Number
231539
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DIMITRIJEVIC
Title
Substitute resolution authorizing the transfer of $518,796.30 from the Common Council Contingent Fund to the Insurance Fund Special Purpose Account for the purpose of funding the City’s property insurance policy.
Analysis
This resolution authorizes the transfer of $518,796.30 from the Common Council Contingent Fund to the Insurance Fund Special Purpose Account for the purpose of meeting financial obligations related to City insurance policy premiums.
Body
Whereas, The 2024 Insurance Fund Special Purpose Account was budgeted at $1,619,389; and
Whereas, Property insurance policies cover losses due to damage to City-owned real property; and
Whereas, Property insurance policy premiums due and payable in 2024 exceed the funding available in the Insurance Fund Special Purpose Account; and
Whereas, A minimum of $518,796.30 in additional funds will be necessary to meet current and anticipated obligations in 2024 payable from the Insurance Fund Special Purpose Account; and
Whereas, The 2024 Common Council Contingent Fund was budgeted at $5,000,000; and
Whereas, After the transfer of $518,796.30 from the 2024 Common Council Contingent Fund, the balance of the fund will be approximately $4,481,200; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that $518,796.31 shall be reserved and appropriated from the 2024 Common Council Contingent Fund (0001-9990-C001-006300), and allocated to the 2024 Insurance Fund Special Purpose Account (0001-1490-S143-006300); 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
City Attorney
Drafter
LRB179662-1
Kathleen M. Brengosz
1/23/2024