Number
070862
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a payment from the 2007 Parking Fund to the 2008 Debt Service Fund to pay principal and interest for various parking projects.
Analysis
This resolution authorizes a transfer of up to $3,500,000 from the 2007 Parking Fund to the Debt Service Fund.
Body
Whereas, The Parking Fund payment to the Debt Service Fund must be in the Debt Service Fund prior to the upcoming budget year in order for the revenue to be recognized for the upcoming Debt Service Budget; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the City Comptroller be, and is hereby authorized and directed to transfer, prior to the close of the fiscal year 2007, an amount not to exceed $3,500,000 necessary to fund 2008 debt service obligations resulting from parking fund activities, from the 2008 Parking Fund to the Debt Service Fund; and, be it
Further Resolved, That this $3,500,000 payment is to be reflected in the 2008 Debt Service Budget Source of Funds section under “Revenues”; and, be it
Further Resolved, That the Comptroller be, and is hereby authorized and directed to make such accounting changes as are necessary to implement this resolution.
Requestor
Drafter
Budget and Management Division
Ref: 2008 BF, 7-E; DY:
September 15, 2007
FINANCE: parkdebtR.RTF