Monday, January 24, 2011

Milwaukee County Budget Could Suffer Under UWM Land Sale Payment Delay

[Monday update: Two-year delay granted]:

If Milwaukee County accepts a delay to 2012 of payments from UWM-related private donors for County Grounds land on which the UWM Engineering school innovation center is to be built - - information here - - there would the following impacts on County finances, according to the County Board's economic development committee, county board records show.

The committee will take up the payment delay option Monday at 9:00 a.m:
"C. The amended agreement would result in a shortfall of $5,000,000 of revenue that is
budgeted in the 2011 Adopted Capital Improvements Budget. The projects that would be
impacted are:
·         WP174              Parks Major Maintenance ($100,000) (Domes HVAC Repairs & Upgrades),
·         WP186              Parks Naturalization ($61,000),
·         WZ600              Zoo Master Plan ($200,000),
·         WO114             Countywide Infrastructure Improvements ($2,848,382),
·         WO205             Fiscal Automation Program ($65,000),
·         WO444             Electronic Medical Records System ($500,000),
·         WO514            War Memorial Window Replacement and Reseal ($42,000),
·         WO515            War Memorial Window Ledge Leak Repairs ($15,300),
·         and WO949    Inventory and Assessment of County Buildings ($1,168,318).
In 2012, the amended schedule would decrease anticipated revenue by $887,500 compared the original agreement. 

The complete schedule of payments is listed below:
Year Revenue is Recorded Current Schedule of Payments -------Revised Schedule of Payments
2010 $5,000,000                                                                     $5,000,000
2011 $5,000,000                                                                     $0
2012 $887,500                                                                        $0
2013 $887,500                                                                        $5,000,000
2014 $887,500                                                                        $887,500
2015 $887,500                                                                        $887,500
                                                                                             2016 $887,500
                                                                                             2017 $887,500"

1 comment:

Dave Reid said...

The way the County has handled land sales and budgeting has been a problem for awhile that often causes a shortfall when deals take longer than 'planned'.