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File #: 160747    Version: 0
Type: Resolution Status: Passed
File created: 9/26/2016 In control: COMMON COUNCIL
On agenda: Final action: 11/4/2016
Effective date:    
Title: Resolution authorizing a payment from the 2016 Parking Fund to the 2017 Debt Service Fund to pay principal and interest for various parking projects.
Sponsors: THE CHAIR
Indexes: MUNICIPAL FINANCE
Attachments: 1. Fiscal Impact Statement

Number

160747

Version

ORIGINAL

Reference

 

Sponsor

THE CHAIR

Title

Resolution authorizing a payment from the 2016 Parking Fund to the 2017 Debt Service Fund to pay principal and interest for various parking projects.

 

Analysis

This resolution authorizes a transfer of up to $2,875,333 from the 2016 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 2015, an amount not to exceed $2,875,333 necessary to fund 2017 debt service obligations resulting from parking fund activities, from the 2016 Parking Fund to the Debt Service Fund; and, be it

 

Further Resolved, That this $2,875,333 payment is to be reflected in the 2016 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: 2017 BF, 3B;Dennis Yaccarino

September 23, 2016

17budget/2017budget resolutions/parkdebtR.RTF