Number
051495
Version
Substitute 1
Reference
051168
Sponsor
ALD. MURPHY
Title
Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue. (Office of the Comptroller)
Analysis
TID 31 and TID 33 have collected more tax increment than was required to retire all known obligations. This resolution authorizes the excess TID revenues generated by the TID’s to be refunded the taxing jurisdictions in direct proportion to their historical percentage of the TID levy.
The original file (051168) contained a Comptroller’s Office estimate of $856,518 in excess TID revenue. When DCD completed the TID closeout paperwork to file with the state, the actual amount of excess revenue was $973,553, or $87,035 more than the Comptroller estimate.
As a result, an additional distribution of excess TID revenues of totaling approximately $57,000 must be made to the County, School District, MATC, and MMSD, resulting in a total distribution of approximately $636,000 to the other taxing jurisdictions.
Also, the City’s health insurance account experienced additional claims in the amount of approximately $3.6 million. There was funding available to account for approximately $2.5 million of these additional expenditures. The Fringe Benefit Offset account had surplus revenues in an amount sufficient to cover this shortage. Seeing as how the fringe benefit offset revenue account is made up of payments for fringe benefits, it seemed appropriate to use part of this surplus to cover the additional health insurance costs.
Body
Whereas, Section 304-91 of the Milwaukee code of Ordinances establishes procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenues; and
Whereas, File no. 051168 previously authorized a 2005 excess revenue distribution from TID #31 and TID #33 and actual additional revenues exceeded the estimate contained in 051168 by an additional $87,035; and
Whereas, Approximately...
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