Lake Mitchell Improvement Board Financial Report
Lake Mitchell Improvement Board Budget -- 2024-25
LMIB BUDGET REPORT -- Jan. 1, - Dec. 31, 2023
Beginning balance $ 203,999
Income Assessments, etc. $68,160
Expenses Weed treatment 68,688
Weed pickup & processing 10,360
Legal, bookkeeping, etc. 2,121
Total Expense $81,169
Ending balance $190,990
2016-2019 Budget
Lake Mitchell Improvement Board Assessment Reduction Proposal -- Alan Anderson
In calendar year 2013, $180,469 was spent on chemical treatment. This constituted 85% of the total amount spent for the year ($211,374). Anticipated expenditures for chemical treatment were trending upward, and this was consistent with the assessment increase unanimously approved by the Lake Mitchell Improvement Board (LMIB) on February 23, 2013 for the 2013/2014 fiscal year, beginning July 1, 2013.
In calendar year 2014, however, thanks in part to aggressive weed treatment the previous summer and a very cold winter and spring, the amount necessary for chemical treatment amounted to $84,579. This constitutes a reduction in spending for chemical treatment of $95,890 from the previous year. This reduction in expenditures for chemical treatment significantly contributed to the LMIB fund balance, which as of February 28, 2015 was $316,364.69. While chemical treatment spending this June will reduce this carry-over, it still exceeds anticipated needs.
As a result, a committee comprised of Chair Michael Solomon, Secretary Dave Foley, and Treasurer Alan Anderson met on January 22, 2014 and reviewed the LMIB budget. Consistent with agreements made in February, 2013 at the Public Hearing in which assessments were raised, and consistent with future anticipated needs, the unanimous recommendation of the budget committee is that the fiscal year assessment commencing in July of 2015 be reduced from $300 to $225 for “first tier” lot owners, $150 to $113 for “second tier” lot owners, and from $600 to $450 for commercial property owners. This will generate approximately $139,000 in assessment revenue next fiscal year, as opposed to approximately $208,000 generated this fiscal year. This recommendation will be presented to the board at the next LMIB meeting scheduled for April 11, 2015. Subsequent evaluation and adjustment recommendations will be made as needs warrant.
2014 Calendar Year Financial Record
| 2014 Income | Jan.1-June 30 | July 1-Dec. 31 | Total |
| Interest | 288.05 | 223.88 | 511.93 |
| U.S. Forest Service Grant | 2,100.00 | 2,100.00 | |
| Assessment Income | 13,848.41 | 197,137.14 | 210,985.55 |
| Selma Twp Grant | 1,800.00 | ||
| Total | 18,036.46 | 197,361.02 | 215,397.48 |
| 2014 Expenditures | |
| Roadside Weed Pickup | 7,500.00 |
| Lakeshore Environmental Administration | 20,000.00 |
| Chemical Treatment | 84,579.25 |
| Purple Loosetrife Beetles | 2,155.00 |
| Legal Fees | 2,260.35 |
| Insurance/Bond | 650.00 |
| Service (audit, inspection, permit fees) | 3,604.00 |
| Print (mailings, newsletter, website, supplies) | 1,921.24 |
| Total | 122,669.84 |
| Fund Balance Jan. 1, 2014 | 223,058.53 |
| 2014 Revenue | 215,397.48 |
| Total | 438,456.01 |
| 2014 Expenditures | 122,669.84 |
| Fund Balance Dec. 31, 2014 | 315,786.17 |
2013 Calendar Year Financial Record
Quick Facts about Lake Mitchell Assessments
1. There are approximately 594 front lot, 191 back lot, and 12 commercial lot owners assessed annually to make up the most significant part of the LMIB budget.
