Number
240979
Version
SUBSTITUTE 2
Reference
240788
Sponsor
ALD. PEREZ
Title
Substitute resolution assigning and transferring $2.4 million from the Council-Led Transfer Fund to the Common Council - City Clerk’s Office for departmental operating expenses.
Analysis
This resolution assigns and transfers $2.4 million from the Council-Led Transfer Fund to the Common Council - City Clerk’s Office for departmental operating expenses.
Body
Whereas, The One Milwaukee Citizen-Led Transformational Fund Special Purpose Account (SPA) in the 2024 Adopted Budget contained $2.4 million, made available by the substitution of unallocated and reprogrammed American Rescue Plan Act funds; and
Whereas, In October 2024, the Common Council passed File Number 240788, a substitute resolution transferring the remaining funds in the One Milwaukee Citizen-Led Transformational Fund SPA to a new Common Council-controlled SPA called the Council-Led Transfer Fund (CLTF); and
Whereas, As of November 6, 2024, the balance of the CLTF SPA account is $2.4 million; and
Whereas, Funds in the CLTF SPA are not eligible for carryover into 2025, and any unspent funds at the end of 2024 would be transferred into the Tax Stabilization Fund; and
Whereas, By re-allocating the funds to the Common Council - City Clerk’s Office’s Operating Budget, any unspent funds remaining at the end of 2024 may be spent in 2025; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that $2.4 million from the Council-Led Transfer Fund SPA is assigned and transferred to the Common Council - City Clerk’s Office for departmental operating expenses and shall be deemed eligible for carryover under Section 65.07(1)(p) of the Wisconsin Statutes; and, be it
Further Resolved, That the City Comptroller is directed to make the necessary fund transfer(s) and create the necessary account(s) to effectuate the intent of this resolution.
Requestor
Drafter
Alex Highley
LRB180249-3
11/20/2024