FINANCE & PERSONNEL COMMITTEE

Regular Meeting

Milwaukee, WI · October 6, 2021

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, Tea Norfolk , 286-8012, tea.norfolk@milwaukee.gov Wednesday, October 6, 2021 1:30 PM Room 301-B, City Hall 2022 BUDGET HEARINGS This is also 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 1:47 p.m. Present 5 - Murphy, Spiker, Kovac, Zamarripa, Coggs Also appearing: Dennis Yaccarino, Budget & Management Director Joshua Benson, Deputy Comptroller Tea Norfolk, LRB Fiscal Planning Specialist 1. 210001 Communication from the Mayor relating to the proposed 2022 budget. Sponsors: THE CHAIR -Mayor’s Office Appearing: Thomas Bell, Budget & Management Division Jodie Tabak, Mayor's Office A Mayor's Office Overview was given as follows: 2022 Budget Summary, Budget & Service Changes This Budget was NOT ACTED ON -Municipal Court Appearing: Thomas Bell, Budget & Management Division City of Milwaukee Page 1 FINANCE & PERSONNEL Meeting Minutes October 6, 2021 COMMITTEE Sheldyn Himle, Municipal Court Judge Derek Mosley, Municipal Court A Municipal Court Overview was given as follows: Community Goals & Objectives, 2022 Budget Summary, Special Purpose Accounts, Special Funds, Revenues, Capital Improvements Budget, Capital Projects, Budget & Service Changes This Budget was NOT ACTED ON -Deferred Compensation Appearing: Eric Pearson, Budget & Management Division Beth Conradson Cleary, Deferred Compensation Director A Deferred Compensation Overview was given as follows: Mission Statement, DCP Goals & Objectives, 2022 Budget Summary, Deferred Compensation Plan Assets, Deferred Compensation Participants, Summary Plan Data, Recent Accomplishments, Financial Wellness Seminars, Measuring Results (Gender Analysis, Race Analysis, Asset Allocation Impact), 2022 Plan Goals This Budget was NOT ACTED ON -Employes’ Retirement System Appearing: Molly King, Budget & Management Division Larry Langer, Cavanaugh Macdonald Consulting An Employes' Retirement System Overview was given as follows: Budget Data, Budget & Service Changes, Pension Fund Performance as of January 1, 2021, 2022 Pension Contribution, Employer Pension Contributions Trends 2010 - 2022, Future Pension Contribution Outlook, Employer Contributions (Combined Fund only as of January 1, 2021), Fund Value of Assets: 2007 - June 30, 2021 (Year ended dates reflect 12/31 fund values), ERS Summary Information, CMERS Participant Headcount, Total Annual Member Contributions, Annual Member Contributions, Benefit Payments Increased by 5%, CMER Revenues, ERS Financially Resilient, Fund Value of Assets: 2007 - June 30, 2021, Additions vs. Deductions to Fund, ERS Allocation as of August 31, 2021, CMERS Investment Performance History Periods Ending August 31, 2021, Investment Performance Compared to Public Fund Peers Periods Ending June 30, 2021, Milwaukee Employes' Retirement System - September 29, 2021, Comparison of WRS Core Funds vs ERS Returns, ERS 20 Year Rolling Ave. Investment Returns 1978-2021, Rolling Fund Returns 1979-2021, Projected spike in employer contributions to ERS beginning in 2023 presents a challenge for the participating employers, Sensitvity Analysis (Alternate Investment Returns for 2021), Normal Cost by Group (1/1/2021 Actuarial Valuation), Employer Rate Based On, Actuarially Determined Employer Contribution, Discount Rates for Public Funds This Budget was NOT ACTED ON A motion was made by ALD. KOVAC that this Budget 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 6, 2021 COMMITTEE Meeting adjourned at 4:09 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, Tea Norfolk , 286-8012, tea.norfolk@milwaukee.gov Wednesday, October 6, 2021 1:30 PM Room 301-B, City Hall 2022 BUDGET HEARINGS This is also 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. 210001 Communication from the Mayor relating to the proposed 2022 budget. Sponsors: THE CHAIR -Mayor’s Office -Municipal Court -Deferred Compensation -Employes’ Retirement System 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 10/6/2021 FINANCE & PERSONNEL Meeting Agenda October 6, 2021 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 10/6/2021