City of Milwaukee - File #: 051168

• File #: 051168
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 12/13/2005
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 1/18/2006
• Title: Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue. (Office of the Comptroller)
• Sponsors: THE CHAIR
• Indexes: REIMBURSABLE SERVICES, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
1/26/2006	0	MAYOR	SIGNED
1/18/2006	0	COMMON COUNCIL	ADOPTED	Pass	15:0
1/11/2006	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
12/27/2005	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
12/15/2005	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
12/13/2005	0	COMMON COUNCIL	ASSIGNED TO

Number
051168
Version
Original
Reference

Sponsor
The Chair
Title
Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue. (Office of the Comptroller)
Analysis
TID 31 and TID 33 have collected more tax increment than was required to retire all known obligations. This resolution authorizes the excess TID revenues generated by the TID’s to be refunded the taxing jurisdictions in direct proportion to their historical percentage of the TID levy.
Body

Whereas, Section 304-91 of the Milwaukee code of Ordinances establishes procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenues; and

Whereas, TID #31 and TID #33 have fully recovered all known costs associated with each District which has resulted in excess revenues of $886,518; and

Whereas, $578,562 of this excess TID revenue is required to be returned to Milwaukee County, Milwaukee Public Schools, Milwaukee Area Technical College, and the Metropolitan Sewerage District; and

Whereas, The Comptroller has certified that greater than anticipated revenue in the amount of $886,518, pursuant to s. 304-91,

Pursuant to s. 304-91, I hereby certify that the money required for this is to be realized on or before December 31, 2005, and is to be expended only for the purposes specified in this resolution.


____________________________ _______________
Comptroller Date


; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that $578,562 is appropriated to a Special Purpose Account for the refunding of excess TID revenues; and, be it

Further Resolved, That the funds can only be used to refund to the above referenced taxing jurisdictions excess TID revenues due to them; 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
Office of the Comptroll...