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File #: 220705    Version:
Type: Resolution Status: Passed
File created: 9/20/2022 In control: COMMON COUNCIL
On agenda: Final action: 11/4/2022
Effective date:    
Title: Substitute resolution authorizing a payment from the 2022 Parking Fund to the 2023 Debt Service Fund to pay principal and interest for various parking projects.
Sponsors: THE CHAIR
Indexes: BUDGET, DEBT SERVICE FUNDS, PARKING
Attachments: 1. Cover Letter, 2. Hearing Notice List

Number

220705

Version

SUBSTITUTE 1

Reference

 

Sponsor

THE CHAIR

 

Title

Substitute resolution authorizing a payment from the 2022 Parking Fund to the 2023 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 2022 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 2022, an amount not to exceed $3,000,000 necessary to fund 2023 debt service obligations resulting from parking fund activities, from the 2022 Parking Fund to the Debt Service Fund; and, be it

 

Further Resolved, That this $3,000,000 payment is to be reflected in the 2023 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

Bryan J. Rynders

Ref: 2023 BF, 2-B;

October 18, 2022

Budget/2023budget/2023 Budget Resolutions/220705parkdebtr.rtf