Fiscal Note
The 2023 tax levy established by this resolution is necessary to fund the 2024 budget. This levy will result in a tax rate of approximately 7.11 mills.
This resolution includes a paragraph authorizing the application of general debt reserves to pay general fund debt service without an appropriation of an equal amount from the general fund for capital projects. That paragraph must be separated during budget adoption and requires an affirmative two-thirds vote of the Council, pursuant to section 4.17, Madison General Ordinances.
This resolution also sets the authorized maximum amount of intra- and inter-departmental transfers at $50,000 in 2024, which is the same level as in 2023.
Title
SUBSTITUTE -- Adopting the 2024 City Budget authorizing a 2023 general property tax levy of $286,497,699 for City of Madison purposes, adopting a supplemental increase of $4,958 in the allowable property tax levy for 2023, 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
The 2023 tax levy established by this resolution is necessary to fund the 2024 budget. This levy will result in a tax rate of approximately 7.11 mills.
Adopting the 2024 City Budget authorizing a 2023 general property tax levy of $286,497,699 for City of Madison purposes, adopting a supplemental increase of $4,958 in the allowable property tax levy for 2023, 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.
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, 2024 and ending December 31, 2024 ...
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