2. The anticipated fiscal year 2013/2014 revenue (from assessments, grants, and bank interest) is $215,400.
3. In calendar year 2013, $180,468.50 was spent on chemical treatment for weeds in lake Mitchell.
4. Historically, approximately 80% of annual dollars received are spent on chemical treatment.
| 2013 Income | Jan.1-June 30 | July 1-Dec. 31 | Total |
| Interest | 178.49 | 174.18 | 352.67 |
| US Forest Service Grant | 2,150.00 |
2,150.00 |
|
| Assessment Income | 9,310.36 | 193,415.16 | 202,725.52 |
| Total | 11,638.85 | 193,589.34 | 205,228.19 |
| 2013 Expenditures | |
| Roadside Weed Pickup | 7,500.00 |
| Lakeshore Environmental Administration | 16,000.00 |
| Chemical Treatment | 180,468.50 |
| Purple Loosestrife Beetles | 2,100.00 |
| GVSU Weed Analysis | 0.00 |
| Bass Tournament Monitor and fish return | 0.00 |
| Insurance/Bond | 635.00 |
| Service (audit, inspection, permit fees) | 2,310.00 |
| Print (mailings, newsletter, website, supplies) | 2,360.98 |
| Misc. (Conference registration fee) | |
| Total | 211,374.48 |
| Fund Balance Jan.1, 2013 | 229,204.82 |
| 2013 Revenue | 205,228.19 |
| Total | 434,433.01 |
| 2013 Expenditures | 211,374.48 |
| Fund Balance Dec.31, 2013 | 223,058.53 |
2012 Calendar Year Financial Record
| 2012 Income | Jan.1-June 30 | July 1-Dec. 31 | Total |
| Interest | 181.88 | 149.87 | 331.75 |
| Selma Twp Contribution | 1,650.00 | 1,650.00 | |
| Assessment Income | 16,364.11 | 182,069.82 | 198,433.93 |
| Total | 18,195.99 | 182,219.69 | 200,415.68 |
| 2012 Expenditures | |
| Roadside Weed Pickup | 7,250.00 |
| Lakeshore Environmental Administration | 16,000.00 |
| Chemical Treatment | 121,266.00 |
| Purple Loosestrife Beetles | 2,150.00 |
| GVSU Weed Analysis | 150.00 |
| Bass Tournament Monitor and fish return | |
| Insurance/Bond | 635.00 |
| Service (audit, assessment, permit fees) | 2,110.00 |
| Print (mailings, newsletter, website, supplies) |
1,898.82 |
| Misc. (Conference registration fee) |
|
| Total | 151,459.82 |
| Fund Balance Jan. 1, 2012 | 180,248.96* |
| 2012 Revenue | 200,415.68 |
| Total | 380,664.64 |
| 2012 Expenditures | 151,459.82 |
| Fund Balance Dec.31, 2012 | 229,204.82 |
|
*Corrected 2011fund balance reported as $179.297.96 |
2011 Calendar Year Financial Record
|
2011 Income |
Jan.1-June 30 |
July 1-Dec. 31 |
Total |
|
Interest |
201.52 |
176.39 |
377.91 |
|
Selma Twp Contribution |
1,650.00 |
|
1,650.00 |
|
Summer Assessment |
|
185,624.17 |
185,624.17 |
|
|
|
|
|
|
Total |
1,851.52 |
185,800.56 |
187,652.08 |
|
2011 Expenditures |
|
|
Roadside Weed Pickup |
7,250.00 |
|
Lakeshore Environmental Administration |
16,000.00 |
|
Chemical Treatment |
145,070.00 |
|
Weed Harvesting |
|
|
Cladophora Harvesting |
|
|
Bass Tournament Monitor and fish return |
|
|
Insurance/Bond |
635.00 |
|
Service (audit, assessment, permit fees) |
2,510.65 |
|
Print (mailings, newsletter, website, supplies) |
1,792.27 |
|
Misc. (Conference registration fee) |
|
|
|
|
|
Total |
173,257.27 |
|
Fund Balance Jan.1, 2011 |
164,903.15 |
|
2011 Revenue |
187.652.08 |
|
Total |
352,555.23 |
|
2011 Expenditures |
173,257.27 |
|
Fund Balance Dec.31, 2011 |
179,297.96 |
2010 Financial Record
|
2010 Income |
Jan.1-June 30 |
July 1-Dec. 31 |
Total |
|
Interest |
372.61 |
173.14 |
545.75 |
|
2010 Collections from 2009 |
16,075.13 |
|
16,075.13 |
|
Summer Assessment |
|
180,285.86 |
180,285.86 |
|
|
|
|
|
|
Total |
16,447.74 |
180,459.00 |
196,906.74 |
|
2010 Expenditures |
|
|
Roadside Weed Pickup |
7,500.00 |
|
Lakeshore Environmental Administration |
17,000.00 |
|
Chemical Treatment |
138,870.00 |
|
Weed Harvesting |
5,400.00 |
|
Cladophora Harvesting |
2,900.00 |
|
Bass Tournament Monitor and fish return |
0.00 |
|
Insurance/Bond |
645.00 |
|
Service (audit, assessment, permit fees) |
2,523.65 |
|
Print (mailings, newsletter, website, supplies) |
2,599.46 |
|
Misc. (Conference registration fee) |
50.00 |
|
|
|
|
Total |
177,488.11 |
|
Fund Balance Jan.1, 2010 |
145,484.52 |
|
2010 Revenue |
196,906.74 |
|
Total |
342,391.26 |
|
2010 Expenditures |
177,488.11 |
|
Fund Balance Dec.31, 2010 |
164,903.15 |
The $164,903.15 end-of-year balance will be used towards payment for chemical treatment, harvesting,
and other expenses incurred from January 1st to July 1st, 2011.
2009 Financial Record
|
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.
2008 Financial Record
|
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.
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.
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 |