City of Milwaukee - File #: 101378

• File #: 101378
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 3/1/2011
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 4/12/2011
• Title: Substitute resolution approving guidelines for the investment of the City’s funds in the Employers’ Reserve Fund.
• Sponsors: ALD. MURPHY
• Indexes: EMPLOYES RETIREMENT SYSTEM

Date	Ver.	Action By	Action	Result	Tally
4/18/2011	2	MAYOR	SIGNED
4/12/2011	2	COMMON COUNCIL	ADOPTED	Pass	13:0
4/7/2011	2	CITY CLERK	DRAFT SUBMITTED
4/7/2011	1	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Individuals appearing: Jerry Allen, Employee Retirement System Tom Rick, Employee Retirement System Proposed Substitute A was accepted.	Pass	5:0
4/7/2011	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
4/7/2011	2	FINANCE & PERSONNEL COMMITTEE	RECONSIDERED	Pass	5:0
4/7/2011	2	FINANCE & PERSONNEL COMMITTEE	AMENDED; Minutes note: Ald. Bauman moves to amend with the following: In the second "Further Resolved" clause, under Item VI, delete "b" and insert in lieu thereof the following: "b. The Investment Manager shall provide monthly and quarterly reports to the Employes' Retirement System, the Department of Administration and the Chair of the Finance and Personnel Committee."	Pass	5:0
4/7/2011	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
4/5/2011	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
4/5/2011	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
3/11/2011	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
3/1/2011	0	COMMON COUNCIL	ASSIGNED TO

Number
101378
Version
SUBSTITUTE 2
Reference

Sponsor
THE CHAIR
Title
Substitute resolution approving guidelines for the investment of the City’s funds in the Employers’ Reserve Fund.
Analysis
Section 36-08-8 of the City Charter establishes provisions for the investment of the Employers’ Reserve Fund. These provisions include the approval of investment guidelines by the Common Council and that the administrative functions shall be the responsibility of the Finance and Personnel Committee. This resolution provides that the Finance and Personnel Committee shall approve the selection, based on the recommendation of the Employes’ Retirement System, of the Investment Manager to invest the City’s funds in the Employers’ Reserve Fund in accordance with the approved investment guidelines. The resolution also provides the guiding principles, objectives and guidelines that serve as direction for the investment of the City’s funds in the Employers’ Reserve Fund. The primary objectives are principal preservation and liquidity of assets, and the guidelines include liquidity requirements, eligible investments, maturity and duration standards, credit standards, diversification standards and other review and reporting requirements.
Body
Whereas, Section 36-08-8 of the City Charter provides that the City's funds in the Employers' Reserve Fund shall be invested in a manner consistent with guidelines approved by the Common Council; and

Whereas, This section further provides that the administrative functions associated with the City’s funds in the Employers’ Reserve Fund, when invested in a manner consistent with guidelines approved by the Common Council, shall be the responsibility of the Finance and Personnel Committee and that the City shall bear any incremental costs associated with the administration or investment of the funds; and

Whereas, Guiding principles serve as a means of directing the initiation of specific guidelines and future modifications to the ini...