Number
101254
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing carryover of certain fund balances from 2010 to 2011 in accordance with s. 65.07(1)(p), Wis. Stats.
Analysis
The Common Council annually authorizes the carryover certain available fund balances to permit achieving or completing a previously authorized and funded purposes, programs, projects, or equipment purchases. This resolution authorizes the City Comptroller to carry over the accounts enumerated in Exhibit A, which is attached to this file.
Body
Whereas, It has been the practice of the Mayor and the Common Council to maintain as low a tax rate as is possible, consistent with the standard of services requested by the citizens of Milwaukee; and
Whereas, The authorization to carry over certain available fund balances to permit achieving or completing a previously authorized and funded purpose, program, project or equipment purchase is in the best interests of the City and assists in reducing the amounts that must be levied on taxable property in the City of Milwaukee; and
Whereas, The Budget and Management Division and the Finance and Personnel Committee have reviewed 2010-2011 carryover requests and recommend in this resolution those carryovers which appear to be in compliance with s. 65.07(1)(p), Wis. Stats., Capital Guidelines, Grant and Aid Guidelines, Community Development Agency Guidelines, and other prudent criteria; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Common Council authorizes and directs the City Comptroller to carry over the accounts enumerated in Exhibit A, attached to this file, in the amounts set forth in the recommended column; and, be it
Further Resolved, That the City Comptroller is authorized and directed to close out each Capital Purpose Account in accordance with the requirements of Common Council Resolution File Number 031033, et.al., Section V; and, be it
Further Resolved, That the departments affected by this resolution are authorized to expend the carried over funds in accordance with the intent of the original appropriations; and, be it
Further Resolved, That each amount indicated for carryover for Special Ledger accounts is the maximum balance that can be carried over to 2011 and any balance over those amounts indicated shall to revert to the Tax Stabilization Fund, in accordance with s. 304-29-3 of the Code of Ordinances; and, be it
Further Resolved, That Notwithstanding the above authorizations, that if the City Comptroller, at the time of transferring this money to the succeeding year's appropriations, determines that any of the above authorized funds exceeds that three-year carryover authorization, the City Comptroller is directed to close the funds in excess of the three-year authorization to the appropriate close-out account.
Requestor
DOA-Budget and Management Division
Drafter
LRB126929-1
Jim Carroll
4/5/11