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File #: 161383    Version: 0
Type: Resolution Status: Passed
File created: 2/7/2017 In control: COMMON COUNCIL
On agenda: Final action: 3/1/2017
Effective date:    
Title: Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue. (Debt Service Fund-Bonded Debt - principal)
Sponsors: THE CHAIR
Indexes: DEBT SERVICE FUNDS, REIMBURSABLE SERVICES
Attachments: 1. Fiscal Impact Statement, 2. Cover Letter, 3. Hearing Notice List, 4. Comptroller Signed Resolution

Number

161383

Version

ORIGINAL

Reference

                     

Sponsor

THE CHAIR                     

Title

Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue.  (Debt Service Fund-Bonded Debt - principal)

 

Analysis

This resolution provides additional appropriation for the payment of principal on general obligation debt financed from the General Fund as an operating transfer.  Revenue Anticipation Notes Series 2016 R1 and EMCP Notes Series T8 and C6 were issued  for the purpose of financing the City’s operating budgets on an interim basis in anticipation of the receipt of State shared revenue.

 

Body

Whereas, The City of Milwaukee issued Revenue Anticipation Notes Series 2016 R1 and EMCP Notes Series T8 and C6 to finance the City’s operating budgets on an interim basis in anticipation of the receipt of State shared revenue in the General Fund; and,

 

Whereas, The General Fund has received State shared revenues and recorded an operating transfer out of the General Fund equal to the principal due on the debt; and 

 

Whereas, Generally Accepted Accounting Principles require that General Obligation Debt be recorded in the Debt Service Fund, with an operating transfer from the General Fund; and

 

Whereas, The Comptroller has certified greater than anticipated revenue in the amount of $400,000,000.00 from State shared revenue, pursuant to s. 304-91; and

 

Pursuant to s. 304-91, I hereby certify that the money required for this is anticipated to be realized on or before 12/31/16 and to be expended only for the purpose in this resolution.

 

 

__________________________________________                                          __________________

Comptroller                                                                                                                                                   Date

; now, therefore, be it

 

Resolved, That up to $400,000,000.00 is appropriated to the Debt Service Fund, Bonded Debt (principal) account 0210-2110-006610-0001-R999-2016; and, be it

 

Further Resolved, That the Comptroller is authorized to expend these funds for the payment of principal on the debt; and, be it

 

Further Resolved, That the Comptroller is authorized and directed to establish the necessary accounts and accounting procedures to carry out the intent of this resolution.

 

 

Requestor

CITY COMPTROLLER

Drafter

CITY COMPTROLLER                     

MM:pn:sk

01-24-2017