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File #: 011362    Version: 0
Type: Resolution Status: Passed
File created: 1/22/2002 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 2/12/2002
Effective date:    
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)
Sponsors: THE CHAIR
Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING
Attachments: 1. Comptroller's cover letter.pdf, 2. Fiscal Section Analysis.txt, 3. Fiscal Note.PDF, 4. Budget Reply.PDF
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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