Fiscal Note
The 2022 tax levy established by this resolution is necessary to fund the 2023 budget. This levy will result in a tax rate of approximately 7.7 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 2023 (compared with $5,000 in 2022). The $5,000 transfer maximum has been in effect since 1988.
Title
SUBSTITUTE - Adopting the 2023 City Budget authorizing a 2022 general property tax levy of $273,679,349 for City of Madison purposes, adopting a supplemental increase of $1,338 in the allowable property tax levy for 2022, as authorized under §66.0602(3)(f), Wis. Stats., 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, 2023 and ending December 31, 2023 as shown in the 2023 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 $50,000, and the Mayor is authorized to approve interdepartmental ...
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