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File #: 220709    Version:
Type: Resolution Status: Placed On File
File created: 9/20/2022 In control: COMMON COUNCIL
On agenda: Final action: 11/4/2022
Effective date:    
Title: Substitute resolution authorizing a further Tax Stabilization Fund withdrawal for 2023 as permitted by Sub-Section 4(c) and (d) of Section 304-29 of the Milwaukee Code of Ordinances.
Sponsors: THE CHAIR
Indexes: TAX STABILIZATION FUND
Attachments: 1. Cover Letter, 2. Hearing Notice List

Number

220709

Version

SUBSTITUTE 1

Reference

 

Sponsor

THE CHAIR

 

Title

Substitute resolution authorizing a further Tax Stabilization Fund withdrawal for 2023 as permitted by Sub-Section 4(c) and (d) of Section 304-29 of the Milwaukee Code of Ordinances.

 

Analysis

 

Body

Whereas, For the 2023 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Resolved, By the Common Council of the City of Milwaukee, That for 2023 budget purposes, $0 be withdrawn from the Tax Stabilization Fund to accomplish the policy objective authorized in Sub-Section 4c and 4d of Section 304-29 of the Milwaukee Code of Ordinances;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 4c 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

Bryan J. Rynders

October 18, 2022

Budget/2023budget/2023 Budget Resolutions/TSF4cdr.rtf