
The LMIB has approved a transition from a calendar year budget to a fiscal year budget from July 1, 2010 through June 30, 2011. This will make our budget and record keeping consistent with the Townships. A 6 month transition budget has been prepared for January, 2010 through June, 2010.
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|
2008 Income |
Jan.1-June 30 |
July 1-Dec. 31 |
Total |
|
Interest |
687.98 |
426.83 |
1,114.81 |
|
2008 Collections from 2007 |
14,367.81 |
|
14,367.81 |
|
Summer Assessment |
|
108,573.21 |
108,573.21 |
|
Total |
15,055.79 |
109,000.04 |
124,055.83 |
|
2008 Expenditures |
|
|
Roadside Weed Pickup |
8,500.00 |
|
Progressive Engineering Administration |
13,000.00 (Inc. $1,000 for Dec., 2007) |
|
Chemical Treatment |
107,773.20 |
|
Weed Harvesting |
12,476.20 |
|
Bass Tournament Monitor and fish return |
181.88 |
|
Insurance/Bond |
696.00 |
|
Service (audit, assessment, permit fees) |
3,100.50 |
|
Print (mailings, newsletter, website) |
1,962.79 |
|
Assessment review |
552.57 |
|
|
|
|
Total |
148,242.57 |
|
Fund Balance Jan.1, 2008 |
93,366.49 |
|
2008 Revenue |
124,055.83 |
|
Total |
217,422.32 |
|
2008 Expenditures |
148,242.57 |
|
Fund Balance Dec.31, 2008 |
69,179.75 |
The $69,179.75 end-of-year balance will be used towards payment for chemical treatment, harvesting, and other expenses incurred from January 1st to July 1st, 2009.
In addition, approximately $60,000 of assessment revenue is yet to be credited to the Lake Mitchell account for FY 2008 (July 1, 2008 through June 30, 2009), and this revenue will also be used in large part for January through June lake treatment expenses.
The 2009 summer assessment will generate revenue to address expenses after July 1st, 2009, and for the first 6 months of calendar year 2010.
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| Income | Jan.1-June 30 | July 1-Dec. 31 | Total |
| Interest (includes 70.89 in June) | 303.60 | 591.08 | 894.68 |
| Winter Assessment | 62,575.00 | 62,575.00 | |
| Summer Assessment | 169,928.07 | 169,928.07 | |
| Total | 62,878.60 | 170.519.15 | 233,397.75 |
| Expenditures | Jan.1-June 30 | July 1-Dec.31 | Total |
| Professional Lake Management (PLM) | 5,562.50 | 44,485.10 | 50.047.60 |
| PLM deferred | 84,526.00 | 84,526.00 | |
| Service (Insurance) | 735.00 | 735.00 | |
| Office supplies | 207.00 | 207.00 | |
| Print (mailings, newsletter, website) | 2,001.34 | 145.33 | 2,146.67 |
| Transfer (loan) | 3,000 | 3,000.00 | |
| Total | 10,830.84 | 129,891.43 | 140,722.27 |
| Itemized Expenditure | |
| Roadside Pickup | 8,250.00 |
| Progressive Engineering Administration | 12,000.00 |
| Chemical Treatment | 105,924.00 |
| Harvesting | 7.024.60 |
| Other | 1,005.00 |
| Lake Inspection | 370.00 |
| Service (insurance) | 735.00 |
| Office (supplies) | 267.00 |
| Print (mailings, newsletter, website) | 2.146.67 |
| Transfer loan | 3,000.00 |
| Total | 140,722.27 |
| Fund Balance Jan.1, 2007 | 891.01 |
| Net gain | 92,675.48 |
| Fund Balance Dec.31, 2007 | 93,366.49 |
Included in the income total is $2700 which is annually paid by Selma and Cherry Grove Townships to be used toward control of Eurasian milfoil.
Income for 2007 included both winter and summer collections. In the future the winter collection will be eliminated. If a surplus is accumulated due to reduced expenditures or large collections, assessments may be lowered. Annual income is expected to be about $170,000.
The $84.256 referred to as “PLM deferred” is stated in this way because that was work done before June 30 and bills could not be paid until the summer collection was made.
The $93,366.49 end-of-year balance will be needed to pay off the chemical treatment and harvesting work that will be done before June 30. After that the 2008 summer collection will be used to pay for the rest of the 2008 expenses and leave a similar balance to start 2009.
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Assessments
After sending notices to those with lakefront or deeded access to the lake, a public hearing was held on January 13, 2007. After nearly two hours of discussion with the seventy people in attendance, the Lake Mitchell Improvement Board approved raising the assessment to the following level for the years 2007 to 2009:
| No. Assessment Units | 2007-2009 Assessment | |
| Lakefront | 1.0 | $275/year |
| Backlot | 0.5* | $138/year |
| Commercial | 2.0 | $550/year |
| *Backlot unit was also raised from .25 to .50. | ||
This higher assessment will yield approximately $188,000 which will be needed to deal with the approximately 450 acres of Eurasian milfoil that was growing in Lake Mitchell last year. In 2006 we treated 138 acres and harvested 50 acres; the sudden increase in the presence of milfoil last year necessitated the increase in assessments.
|
2006 Financial Record |
|
| Beginning cash balance 12/31/05 | $10,955 |
| Plus assessments | $63,375 |
| Plus bank interest | $533 |
| Plus transfer from Cherry Grove TWP. To be repaid | $3000 |
| Less expenses detailed | -$77,171 |
| Ending cash balance | $692 |
|
2006 Expenses |
|
| Professional Management licensing (DEQ permit) | $1350 |
| Chemical Treatment (aquatic plant control) | $48,482 |
| Harvesting (aquatic plant control) | $11,000 |
| Progressive Engineering | $7,000 |
| Shoreline Cleanup | $6,250 |
| Newsletter/Website | $1498 |
| Insurance | $735 |
| Audit | $465 |
| No Wake signs/lake inspection | $391 |
| Total Expenses | $77,171 |
|
2007 Budget |
|
| Aquatic plant control | $153,500 |
| Inspections and Oversight | $12,000 |
| Weed Pick-up | $10,000 |
| Information Dissemination | $2,500 |
| Administration & Contingency | $10,000 |
| Total Annual Cost | $188,000 |
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