powered help
header-left header-center header-right
File #: 240770    Version:
Type: Resolution Status: In Council-Adoption
File created: 9/24/2024 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action:
Effective date:    
Title: Substitute resolution authorizing a payment from the 2024 Parking Fund to the 2025 Debt Service Fund to pay principal and interest for various parking projects.
Sponsors: THE CHAIR
Attachments: 1. Cover Letter, 2. Hearing Notice List

Number

240770

Version

SUBSTITUTE 1

Reference

 

Sponsor

THE CHAIR

 

Title

Substitute resolution authorizing a payment from the 2024 Parking Fund to the 2025 Debt Service Fund to pay principal and interest for various parking projects.

 

Analysis

This resolution authorizes a transfer of up to $3,467,413 from the 2024 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 2024, an amount not to exceed $3,467,413 necessary to fund 2025 debt service obligations resulting from parking fund activities, from the 2024 Parking Fund to the Debt Service Fund; and, be it

 

Further Resolved, That this $3,467,413 payment is to be reflected in the 2025 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

DOA-Budget and Management Division

Drafter

Bryan Rynders

October 22, 2024

BUDGET\2025budget\2025 Budget Resolutions\parkdebtTitleOnly.rtf