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File #: 200724    Version:
Type: Resolution Status: Passed
File created: 9/22/2020 In control: COMMON COUNCIL
On agenda: Final action: 11/6/2020
Effective date:    
Title: Substitute resolution authorizing a payment from the 2020 Parking Fund to the 2021 Debt Service Fund to pay principal and interest for various parking projects.
Sponsors: THE CHAIR
Indexes: DEBT SERVICE FUNDS, PARKING
Attachments: 1. Hearing Notice List

Number

200724

Version

SUBSTITUTE 1

Reference

 

Sponsor

THE CHAIR

 

Title

Substitute resolution authorizing a payment from the 2020 Parking Fund to the 2021 Debt Service Fund to pay principal and interest for various parking projects.

 

Analysis

This resolution authorizes a transfer of up to $3,000,000 from the 2020 Parking Fund to the Debt Service Fund.

 

Body

Whereas, the Parking Fund payment to the Debt Service Fund must be in the Debt Service Fund prior to the upcoming budget year in order for the revenue to be recognized for the upcoming Debt Service Budget; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee That the City Comptroller be, and is hereby authorized and directed to transfer, prior to the close of the fiscal year 2020, an amount not to exceed $3,000,000 necessary to fund 2021 debt service obligations resulting from parking fund activities, from the 2020 Parking Fund to the Debt Service Fund; and, be it

 

Further Resolved, That this $3,000,000 payment is to be reflected in the 2021 Debt Service Budget Source of Funds section under “Revenues”; and, be it

 

Further Resolved, That the Comptroller be, and is hereby authorized and directed to make such accounting changes as are necessary to implement this resolution.

 

Requestor

DOA-Budget and Management Division

Drafter

Eric Pearson

Ref: 2021 BF, 2-B;

October 26, 2020

21budget/2021budget resolutions/parkdebtr.rtf