Financial Report

2006 Financial Record | 2007 Financial Record

2007 Financial Record

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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2006 Financial Record

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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