Madison, WI Header
File #: 17886    Version: 1 Name: School levy tax credit
Type: Resolution Status: Passed
File created: 3/24/2010 In control: COMMON COUNCIL
On agenda: 4/13/2010 Final action: 4/13/2010
Enactment date: 4/16/2010 Enactment #: RES-10-00320
Title: Authorizing the City Treasurer to notify the Wisconsin Department of Administration to distribute amounts determined for the school levy tax credit and the lottery and gaming credit for the City of Madison directly to the City Treasurer.
Sponsors: David J. Cieslewicz
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
4/13/20101 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25Pass Action details Meeting details Not available
3/24/20101 Treasurer's Office 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
Title
Authorizing the City Treasurer to notify the Wisconsin Department of Administration to distribute amounts determined for the school levy tax credit and the lottery and gaming credit for the City of Madison directly to the City Treasurer.
Fiscal Note
In previous years, the State of Wisconsin distributed the school levy credit and lottery and gaming credits directly to the municipalities. The municipalities would hold the funds for three weeks, and then forward the money to their counties. A recent change in state law provides that the funds will go directly to the counties. Municipalities, however, can still request that the money be sent directly to them. This allows the municipalities to hold the funds for three weeks before forwarding the money on to the county. The State Department of Administration must receive this notice by the third Monday in March. In the case of Madison, receiving and holding the money for three weeks can be expected to result in an additional $2,000 to $5,000 of interest revenue annually. A Council action approving such actions will be required twice in each future year.
Body
DRAFTER'S ANALYSIS: This Resolution results in the distribution of the described amounts directly to the City instead of to the county.
 
WHEREAS, it is regularly determined the amounts under Sec. 79.10(4), Wis. Stat. (the school levy tax credit) and Sec. 79.10(5), Wis. Stats., (the lottery and gaming credit) for the City of Madison exceed $3,000,000.
 
NOW, THEREFORE, BE IT RESOLVED, that pursuant to Sec. 79.10(7m)(cm), Wis. Stats., the City Treasurer is hereby authorized, on behalf of the City of Madison, to notify the Wisconsin Department of Administration to distribute all such amounts directly to City of Madison Treasurer in each year in which such amounts exceed $3,000,000.