FINANCE & PERSONNEL COMMITTEE

Regular Meeting

Milwaukee, WI · October 7, 2020

Minutes

City Hall City of Milwaukee 200 East Wells Street Milwaukee, WI 53202 Meeting Minutes FINANCE & PERSONNEL COMMITTEE ALD. MICHAEL J. MURPHY, CHAIR Ald. Scott Spiker, Vice-Chair Ald. Nik Kovac, Ald. JoCasta Zamarripa, and Ald. Milele A. Coggs Staff Assistant, Chris Lee, 286-2232; Fax: 286-3456, clee@milwaukee.gov Legislative Liaison, Dana Zelazny, 286-8679, dana.zelazny@milwaukee.gov Wednesday, October 7, 2020 1:30 PM Room 301-B, City Hall 2021 BUDGET HEARINGS This is a virtual meeting. Those wishing to view the proceedings are able to do so via the City Channel - Channel 25 on Spectrum Cable - or on the Internet at http://city.milwaukee.gov/citychannel. Meeting convened at 1:32 p.m. Present 5 - Murphy, Spiker, Kovac, Zamarripa, Coggs Also present: Dennis Yaccarino, Budget & Management Director Aycha Sawa, Comptroller Dana Zelazny, Legislative Reference Bureau 1. 200001 Communication from the Mayor relating to the proposed 2021 budget. Sponsors: THE CHAIR -Employee Retirement System Appearing: Molly King, Budget Office Bernard Jerry Allen, Employee's Retirement System Pat Beckham, Cavanaugh Macdonald Consulting Larry Langer, Cavanaugh Macdonald Consulting An Employee's Retirement System Overview presentation as given as follows: Budget Data, Pension Fund Performance as of January 1, 2020, Changes to 2019 Plan Reset, 2021 Pension Contribution, Employer Pension Contributions Trends 2010-2021, Future Pension Contribution Outlook, Employer Contributions, General Pension Statistics, Fund Value of Assets: 2007 - June 30, 2020, Change in Funded Ratio, CMERS Investment Performance History Periods Ending August 31, 2020, City of Milwaukee Page 1 FINANCE & PERSONNEL Meeting Minutes October 7, 2020 COMMITTEE Active Management versus Passive Analysis, Rolling Fund Returns 1979-2019, ERS 20 Year Rolling Avg. Investment Returns 1978-2019, Allocation of 2020 Contribution to Agencies for Combined Fund, ERS Contributions, Employer Normal Cost Rate, Summary of December 31, 2019 Valuation Results, Projections, Actuarially Determined Employer Contribution, CMERS Participant Headcount, Total Annual Member Contributions, Annual Member Contributions This Communication was NOT ACTED ON -Mayor’s Office Appearing: Thomas Bell, Budget Office Paul Vornholt, Mayor's Office A Mayor's Office Overview presentation was given as follows: Budget Summary, Budget & Service Changes This Communication was NOT ACTED ON -Municipal Court Appearing: Thomas Bell, Budget Office Sheldyn Himle, Municipal Court Derek Mosley, Municipal Court Sue Eckhart, JusticePoint A Municipal Court Overview presentation was given as follows: Community Goals & Objectives, Performance Measures, 2021 Budget Summary, Special Purpose Accounts, Revenues, Municipal Court Cases & Revenue, Budget Changes This Communication was NOT ACTED ON -Deferred Compensation Appearing: Nicholas Sinram, Budget Office Beth Conradson-Cleary, Deferred Compensation A Deferred Compensation Overview presentation was given as follows: Mission Statement, Objectives & Strategies of the DCP, 2021 Budget Summary, Deferred Compensation Plan Assets in Millions, Deferred Compensation Plan Participants, Summary Plan Data, Recent Accomplishments, Financial Wellness Seminars, Awards, Review of Plan Design Changes, Measuring Results, Gender Analysis, Race Analysis, Asset Allocation Impact, 2021 Plan Goals This Communication was NOT ACTED ON A motion was made by ALD. KOVAC that this Communication be HELD TO CALL OF THE CHAIR. This motion PREVAILED by the following vote: Aye 5- Murphy, Spiker, Kovac, Zamarripa and Coggs No 0 City of Milwaukee Page 2 FINANCE & PERSONNEL Meeting Minutes October 7, 2020 COMMITTEE Meeting adjourned at 4:58 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

Agenda

City Hall City of Milwaukee 200 East Wells Street Milwaukee, WI 53202 Meeting Agenda FINANCE & PERSONNEL COMMITTEE ALD. MICHAEL J. MURPHY, CHAIR Ald. Scott Spiker, Vice-Chair Ald. Nik Kovac, Ald. JoCasta Zamarripa, and Ald. Milele A. Coggs Staff Assistant, Chris Lee, 286-2232; Fax: 286-3456, clee@milwaukee.gov Legislative Liaison, Dana Zelazny, 286-8679, dana.zelazny@milwaukee.gov Wednesday, October 7, 2020 1:30 PM Room 301-B, City Hall 2021 BUDGET HEARINGS This is a virtual meeting. Those wishing to view the proceedings are able to do so via the City Channel - Channel 25 on Spectrum Cable - or on the Internet at http://city.milwaukee.gov/citychannel. 1. 200001 Communication from the Mayor relating to the proposed 2021 budget. Sponsors: THE CHAIR -Employee Retirement System -Mayor’s Office -Municipal Court -Deferred Compensation This meeting will be webcast live at www.milwaukee.gov/channel25. In the event that Common Council members who are not members of this committee attend this meeting, this meeting may also simultaneously constitute a meeting of the Common Council or any of the following committees: Community and Economic Development, Finance and Personnel, Judiciary and Legislation, Licenses, Public Safety and Health, Public Works, Zoning, Neighborhoods & Development, and/or Steering and Rules. Whether a simultaneous meeting is occurring depends on whether the presence of one or more of the Common Council member results in a quorum of the Common Council or any of the above committees, and, if there is a quorum of another committee, whether any agenda items listed above involve matters within that committee’s realm of authority. In the event that a simultaneous meeting is occurring, no action other than information gathering will be taken at the simultaneous meeting. Times for specific agenda items are estimations. If items cannot be heard at their specified times, they will be heard as soon as practicable thereafter. City of Milwaukee Page 1 Printed on 10/6/2020 FINANCE & PERSONNEL Meeting Agenda October 7, 2020 COMMITTEE Upon reasonable notice, efforts will be made to accommodate the needs of persons with disabilities through sign language interpreters or auxiliary aids. For assistance contact the Legislative Services ADA Coordinator at 286-2998, (FAX)286-3456, (TDD)286-2025 or by writing to Room 205, City Hall, 200 E. Wells Street, Milwaukee, WI 53202. City Hall and the Zeidler Municipal Building are accessible by "The Hop" City Hall Stations, the MCTS Green Line, Gold Line, 14, 15, 19, 30, 33, and 57 bus routes. Visit https://www.ridemcts.com/ for more information. Bike racks are available on Water Street, Market Street, and Broadway, and a Bublr Bike Share station is located on the northeast corner of Kilbourn Avenue and Water Street. Limited parking for persons attending meetings is available at reduced rates (5 hour limit) at the Milwaukee Center on the southwest corner of Kilbourn Avenue and Water Street. Parking tickets must be validated in the first floor Information Booth in City Hall. Persons engaged in lobbying as defined in s. 305-43-4 of the Milwaukee Code are required to register with the City Clerk's License Division. Lobbyists appearing before a Common Council committee are required to identify themselves as such. More information is available at http://city.milwaukee.gov/Lobbying. City of Milwaukee Page 2 Printed on 10/6/2020