NUMBER
011362
VERSION
ORIGINAL
SPONSOR
THE CHAIR
TITLE
Resolution authorizing an additional $13,762 to be expended from the Special Purpose Account 'Excess TID #19 Funds' for the purpose of making excess TID revenue payments to other taxing jurisdictions. (Comptroller's Office)
ANALYSIS
In 2001, TID #19 (Campus Neighborhood) closed. Excess revenues over expenditures for TID #19 amounted to $755,966. This amount is greater than the $700,000 recognized in the 2001 Budget for excess TID #19 revenue. The greater than anticipated revenue resulted in a larger than anticipated amount owed to other taxing jurisdictions for their share of excess TID #19 revenue. The amount owed to other taxing jurisdictions is $513,762. The amount budgeted in the Special Purpose Account 'Excess TID #19 Funds' is $500,000. This resolution authorizes an additional $13,762 to be expended from the Special Purpose Account 'Excess TID #19 Funds'. This amount is to be offset by higher-than-anticipated revenues.
BODY:
Whereas, Section 304-91 of the Milwaukee Code establishes procedural guidelines related to the expenditure of funds to be reimbursed by greater-than-anticipated revenues; and
Whereas, the TID Excess Revenue account (0001 2110 009019) has realized, in 2001, greater than anticipated revenues; and
Whereas, 'Excess TID #19 Funds' special purpose account (0001 2110 S191 6300) has greater than anticipated expenses in the amount of $13,762; and
Whereas, the Comptroller has certified greater-than-anticipated revenue in the amount of $13,762, pursuant to Section 304-91,
Pursuant to Section 304-91, I hereby certify that the money required is anticipated to be realized on or before December 31, 2001, and to be expended only for the purpose of this resolution.
Comptroller Date
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the sum of $13,762 be appropriated to account 0001 2110 S191 6300, Excess TID #19 Funds; and, be it
Further Resolved, That the Comptroller is authorized to expend $13,762 for expenses related to Excess TID #19 Funds, account 0001 2110 S191 6300, and, be it
Further Resolved, That the Comptroller is authorized and directed to establish the necessary accounts and accounting procedures to carry out the intent of this resolution.
Drafter
Comptroller
CDK:cdk
1/9/2002
REF: PD-5990W.DOC