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File #: 32014    Version: 1 Name: Adopting the 2014 City Budget authorizing a 2013 general property tax levy of $ _______ for City of Madison purposes, adopting a supplemental increase of $_______ in the allowable property tax levy for 2013, as authorized under s. 66.0602 (3) (f), Wiscon
Type: Resolution Status: Passed
File created: 10/28/2013 In control: Finance Department
On agenda: 11/5/2013 Final action: 11/5/2013
Enactment date: 11/7/2013 Enactment #: RES-13-00834
Title: Adopting the 2014 City Budget authorizing a 2013 general property tax levy of $198,480,300 for City of Madison purposes, adopting a supplemental increase of $96,288 in the allowable property tax levy for 2013, as authorized under s. 66.0602 (3) (f), Wisconsin Statutes, and declaring the City's official intent to issue general obligation and revenue bonds to reimburse for certain expenditures authorized therein.
Sponsors: Common Council By Request
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
11/5/20131 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25Pass Action details Meeting details Not available
10/28/20131 Finance Department RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - REPORT OF OFFICER  Action details Meeting details Not available
Fiscal Note
The 2013 tax levy established by this resolution is necessary to fund the 2014 budget.  This levy will result in a tax rate of approximately 9.514 mills.
 
Title
Adopting the 2014 City Budget authorizing a 2013 general property tax levy of $198,480,300 for City of Madison purposes, adopting a supplemental increase of $96,288 in the allowable property tax levy for 2013, as authorized under s. 66.0602 (3) (f), Wisconsin Statutes, and declaring the City's official intent to issue general obligation and revenue bonds to reimburse for certain expenditures authorized therein.
 
Body
BE IT RESOLVED, that the revenues herein named and funds received from taxes levied and other sources are hereby appropriated to the several departments of municipal government for purposes hereinafter mentioned for the fiscal year beginning January 1, 2014 and ending December 31, 2014 as shown in the 2014 City Budget on file in the office of the City Clerk.
 
BE IT FURTHER RESOLVED, that the expenditures within departments for the various major objects of expenditure and capital projects shall not exceed the amounts specified for such purposes as shown in the budget on file in the office of the City Clerk; provided, however, that the Finance Director is authorized to approve intradepartmental transfers of unencumbered balances of up to $5,000, and the Mayor is authorized to approve interdepartmental transfers of up to $5,000.
 
BE IT FURTHER RESOLVED that, pursuant to s. 66.0602 (3) (f), Wisconsin Statutes, the allowable levy for 2013 is increased by $96,289 (from $198,384,548 to $198,480,836), by applying unused levy limit authority carried over from 2012, and that this increase in the allowable levy is 0.5 percent or less of the actual levy in 2012, the use of part or all the carried over amount for the 2013 levy requires a majority vote of the governing body.
 
BE IT FURTHER RESOLVED, that the allowable levy for 2013, subject to certification by the Department of Revenue of the amount of refunded or rescinded property taxes, is $198,480,836.
 
BE IT STILL FURTHER RESOLVED, that there be and hereby is levied for general City of Madison purposes, including all levies heretofore made during the year 2013 upon all taxable property in the city of Madison as appears on the tax roll of real and personal property for the year 2013, a property tax levy of $198,480,300.
 
BE IT FINALLY RESOLVED, that the City anticipates that funds, other than the proceeds of any outstanding debt of the City, will be used to pay for those expenditures set forth in the approved 2014 Capital Budget. The City expects to be reimbursed for a portion of those expenditures with proceeds of future general obligation and revenue bond borrowing. The maximum principal amount of general obligation indebtedness expected to be issued for the reimbursement of such expenditures is $113,456,772. The maximum principal amount of revenue bond indebtedness expected to be issued for the reimbursement of those Water Utility expenditures included in the adopted 2013 Capital Budget is $38,356,000. The maximum principal amount of revenue bond indebtedness expected to be issued for the reimbursement of those Sewer Utility expenditures included in the adopted 2013 Capital Budget is $11,355,300. This Resolution shall serve as a declaration of the City's official intent so as to satisfy the "official intent requirement" of Treasury Regulation Section 1.150-2.