FINANCE & PERSONNEL COMMITTEE

City Hall City of Milwaukee 200 East Wells Street Milwaukee, WI 53202 Meeting Minutes FINANCE & PERSONNEL COMMITTEE ALD. MILELE A. COGGS, CHAIR Ald. Chantia Lewis, Vice-Chair Ald. Terry L. Witkowski, Ald. Michael J. Murphy, and Ald. Russell W. Stamper, II Staff Assistant, Chris Lee, 286-2232; Fax: 286-3456, clee@milwaukee.gov Legislative Liaison, Dana Zelazny, 286-5679, dana.zelazny@milwaukee.gov Wednesday, October 10, 2018 1:30 PM Room 301-B, Third Floor, City Hall 2019 BUDGET HEARINGS Meeting convened at 1:46 p.m. Present 5 - Coggs, Lewis, Witkowski, Murphy, Stamper Individuals also present: Martin Matson, Comptroller Dennis Yaccarino, Budget Director Dana Zelazny, Legislative Reference Bureau Rocky Wruck, Special Deputy Comptroller 1. 180001 Communication from the Mayor relating to the proposed 2019 budget. Sponsors: THE CHAIR -Strong Neighborhoods Program and other Major Initiatives Individuals appearing: Irma Yepez-Klassen, Mayor's Office Maria Prioletta, Dept. of City Development Larry Kilmer, Dept. of City Development David Sivyer, Dept. of Public Works Amy Turim, Dept. of Public Works Strong Neighborhoods Program Budget Overview and Presentation: Strong Neighborhoods Plan, Tax Delinquent Accounts, In Rem Tax Foreclosure Filings & Acquisitions, In Rem Tax Foreclosure Redemption Rate, City Owned Improved Property Inventory and Sales, Change in Residential Assessed Value, SNP Performance and Goals, Compliance & STRONG Homes Loans, Neighborhood Beautification & Fondy Park Improvements, SNP 2019 Budget Appropriations, STRONG Neighborhoods Plan 10,000 Household Initiative: Goals & Sample Projects This Budget was NOT ACTED ON -Mayor's Office City of Milwaukee Page 1 FINANCE & PERSONNEL Meeting Minutes October 10, 2018 COMMITTEE Individuals appearing: Thomas Bell, Budget Office Paul Vornholt, Mayor's Office Aaron Szopinski, Mayor's Office Mayor's Office Budget Overview: Summary, Major Budget Changes This Budget was NOT ACTED ON -Municipal Court Individuals appearing: Eric Pearson, Budget Office Sheldyn Himle, Municipal Court Judge Derek Mosley, Municipal Court Sue Eckhart, JusticePoint Municipal Court Budget Overview: Community Goals and Objectives, 2019 Budget Summary, Special Purpose Accounts, Revenues, Municipal Court Cases & Revenue, Budget Issues This Budget was NOT ACTED ON -Deferred Compensation Individuals appearing: Beth Conradson Cleary, Deferred Compensation Adria Campbell, Voya Financial Nicholas Sinram, Budget Office Deferred Compensation Budget Overview and Presentation: Mission Statement, Objectives & Strategies of the DCP, 2019 Budget Summary, Deferred Compensation Plan Assets in Millions, Participants, Summary Plan Data, Recent Accomplishments, Financial Wellness Seminars, Recipient of 2018 National Leadership Awards, Review of Plan Design Changes, Measuring Results: Gender Analysis, Race Analysis, Asset Allocation Impact, 2019 Plan Goals This Budget was NOT ACTED ON -Employees Retirement System Individual appearing: Molly King, Budget Office Bernard (Jerry) Allen, Employees' Retirement System ERS Budget Overview: Budget Data, Pension Fund Status January 1, 2018, Changes to 2018 Plan Reset, 2019 Pension Contribution, Future Pension Payments, Employer Pension Contributions Trends 1996-2019 Projection, Fund Value of Assets: 2007 - June 30, 2018 ERS Presentation: General Pension Statistics, CMERS Participant Headcount, Total Annual Member Contributions, Annual Member Contributions, CMERS Investment Performance History City of Milwaukee Page 2 FINANCE & PERSONNEL Meeting Minutes October 10, 2018 COMMITTEE Periods Ending August 31, 2018, Investment Performance Compared to Public Fund Peers Periods Ending June 30, 2018, ERS 20 Year Rolling Ave. Investment Returns 1978-2017, Rolling Fund Returns 1979-2017, History of U.S. Bear & Bull Markets Since 1926, Active Management vs. Passive Analysis, Stable Employer Contribution Policy, Net Assets Available for Benefits, Portfolio Geometric Average Return, Probability of Achieving an 8.0% Return, Alternative Mixes: 30-Year Return Expectations, Public Fund Actuarial Discount Rates, 2018 COM Contribution - $69.164 Million, Deterministric Stress Test, A Look Ahead Five Years to Future Employer Contributions Beginning in 2022 This Budget was NOT ACTED ON A motion was made by ALD. WITKOWSKI that this Budget be HELD TO CALL OF THE CHAIR. This motion PREVAILED by the following vote: Aye 5- Coggs, Lewis, Witkowski, Murphy and Stamper No 0 Meeting adjourned at 4:27 p.m. Chris Lee, Staff Assistant Council Records Section City Clerk's Office This meeting can be viewed in its entirety through the City's Legislative Research Center at http://milwaukee.legistar.com/calendar. City of Milwaukee Page 3