City of Milwaukee - File #: 060391

• File #: 060391
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 7/12/2006
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/31/2006
• Title: Resolution amending the Co-operation agreements between the City of Milwaukee and the Housing Authority of the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, the Milwaukee Economic Development Corporation, and the Neighborhood Improvement Development Corporation respectively, requiring these entities to furnish their annual audited financial statements to the City of Milwaukee no later than June 30th of each year.
• Sponsors: THE CHAIR
• Indexes: AUDITS, DEPARTMENT OF CITY DEVELOPMENT, HOUSING AUTHORITY, REDEVELOPMENT AUTHORITY

Date	Ver.	Action By	Action	Result	Tally
8/2/2006	0	MAYOR	SIGNED
7/31/2006	0	COMMON COUNCIL	ADOPTED	Pass	15:0
7/26/2006	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
7/18/2006	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/13/2006	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
7/12/2006	0	COMMON COUNCIL	ASSIGNED TO

Number
060391

Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution amending the Co-operation agreements between the City of Milwaukee and the Housing Authority of the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee, the Milwaukee Economic Development Corporation, and the Neighborhood Improvement Development Corporation respectively, requiring these entities to furnish their annual audited financial statements to the City of Milwaukee no later than June 30th of each year.

Analysis
This resolution would require the Housing Authority of the City of Milwaukee (HACM), the Redevelopment Authority of the City of Milwaukee, (RACM) the Milwaukee Economic Development Corporation (MEDC), and the Neighborhood Improvement Development Corporation (NIDC) to provided audited financial statements to the Office of the Comptroller by June 30th of each year to ensure the City can issue its Comprehensive Annual Financial Report (CAFR) before July 31st of each year.

Body
Whereas, The Government Accounting Standards Board (GASB) requires that component units must be included as part of a local government’s financial reporting entity for a fair presentation of the government’s overall financial operations. A component unit is a legally separate organization for which the elected officials of the City are accountable based on appointment of governing board, fiscal dependence on the primary government, and if there is a potential that exclusion would result in misleading financial reporting; and

Whereas, The Housing Authority of the City of Milwaukee (HACM), the Redevelopment Authority of the City of Milwaukee (RACM), the Milwaukee Economic Development Corporation (MEDC), and the Neighborhood Improvement Development Corporation (NIDC) are component units of the City of Milwaukee; and

Whereas, Without audited financial statements from component units, the City’s independent auditor will not issue an unqualified opinion that states the Ci...