NUMBER
011362
VERSION
ORIGINAL
SPONSOR
THE CHAIR
TITLE
Resolution authorizing an additional $13,762 to be expended from the Special Purpose Account 'Excess TID #19 Funds' for the purpose of making excess TID revenue payments to other taxing jurisdictions. (Comptroller's Office)
ANALYSIS
In 2001, TID #19 (Campus Neighborhood) closed. Excess revenues over expenditures for TID #19 amounted to $755,966. This amount is greater than the $700,000 recognized in the 2001 Budget for excess TID #19 revenue. The greater than anticipated revenue resulted in a larger than anticipated amount owed to other taxing jurisdictions for their share of excess TID #19 revenue. The amount owed to other taxing jurisdictions is $513,762. The amount budgeted in the Special Purpose Account 'Excess TID #19 Funds' is $500,000. This resolution authorizes an additional $13,762 to be expended from the Special Purpose Account 'Excess TID #19 Funds'. This amount is to be offset by higher-than-anticipated revenues.
BODY:
Whereas, Section 304-91 of the Milwaukee Code establishes procedural guidelines related to the expenditure of funds to be reimbursed by greater-than-anticipated revenues; and
Whereas, the TID Excess Revenue account (0001 2110 009019) has realized, in 2001, greater than anticipated revenues; and
Whereas, 'Excess TID #19 Funds' special purpose account (0001 2110 S191 6300) has greater than anticipated expenses in the amount of $13,762; and
Whereas, the Comptroller has certified greater-than-anticipated revenue in the amount of $13,762, pursuant to Section 304-91,
Pursuant to Section 304-91, I hereby certify that the money required is anticipated to be realized on or before December 31, 2001, and to be expended only for the purpose of this resolution.
Comptroller Date
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the sum of $13,762 be appropriated to account 0001 2110 S191 6300, Exc...
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