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File #: 010851    Version:
Type: Ordinance Status: Placed On File
File created: 10/12/2001 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 11/25/2003
Effective date:    
Title: A substitute ordinance relating to the tax stabilization fund.
Sponsors: THE CHAIR
Indexes: BUDGET, TAX STABILIZATION FUND
Attachments: 1. Budget reply.PDF, 2. Fiscal Note.PDF, 3. Fiscal Review Analysis.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
11/25/20031 COMMON COUNCIL PLACED ON FILEPass16:0 Action details Meeting details Not available
11/19/20031 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR PLACING ON FILEPass3:0 Action details Meeting details Not available
11/11/20031 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/18/20021 FINANCE & PERSONNEL COMMITTEE HELD TO CALL OF THE CHAIRPass5:0 Action details Meeting details Not available
12/10/20021 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/20/20021 FINANCE & PERSONNEL COMMITTEE HELD TO CALL OF THE CHAIRPass4:0 Action details Meeting details Not available
11/12/20021 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/12/20021 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/7/20020 FINANCE & PERSONNEL COMMITTEE HELD TO CALL OF THE CHAIRPass5:0 Action details Meeting details Not available
11/4/20020 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/4/20021 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
10/30/20020 FINANCE & PERSONNEL COMMITTEE HELD TO CALL OF THE CHAIRPass5:0 Action details Meeting details Not available
10/23/20020 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
10/22/20020 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/11/20020 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
6/11/20020 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
5/8/20020 FINANCE & PERSONNEL COMMITTEE HELD TO CALL OF THE CHAIRPass5:0 Action details Meeting details Not available
4/30/20020 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
4/30/20020 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/19/20010 FINANCE & PERSONNEL COMMITTEE HELD TO CALL OF THE CHAIRPass5:0 Action details Meeting details Not available
12/10/20010 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/10/20010 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
11/8/20010 FINANCE & PERSONNEL COMMITTEE HELD TO CALL OF THE CHAIRPass5:0 Action details Meeting details Not available
10/17/2001  FINANCE & PERSONNEL COMMITTEE REFERRED TO   Action details Meeting details Not available
10/17/2001  FINANCE & PERSONNEL COMMITTEE REFERRED TO   Action details Meeting details Not available
10/12/20010 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
010851
Version
SUBSTITUTE 1
Reference

Sponsor
THE CHAIR
Title
A substitute ordinance relating to the tax stabilization fund.
Sections
304-29 rc
Analysis
This ordinance, relating to the tax stabilization fund, (TSF) repeals provisions relating to use of the fund (to keep tax rate increase under 3%; to use no more than 50% of the fund balance) and establishes new provisions to maintain an unrestricted TSF fund balance between 5 to 10% of the city's previous 3-year average with respect to general budget fund expenditures:
1. If the fund falls below 5%, the annual draw would be limited to 95% of the previous year's fund regeneration.
2. If the fund falls between 5% and 7.5%, the annual draw would be limited to previous year's fund regeneration.
3. If the fund falls between 7.5% and 10%, the annual draw may exceed previous year's regeneration as long as the projected year end balance does not fall below the 5% guideline.
4. If the fund exceeds 10%, a draw must be made to maintain the balance at 10%. However, the use of fund proceeds (above the 10% level) must be used to increase cash financing of city capital projects, or other one-time initiatives designed to strengthen city finances. (i.e. pre-pay debt).
In addition, this ordinance makes non substantive revisions to the code text of the TSF (s.304-29) which generally dates to 1965.
Body
Whereas, The Government Finance Officers Association recommends that general purpose governments maintain an unreserved fund balance of no less than 5 to 15% of regular general fund operating revenues; and

Whereas, Because the City of Milwaukee's revenue stream is fairly stable (with the exception of state government attempts to eliminate or seriously decrease shared revenue), and the fact that the City has a separate reserve fund-the Public Debt Amortization Fund-for city debt, maintaining a Tax Stabilization Fund (TSF) balance of 5 to 10% of regular general fund operating revenues is app...

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