Number
200055
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BORKOWSKI
Title
Substitute resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue (Port of Milwaukee).
Analysis
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, the Port of Milwaukee experienced major flooding and damage in January of 2020; and
Whereas, primarily impacted sites include the Port’s commercial operations on Jones Island as the Port’s international docks at Federal Marine Terminals were significantly affected; and
Whereas, greater than anticipated revenue in the amount of $660,000 would be utilized by the Port of Milwaukee to pay for the City of Milwaukee’s insurance deductible with Travelers or as a required local match for State or Federal emergency response and remediation grants; and
Whereas, The City Comptroller has certified greater than anticipated revenue in the amount of $660,000, pursuant to s. 304-91,
Pursuant to s. 304-91, I hereby certify that the money required for this is anticipated to be realized on or before December 31, 2019 and to be expended only for the purpose in this resolution.
__________________________________ _______________
Comptroller Date
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Comptroller is authorized to increase appropriations in the amount of $660,000 in the Port of Milwaukee 2019 Operating account (0480-4280-R999-006300) and to increase the 2019 Estimated Revenue account (0480-4280-009400) by $660,000; 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
DOA-Budget and Management Division
Drafter
ML:ns
May 11, 2020
I:\Finance\Resolutions\Greater than anticipated revenue Port - 2019