Number
210872
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution reserving and appropriating up to $500,000 from the 2021 Common Council Contingent Fund to the 2021 Damages & Claims Fund Special Purpose Accounts.
Analysis
This resolution reserves and appropriates $500,000 from the 2021 Common Council Contingent Fund for the purpose of meeting financial obligations related to claims and litigation brought against the City.
Body
Whereas, Settlements and payment of judgments in 2021 will exceed the appropriation for the Damages & Claims Fund Special Purpose Account (SPA); and
Whereas, The 2021 Damages & Claims Fund SPA has been depleted by settlements and judgments previously approved by the Common Council: and
Whereas, It is estimated that a minimum of $398,000 of additional appropriations are necessary to meet the City’s obligations in the Damages and Claims Fund SPA; and
Whereas, a separate file, Common Council Resolution 210873, will approve Contingent Borrowing for the remaining needs in the Damages and Claims Fund SPA; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that up to $500,000 from the 2021 Common Council Contingent Fund (0001-9990-C001-006300-2021) shall be reserved and appropriated to the Damages and Claims Fund (0001-1490-S118-006300-2021); and, be it
Further Resolved, That the City Comptroller and other appropriate City officials are directed to take all actions necessary to fulfill the intent of this resolution.
Requestor
DOA Budget and Management Division, City Attorney
Drafter
Molly King
September 29, 2021
Finance/Resolutions/2021Resolutions/Contingent Fund-Damages and Claims.rtf