Number
100681
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing a further Tax Stabilization Fund withdrawal for 2011 budget purposes.
Analysis
The Common Council is permitted to authorize a further withdrawal from the Tax Stabilization Fund under s. 304-29-4-c and d of the Code. This resolution authorizes a further withdrawal of $964,549 from the Tax Stabilization Fund for 2011 budget purposes.
Body
Whereas, For the 2011 budget, the Common Council intends to authorize a withdrawal from the Tax Stabilization Fund in excess as permitted by s. 304-29-4-c and d of the Code; and
Whereas, This additional withdrawal is permitted, with certain restrictions, by s. 304-29-4-c and d of the 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Resolved, By the Common Council of the City of Milwaukee, that for 2011 budget purposes, $964,549 be withdrawn from the Tax Stabilization Fund to accomplish the policy objective authorized in s. 304-29-4-c and d of the Code; and, be it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 s. 304-29-4-c and d of the 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 Division
Drafter
LRB127553-2
Jim Carroll
4/28/11