City of Milwaukee - File #: 040485

• File #: 040485
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 7/27/2004
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 11/12/2004
• Title: Substitute resolution authorizing a further withdrawal from the Tax Stabilization Fund for the 2005 budget purposes, as permitted by Sub-Section 4(c) and (d) of Section 304-29 of the Milwaukee Code of Ordinances.
• Sponsors: THE CHAIR
• Indexes: BUDGET, TAX STABILIZATION FUND

Date	Ver.	Action By	Action	Result	Tally
11/23/2004	2	MAYOR	SIGNED
11/12/2004	2	COMMON COUNCIL	ADOPTED; Minutes note: Ald. Murphy moved that this file be held until later in the meeting. There was no objection.	Pass	15:0
11/11/2004	2	CITY CLERK	DRAFT SUBMITTED
11/10/2004	1	FINANCE & PERSONNEL COMMITTEE	AMENDED; Minutes note: Ald. D'Amato moved to amend by increasing the withdrawal from the Tax Stabilization Fund by $300,000. Prevailed.	Pass	5:0
11/10/2004	2	FINANCE & PERSONNEL COMMITTEE	REFERRED WITHOUT RECOMMENDATION AND ASSIGNED TO	Pass	5:0
11/4/2004	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/17/2004	1	CITY CLERK	DRAFT SUBMITTED
8/2/2004		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
7/27/2004	0	COMMON COUNCIL	ASSIGNED TO

Number
040485
Version
SUBSTITUTE 2
Reference
Sponsor
CHAIR
Title
Substitute resolution authorizing a further withdrawal from the Tax Stabilization Fund for the 2005 budget purposes, as permitted by Sub-Section 4(c) and (d) of Section 304-29 of the Milwaukee Code of Ordinances.
Analysis
Body
Whereas, For 2005 budget purposes, it is the intent of the Common Council to authorize a withdrawal in excess of that permitted by the operation of Section 304-29-4 a and b of the Milwaukee Code; and

Whereas, Such additional withdrawal is permitted, with certain restrictions, by Section 304-29-4 c and d of the Milwaukee Code; and

Whereas, The Council fully intends to comply with such restrictions in authorizing such additional withdrawal; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that for 2005 budget purposes, withdrawal from the Tax Stabilization Fund to accomplish the following policy objective is hereby authorized in accordance with Sub-Section 4 c and 4d of Section 304-29 of the Milwaukee Code of Ordinances:

To withdraw $16,621,000 from the Tax Stabilization Fund; and, be it

Further Resolved, That if computation of the exact dollar amount of such additional withdrawal is necessary, that such computation be made to accurately reflect the above policy intent consistent with the restrictions imposed by Sub-Section 4 c and 4d of Section 304-29 of the Milwaukee Code; and, be it

Further Resolved, That the Budget and Management Director is hereby directed to compute and insert the exact dollar amount of this additional withdrawal from the Tax Stabilization Fund on the appropriate line in the official budget document to implement the above policy intent; and, be it

Further Resolved, That the Budget and Policy Director is authorized and directed to correct, if necessary, the amount of the withdrawal shown in the budget on the line "Tax Stabilization Fund Withdrawal" to reflect the maximum amount permit...