Number
021328
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
A substitute charter ordinance relating to administration and operation expenses of the employes' retirement system.
Sections
36-08-3 am
Analysis
Under s. 36-08-9 of the charter, effective January 1, 2000, all expenses in connection with the administration and operation of the retirement system are to be paid from the combined fund. Under s. 36-08-3-a, annually the annuity and pension board shall estimate the amount of money which shall be deemed necessary to provide for the expense of the operation of the retirement system in the ensuing calendar year. The statement is to be reviewed and approved as are all other budgetary requests under ch. 18. This charter ordinance authorizes the board to pay expenses from the combined fund which were not contemplated at the time the budget was approved, provided that the expenditure is authorized by a resolution adopted by a three-quarter vote of the common council.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 36-08-3-a of the charter is amended to read:
36-08. Method of Financing.
3. EXPENSE FUND.
a. Annually, the board shall estimate the amount of money which shall be deemed necessary to provide for the expense of operation of the retirement system. On or before the second Tuesday in May of each year the board shall file with the mayor a detailed statement of all estimated expenses which are to be incurred during the ensuing calendar year. Such statement shall be reviewed and approved as are all other budgetary requests under ch. 18. >>The board may authorize the payment of expenses from the combined fund, which were not contemplated at the time the annual budget was approved, if the payment of such expenses is authorized by a resolution adopted by a three-quarter vote of the members-elect of the city common council.<<
Part 2. This is a charter ordi...
Click here for full text