Number
190901
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing a further Tax Stabilization Fund withdrawal for 2020 as permitted by Sub-Section 4(c) and (d) of Section 304-29 of the Milwaukee Code of Ordinances.
Analysis
Body
Whereas, For the 2020 budget, the Common Council intends to authorize a withdrawal in excess of that permitted by Section 304-29-4 a and b of the Milwaukee Code; and
Whereas, This additional withdrawal is permitted, with certain restrictions, by Section 304-29-4 c and d of the Milwaukee Code; and
Whereas, The Council fully intends to comply with restrictions in authorizing such additional withdrawal; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, That for 2020 budget purposes, $8,883,515 be withdrawn from the Tax Stabilization Fund to accomplish the policy objective authorized in Sub-Section 4 c and 4d of Section 304-29 of the Milwaukee Code of Ordinances; and, be it
Further Resolved, That any computation of the exact amount of withdrawal should accurately reflect the policy intent with the restrictions imposed by Sub-Section 4 c and 4d of Section 304-29 of the Milwaukee Code; and, be it
Further Resolved, That the Budget and Management Director is directed to compute and insert the exact dollar amount of this additional withdrawal from the Tax Stabilization Fund on the appropriate lines in the official budget document; and, be it
Further Resolved, That the Budget and Management Director is authorized and directed to correct, if needed, the amount of the withdrawal shown in the budget on the line “Tax Stabilization Fund Withdrawal” to reflect the maximum amount permitted by ordinance.
Requestor
Budget and Management Division
Drafter
Chris Lee
11/08/19