Number
021216
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing carryover of certain fund balances from 2002 to 2003 in accordance with Section 65.07(1)(p), Wisconsin Statutes.
Analysis
Body
Whereas, It has been the practice of the Mayor and the Common Council of the City of Milwaukee to maintain as low a tax rate as is possible, consistent with the standard of services requested by the citizens of Milwaukee; and
Whereas, The authorization to carry over certain available fund balances to permit achieving or completing a previously authorized and funded purpose, program, project, or equipment purchase is in the best interests of the City and assists in reducing the amounts that must be levied on taxable property in the City of Milwaukee; and
Whereas, The Budget and Management Division and the Committee on Finance and Personnel have reviewed 2002-2003 carryover requests and recommend in this resolution those carryovers which appear to be in compliance with Section 65.07(1)(p), Wisconsin State Statutes, Capital Guidelines, Grant and Aid Guidelines, Community Development Agency Guidelines, and other prudent criteria; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that it hereby authorizes and directs the City Comptroller to carry over the accounts enumerated in Exhibit A (attached to this file) in the amounts set forth in the recommended column; and, be it
Further Resolved, That the City Comptroller is hereby authorized and directed to close out each Capital Purpose Account in accordance with the requirements of Common Council Resolution File Number 021058, et.al., Section V; and, be it
Further Resolved, That the departments affected by this resolution are hereby authorized to expend the carried over funds in accordance with the intent of the original appropriations; and, be it
Further Resolved, That each amount indicated for carryover for Special Ledger accounts is the maximum balance that can be carried over to 2003. Any balance over those amounts indicated are to revert to the Tax Stabilization Fund, in accordance with Section 304-29-3, Milwaukee Code of Ordinances; and, be it
Further Resolved, That Notwithstanding the above authorizations, that if the Comptroller, at the time of transferring this money to the succeeding years' appropriations determines that any of the above authorized funds exceeds that three-year carryover authorization, the Comptroller is hereby directed to close the funds in excess of the three-year authorization to the appropriate close-out account.
Requestor
Department of Administration
Budget and Management Division
Drafter
JCG
Ref:03008
March 17, 2003
Finance:021216rs.rtf