HomeMy WebLinkAboutResolutions 2006 (01) RESOLUTION CALLING FOR DEPARTMENT OF REVENUE
RECONCILING OF LOST INTEREST EARNINGS OF UNALLOCATED
SALES TAX PROCEEDS — 2003 -2005
Resolution No. i l 1LX ko )
St. Croix County, Wisconsin
WHEREAS, the Wisconsin Department of Revenue correctly recognized and corrected
sales tax distributions to counties from December, 2002 to November, 2005; and
WHEREAS, St. Croix County was one of, if not the lead, county in the amount of sales
tax needing reconciling; and
WHEREAS, for St. Croix County the amount of sales tax reconciled during this period of
time amounted to $686,184.34; and
WHEREAS, the Department of Revenue's explanation per Finance Manager Anthony
Timmons letter of December 22, 2005 to St. Croix County described as the "ITS Sales Tax
Variance Reconciliation" of how the reconciliations was determined; and
WHEREAS, it is recognized by the Department of Revenue and St. Croix County that
these noted sales tax proceeds had not been distributed to the County during this period of time;
and
WHEREAS, the significant amount of funds in questions yielded interest earnings to the
party holding the funds; and
WHEREAS, St. Croix County's conservative accounting of lost interest earnings on these
funds during this period of time based on monthly interest earnings rates for each month in the
Local Government Investment Pool amounts to $17,252.57 in unearned County interest earnings
on these sales tax proceeds from December, 2002 thru December, 2005 as calculated and shown
on Attachment A; and
WHEREAS, the St. Croix County Board of Supervisors agrees these lost interest earnings
should be recognized and added to the sales tax reconciliation by the Department of Revenue;
BE IT HEREBY RESOLVED, that the St. Croix County Board of Supervisors requests
the Department of Revenue to recognize and reimburse St. Croix County for lost interest
earnings on undistributed sales tax proceeds of $686,184.34 from December, 2002 to December,
2005 amounting to $17,252.57
based on the state Local Government Investment
Pool as
calculated and shown on Attachment A.
Offered by the Finance Committee on January 17, 2006.
NEGATIVE AF IRMATIVE '
Reviewed by Corporation Counsel on /7-
Greg Tyllnennan, Corporation Counsel
This Resolution was adopted by the St. Croix County Board of Supervisors on
�L' &
Cindy Camp e 1, County Clerk
tj
Estimated Lost Interest On Sales Tax "Attachment A"
Variance Accumulated Accum Pool Lost
Amount Variance Var + Interest Rate Interest
Dec -02 65,208.47 65,208.47 65,208.47 1.38% 74.99
Jan -03 7,995.43 73,203.90 73,278.89 1.32% 80.61
Feb -03 18,629.34 91,833.24 91,913.85 1.31% 100.34
Mar -03 21,840.03 113,673.27 113,773.61 1.29% 122.31
Apr -03 22,163.58 135,836.85 135,959.16 1.26% 142.76
May -03 24,923.30 160,760.15 160,902.91 1.24% 166.27
Jun -03 21,387.91 182,148.06 182,314.33 1.19% 180.80
Jul -03 21,505.46 203,653.52 203,834.32 1.03% 174.96
Aug -03 30,138.51 233,792.03 233,966.99 1.01% 196.92
Sep -03 25,274.50 259,066.53 259,263.45 0.98% 211.73
Oct -03 22,455.25 281,521.78 281,733.51 0.97% 227.73
Nov -03 17,920.35 299,442.13 299,669.86 1.02% 254.72
Dec -03 17,341.52 316,783.65 317,038.37 1.00% 264.20
Jan -04 18,932.71 335,716.36 335,980.56 1.01% 282.78
Feb -04 8,153.42 343,869.78 344,152.56 1.01% 289.66
Mar -04 6,524.12 350,393.90 350,683.56 1.01% 295.16
Apr -04 (5,278.99) 345,114.91 345,410.07 0.99% 284.96
May -04 (3,523.61) 341,591.30 341,876.26 0.97% 276.35
Jun -04 (8,467.15) 333,124.15 333,400.50 0.98% 272.28
Jul -04 (6,157.63) 326,966.52 327,238.80 1.07% 291.79
Aug -04 (2,920.17) 324,046.35 324,338.14 1.23% 332.45
Sep -04 (2,735.46) 321,310.89 321,643.34 1.37% 367.21
Oct -04 4,251.71 325,562.60 325,929.81 1.51% 410.13
Nov -04 (3,117.60) 322,445.00 322,855.13 1.71% 460.07
Dec -04 3,798.33 326,243.33 326,703.40 1.90% 517.28
Jan -05 13,863.53 340,106.86 340,624.14 2.11% 598.93
Feb -05 22,877.06 362,983.92 363,582.85 2.29% 693.84
Mar -05 34,133.00 397,116.92 397, 810.76 2.44% 808.88
Apr -05 35,630.92 432,747.84 433,556.72 2.67% 964.66
May -05 29,565.19 462,313.03 463,277.69 2.89% 1,115.73
Jun -05 34,553.57 496,866.60 497,982.33 2.97% 1,232.51
Jul -05 35,225.65 532,092.25
Jul Refund (324,541.30) 207,550.95 208,783.46 3.15% 548.06
Aug -05 44,180.12 251,731.07 252,279.13 3.40% 714.79
Sep -05 41,050.32 292,781.39 293,496.18 3.53% 863.37
Oct -05 38, 334.75 331,116.14 331, 979.51 3.68% 1,018.07
Nov -05 30,526.90 361,643.04 362,661.11 3.93% 1,187.72
Dec -05 0.00 361,643.04 362,830.76 4.06% 1,227.58
Totals 361,643.04 17,252.57