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Resolution adopting an Innovation Grant Spending Policy
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WHEREAS, the City of Wauwatosa has been awarded a State of Wisconsin Innovation Grant in connection with the merger of the City of Wauwatosa Fire Department and the City of West Allis Fire Department into the Milwaukee Metro Fire and Rescue Corporation; and
WHEREAS, the Innovation Grant is anticipated to provide $4,563,070 annually for five years, for a total of approximately $22.8 million; and
WHEREAS, the Common Council finds it necessary to establish a spending policy for this one-time revenue consistent with the City’s One-Time Revenue Policy and Financial Resiliency Policy;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Wauwatosa that the Innovation Grant Spending Policy is hereby adopted to assign Innovation Grant proceeds in the following order of priority: (1) $5.0 million for one-time Milwaukee Metro Fire and Rescue Corporation start-up costs, (2) $5.0 million for Milwaukee Metro Fire and Rescue Corporation financial resiliency initiatives, and (3) $12.8 million for the Library remodel project.
BE IT FURTHER RESOLVED that, if the City receives less than the full anticipated Innovation Grant amount, any reduction shall first be applied to the amount assigned to the Library remodel project.
BE IT FURTHER RESOLVED that staff will optimize the use of funds, regardless of prioritization, to ensure the City does not unnecessarily incur interest costs and funds are not idle.
BE IT FURTHER RESOLVED that, if amounts assigned to Milwaukee Metro Fire and Rescue Corporation start-up costs or financial resiliency initiatives are not spent or designated within five years, staff shall return to the Common Council with recommendations for alternate use of such funds.
By: Financial Affairs Committee
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Recommendation: Approve 6-0