City of Milwaukee - File #: 090723

• File #: 090723
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/13/2009
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 11/6/2009
• Title: Substitute resolution effectuating provisions of the 2010 adopted city budget relating to the use of $7,000,000 in the Employer’s Reserve Fund within the Employes Retirement Fund to offset employer paid contributions by the city to the Employes Retirement System.
• Sponsors: THE CHAIR
• Indexes: BUDGET, EMPLOYES RETIREMENT SYSTEM

Date	Ver.	Action By	Action	Result	Tally
11/18/2009	1	MAYOR	SIGNED
11/6/2009	1	COMMON COUNCIL	ADOPTED	Pass	15:0
11/4/2009	0	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Ald. Bauman offered a proposed substitute A.	Pass	5:0
11/4/2009	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
10/13/2009	0	COMMON COUNCIL	ASSIGNED TO

Number

090723

Version

Substitute 1

Reference

Sponsor

THE CHAIR

Title

Substitute resolution effectuating provisions of the 2010 adopted city budget relating to the use of $7,000,000 in the Employer’s Reserve Fund within the Employes Retirement Fund to offset employer paid contributions by the city to the Employes Retirement System.

Body

Whereas, Under the global pension settlement in the charter ordinance 36-08-8, there was created an Employer’s Reserve Fund to offset required employer paid employee contributions to the Employes Retirement System; and

Whereas, The current balance of the Employer’s Reserve Fund exceeds $17 million; and

Whereas, It was determined that $7,000,000 in the Employer’s Reserve Fund shall be used to offset employer paid employee contributions by the City to the Employes Retirement System in calendar year 2010;  now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the sum of $7,000,000 in the Employer’s Reserve Fund shall be used to offset employer paid employee contributions by the City in calendar year 2010; and, be it

Further Resolved, That the City Comptroller is directed to manage the timing of such offsets.

Requestor

Drafter

Budget and Management Division

Ref: 2010 BF, 7-E;DY:

November 2, 2009

10budget/2010budgetresolutions/3pension reserveR1.RTF