Number
021469
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue (Employes' Retirement System).
Analysis
This resolution authorizes the Employes' Retirement System to expend an additional $1,100,000 for expenses related to 2002 year-end accruals. These expenses are offset by higher than anticipated revenues from the Employes' Retirement System fund.
Body
Whereas, Common Council file 980965 established procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenues; and
Whereas, The Employes' Retirement System has higher than anticipated costs related to the processing of 2002 year-end accruals; and
Whereas, The Employes' Retirement Fund will reimburse the City of Milwaukee for related costs due to these accruals; and
Whereas, Revenue in the amount of $1,100,000 was not anticipated in the 2002 Budget; and
Whereas, The Comptroller has certified greater than anticipated revenue in the amount of $1,100,000 pursuant to s. 304-91,
Pursuant to s. 304-91, I hereby certify that the money required for this is anticipated to be realized on or before March 31, 2003 and to be expended only for the purpose in this resolution.
__________________________________ _______________
Comptroller Date
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that $1,100,000 is appropriated to the Employes' Retirement System Operating Expenditures Account (0001-4500-R999-006300); and, be it
Further Resolved, That the Employes' Retirement System is authorized to expend these funds for expenses associated with processing 2002 year-end accruals; and, be it
Further Resolved, That the City Comptroller be, and hereby is, authorized and directed to establish the necessary accounts and accounting procedures to carry out the intent of this resolution.
Requestor
Budget & Management Division
Drafter
KMO
Ref: 03037(02)
January 30, 2003
Finance: 021469res.rtf