Number
111320
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the transfer of funds from the City Hall Foundation and Hollow Walk account to the City Hall Restoration Program.
Analysis
Body
Whereas, The inspection of City Hall's exterior terra cotta has been paid for by the Department of Public Works available reimbursable authority, specifically project grant account RE545180005; As of January 19, 2012, this account has expensed and encumbered $1,304,879; and
Whereas, The Department of Public Works estimates the total cost of investigation to be approximately $2,588,000; and
Whereas, The City Hall Restoration Program, Account No. BU110000300 has a balance of $26,724; and
Whereas, The City Hall Foundation and Hollow Walk project, Account No. BU110080800, has existing and previously approved borrowing authority of $7,712,786; and
Whereas, The City Hall Restoration Program has insufficient funds to reimburse the reimbursable account, therefore, be it
Resolved, By the Common Council of Milwaukee, that the City Comptroller is directed to transfer the amount of $2,600,000 from the City Hall Foundation and Hollow Walk project, Account No. BU110080800, to the City Hall Restoration Program, Account No. BU110000300 to offset the expenses for City Hall's exterior terra cotta inspection funded by reimbursable Account No. RE545180005; and, be it
Further Resolved, The Department of Public Works will report to the appropriate Committee of the Council the status and cost of the investigation on a quarterly basis beginning in April; and, be it
Further Resolved, That if the City receives any reimbursements of the project expenditures, the revenue should be deposited in the Debt Service Fund to redeem debt issued for this project.
Requestor
Department of Administration
Budget and Management Division
Ref: BR
January 20, 2012
I:\FINANCE\Resolutions\Transfer for City Hall reimbursable account.rtf