Number
020608
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution related to the deposit of $1.0 million in the Employer's Reserve Fund by the City to the Employes' Retirement System.
Analysis
This resolution facilitates the payment of $1 million from the City's general fund to the Employer's Reserve Fund. This resolution makes a technical change to Common Council File No. 020067 that facilitates the intent of File No. 020067.
Body
Whereas, The 2002 adopted city budget contained funding for the Employer's Reserve Fund in the Employes' Retirement System; and
Whereas, These funds are currently deposited in the City's general fund Employer's Reserve Fund account; and
Whereas, These funds need to be formally appropriated for deposit in the City's account, Employer's Reserve Fund, in the Employes' Retirement System; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the sum of $1.0 million be appropriated from the City's general fund account Employer's Reserve Fund (0001-9990-R460-006100) and authorizes the Comptroller's Office to transfer the appropriation of these funds to the Department of Administration (1510) and that the Department of Administration is authorized to expend these funds for deposit in the city's account, Employer's Reserve Fund, in the Employes' Retirement System.
Drafter
Budget and Management Division
Ref: 02037; KMO
July 23, 2002
020608 res.doc