Number
241261
Version
ORIGINAL
Reference
240001
Sponsor
ALD. COGGS, SPIKER, MOORE AND BURGELIS
Title
Resolution directing the Department of Administration and the Comptroller’s Office to develop a fund balance policy.
Analysis
This resolution directs the Department of Administration - Budget and Management Division and the Comptroller’s Office to develop a policy regarding the maintenance of fund balances.
Body
Whereas, The City of Milwaukee maintains multiple distinct financial accounts with distinct purposes; and
Whereas, The Department of Administration - Budget and Management Division and the City’s elected Comptroller both monitor the status of the City’s financial accounts; and
Whereas, Decisions made by both the Department of Administration - Budget and Management Division and the City’s elected Comptroller may have an effect on the status of the City’s financial accounts; and
Whereas, There may exist guidelines and best practices for the maintenance of minimum balances in fund accounts; and
Whereas, The 2025 Budget was adopted by Common Council File Number 240001 on November 8, 2024; and
Whereas, Amendment 5 placed a footnote in the 2025 Budget directing the Department of Administration - Budget and Management Division and the Comptroller’s Office to develop a policy regarding the maintenance of fund balances; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Department of Administration - Budget and Management Division and the Comptroller’s Office are directed to jointly develop a policy that establishes minimum balances that shall be maintained in each of the City’s financial accounts; and, be it
Further Resolved, That the Budget and Management Division and the Comptroller’s Office shall present a proposed minimum fund balance policy to the Common Council within 90 days of adoption of this resolution.
Requestor
Drafter
LRB180313-1
Dave Gelting
11/12/2024