FINANCE & PERSONNEL COMMITTEE

Regular Meeting

Milwaukee, WI · October 5, 2022

Minutes

City Hall City of Milwaukee 200 East Wells Street Milwaukee, WI 53202 Meeting Minutes FINANCE & PERSONNEL COMMITTEE ALD. MARINA DIMITRIJEVIC, CHAIR Ald. Scott Spiker, Vice-Chair Ald. Milele A. Coggs, Ald. Michael J. Murphy, and Ald. JoCasta Zamarripa Staff Assistant, Chris Lee, 414-286-2232; Fax: 414-286-3456, clee@milwaukee.gov Legislative Liaison, Tea Norfolk , 414-286-8012, tea.norfolk@milwaukee.gov Wednesday, October 5, 2022 1:00 PM Room 301-B, City Hall 2023 BUDGET HEARINGS This is also 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 1:09 p.m. Present 5 - Dimitrijevic, Spiker, Coggs, Murphy, Zamarripa Also present: William Christianson, Deputy Comptroller Nik Kovac, Budget Director Tea Norfolk, LRB Fiscal Planning Specialist 1. 220001 Communication from the Mayor relating to the proposed 2023 budget. Sponsors: THE CHAIR -Mayor’s Office Appearing: James Bohl, Mayor Chief of Staff Molly King, Budget Office Director Kovac and Chief of Staff Bohl gave a Mayor's Office presentation as follows: 2023 Budget Summary, Budget & Service Changes, Department Workforce, Racial Equity & Inclusion, Highlights Members requested a futher breakdwon of workforce demographics based on race/ethnicity for the Mayor's Office. -Municipal Court City of Milwaukee Page 1 FINANCE & PERSONNEL Meeting Minutes October 5, 2022 COMMITTEE Appearing: Sheldyn Himle, Chief Court Administrator Derek Mosley, Presiding Judge Branch 2 Eric Pearson, Budget Office Mr. Pearson, Administrator Himle, and Judge Mosley gave a Municipal Court presentation as follows: Community Goals and Objectives, Court Organization, 2023 Budget Summary, Special Funds, Special Purpose Accounts, Revenues, Court Cases Trend, Court Revenue Trend, Capital Improvements Budget, Capital Projects, Budget & Service Changes, Equity -Deferred Compensation Appearing: Beth Conradson-Cleary, Deferred Comp Executive Director Eric Pearson, Budget Office Mr. Pearson and Director Conradson-Cleary gave a Deferred Compensation presentation as follows: Mission Statement, Goals & Objectives, Deferred Compensation Organization, 2023 Budget Summary, Deferred Compensation Plan Assets, Deferred Compensation Participants, Recent Accomplishments, Measuring Results: Participation Analysis (by Gender, Race, Age), Recent Accomplishments Members requested demographic breakdown numbers for plan participants and op-outs. -Employes’ Retirement System Appearing: Jerry Allen, ERS Executive Director Larry Langer, Cavanaugh MacDonald Eric Pearson, Budget Office Melody Johnson, ERS Deputy Executive Director Dan Gopalan, ERS Chief Financial Officer Erich Sauer, ERS Deputy Chief Investment Officer Mr. Pearson, Director Allen, and Mr. Langer gave an Employes' Retirement System presentation as follows: Goals & Objectives, Community Goals & Objectives, ERS Organization, 2023 Budget Summary, Special Purpose Accounts, Budget & Service Changes, ERS Staff Demographics, Pension Payments by Annuitant Geographic Area, ERS Summary Information, Fund Value of Assets: 2007 - June 30, 2022, CMERS' Funded Status from 2018 - 2021, Benefit Payments Increased by 13% from 2018 - 2021, Investment Income is 82% of CMERS' Revenue from 2018 - 2021, Performance vs Callan Public Fund Sponsor Database (Gross), Annual Returns, Peaks and Troughs, Milwaukee ERS September 28, 2022, CMERS Investment Performance History Periods Ending August 31, 2022, Historical Value Add - 1995 - June 30, 2022 CMERS Total Fund (everything except Real Assets), Growth of $1 Since 2000 (ERS and WRS), ERS 20 Year Rolling Ave. Investment Returns 1978-2021, Rolling Fund Returns 1979 - 2021, Employer Contributions (Combined Fund only as of January 1, 2022), Employer Contribution Rates, Projections (Assuming All Assumptions Are Met), Change to Average and Median Investment Return Assumption FY 01 to present, Distribution of Latest Investment Return Assumptions, Estimated Range of Expected Future Nominal City of Milwaukee Page 2 FINANCE & PERSONNEL Meeting Minutes October 5, 2022 COMMITTEE Rates of Return A motion was made by ALD. SPIKER that this Communication be HELD TO CALL OF THE CHAIR. This motion PREVAILED by the following vote: Aye 5- Dimitrijevic, Spiker, Coggs, Murphy, and Zamarripa No 0 Meeting adjourned at 4:32 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. MARINA DIMITRIJEVIC, CHAIR Ald. Scott Spiker, Vice-Chair Ald. Milele A. Coggs, Ald. Michael J. Murphy, and Ald. JoCasta Zamarripa Staff Assistant, Chris Lee, 414-286-2232; Fax: 414-286-3456, clee@milwaukee.gov Legislative Liaison, Tea Norfolk , 414-286-8012, tea.norfolk@milwaukee.gov Wednesday, October 5, 2022 1:00 PM Room 301-B, City Hall 2023 BUDGET HEARINGS This is also 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. 220001 Communication from the Mayor relating to the proposed 2023 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 10/4/2022 FINANCE & PERSONNEL Meeting Agenda October 5, 2022 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, 18, 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 10/4/2022