Almost all City funds are restricted as to their use in some way. In many cases, State laws regulate how money can be allocated and used. Property tax levies, for example, can only be used in ways consistent with their stated purpose. In the case of water and sewer and electric utilities, the funds are managed as enterprise funds meaning that the utilities are fully supported by user fees collected as part of customer billings.

Residential events such as garage sales, yard sales, porch sales, moving sales, etc., are allowed for three (3) days in any 90 day period.  The 90 day period begins at the end of the first event.

 

  • Signs for residential events may only be placed on private property for a period of seven (7) days (i.e., four days before a three-day event and during the event).

  • Signs are NOT ALLOWED in the public right-of-way - between the sidewalk and curb or if there is no sidewalk, signs should be placed no closer than 15 feet from the curb.

  • Signs cannot be posted on city power poles, light poles, traffic signals, electrical boxes or trees.

Yes, the City accepts the cancellation stamped on the envelope by the U.S. Post Office as the date received providing it is within 5 days of the due date.  The City does not accept the postage stamped on an envelope by an office postage machine.

The City of Petoskey has 15 separate funds, and six fund types:

Governmental Fund

  • General Fund – The General Fund, which includes as a revenue source the general- operating millage and solid-waste millage, for the most part is unrestricted as to the use of the revenues received except for the solid-waste millage which may only be used for said purposes. Any unused solid-waste revenue is restricted, which is listed within the fund balance section of the financial statements.

Enterprise Funds

  • Electric Fund – The Electric Fund operates as an enterprise fund with revenues primarily comprised of electric-utility user fees which are unrestricted as to use. There are transfers of some type made annually to other City funds.
  • Water and Sewer Fund – The Water and Sewer Fund also operates as an enterprise fund, but due to a grant used in construction of the system, revenues which consist of water and sewer user fees may only be used for water- and sewer-related expenditures.
  • Downtown Parking Fund - The Downtown Parking Fund is managed by the Downtown Management Board and receives revenues from downtown parking operations. These revenues are unrestricted as to their use, but are used for downtown purposes.

Special Revenue Funds

  • The Major and Local Street Funds receive payments through the State of Michigan from tax on gasoline, which may only be used within that particular fund. These revenues fall far short of the monies necessary to support these funds and transfers are made from the Right-of-Way Fund to meet operating and capital-improvement needs. Transfers from the Right-of-Way Fund are restricted to expenses within street right-of-way, for which these funds qualify. Cash reserves are restricted as to uses within these funds.
  • General Street Fund – The General Street Fund accounts for ancillary services to the Major and Local Street Funds - that being sidewalks, trees, and street lighting. Revenues are made up of transfers from the Right-of-Way Fund (restricted as to use) and the Electric Fund (unrestricted as to use). Cash reserves would be restricted to uses within the street right-of-ways.
  • Tax Increment Finance Authority Fund - The TIFA Fund receives funds from captured tax revenues based on an increase in taxable values from certain properties located within the TIFA district, which is located mainly along the City’s waterfront and within the Bear River Valley. Revenues derived from captured taxes may only be used for projects within that district as outlined within the TIFA plan.
  • Library Fund – The Library Fund receives revenues from a library millage that consists of a Council-approved and voter-approved component which may only be used for library purposes.
  • Downtown Management Fund – The Downtown Management Board manages this fund for services provide to support and maintain the downtown area. Revenues are derived from special assessments levied against businesses within the downtown area and are restricted for uses within that district.
  • Capital Improvement Fund
  • Right-of-Way Fund – The Right-of-Way Fund receives tax revenue from the right-of- way millage which is restricted to uses within the street rights-of-way. This fund mainly transfers tax revenue received to the particular fund performing the work, which are generally the street funds.
  • Debt Service Funds
  • The City has one debt-service fund used to make the required annual bond-debt payments. Monies are transferred in from the Parking Fund (parking improvements) as these funds are obligated to provide the necessary contributions used to make the annual debt payments. These funds are restricted to uses within the debt-service funds.
  • Internal Service Funds
  • Motor Pool Fund – The Motor Pool Fund is an internal service fund that provides vehicles and equipment to the various City Funds who pay equipment rental to cover the cost of operating, maintaining and replacing the City’s vehicles and equipment. Cash reserves are used for purposes within this fund as some of the revenue received are from those funds that are restricted as to use.

 

Property taxes are due and payable on the day they are issued.  Summer taxes issued July 1 become delinquent 61 days later on September 1 with additional interest and penalty.  Winter taxes issued on December 1 become delinquent 75 days later on February 14 with additional interest and penalties.

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