Fiscal Note
The 2014 tax levy established by this resolution is necessary to fund the 2015 budget. This levy will result in a tax rate of approximately 9.496 mills.
Title
Adopting the 2015 City Budget authorizing a 2014 general property tax levy of $202,870,333 for City of Madison purposes, adopting a supplemental increase of $1,666 in the allowable property tax levy for 2014, 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 2014 tax levy established by this resolution is necessary to fund the 2015 budget. This levy will result in a tax rate of approximately 9.496 mills.
Adopting the 2015 City Budget authorizing a 2014 general property tax levy of $202,870,333 for City of Madison purposes, adopting a supplemental increase of $1,666 in the allowable property tax levy for 2014, 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, 2015 and ending December 31, 2015 as shown in the 2015 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 2014 is increased by $1,666 (from $203,156,941 to $203,158,607), by applying unused levy limit authority carried over from 2013, and that this increase in the allowable levy is 0.5 percent or less of the actual levy in 2013, the use of part or all the carried over amount for the 2014 levy requires a majority vote of the governing body.
BE IT FURTHER RESOLVED, that the allowable levy for 2014, subject to certification by the Department of Revenue of the amount of refunded or rescinded property taxes, is $203,158,607.
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 2014 upon all taxable property in the city of Madison as appears on the tax roll of real and personal property for the year 2014, a property tax levy of $202,870,333.
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 2015 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 $147,901,732. The maximum principal amount of revenue bond indebtedness expected to be issued for the reimbursement of those Water Utility expenditures included in the adopted 2015 Capital Budget is $44,495,000. Water Utility did not issue revenue bond indebtedness in 2014. Debt assumed in 2014 may, therefore, be reimbursed through two revenue bond issuances in 2015. The maximum principal amount of revenue bond indebtedness expected to be issued for the reimbursement of those Sewer Utility expenditures included in the adopted 2015 Capital Budget is $10,271,730. 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.