Investment of City Pooled Funds.
Milwaukee Code of Ordinances § 304-6
in effect304-6. Investment of City Pooled Funds.
1. DEFINITIONS. In this section:
a.
“Local government investment pool” means the fund defined in s. 25.50, Wis. Stats.
b.
“Pooled funds” means all unrestricted city funds. Pooled funds shall not include debt service funds, funds in the public debt amortization fund or any restricted funds, but shall include the following:
b-1. General funds that are not immediately needed to pay for obligations of the city.
b-2. Enterprise funds, including funds of the Milwaukee water works or of the sewer maintenance fund.
b-3. Proceeds from revenue anticipation note borrowing.
b-4. School operations, school construction and school extension funds.
c.
“Total return” means the capital gains or losses on the portfolio and the net income of the portfolio.
2. INTENT. It is the intent of the city to use debt to enable all available pooled funds, to the maximum extent practicable, to be placed in investments other than the state of Wisconsin local government investment pool, to reduce the impact of liquidity needs on investment options, and to enhance investment performance relative to that available through the local government investment pool and bank deposits.
3. INVESTMENT AUTHORITY. Pursuant to s. 18.01 of the charter, the common council vests the authority to invest pooled funds with the city treasurer, subject to the following conditions.
a. All investments shall be in compliance with the restrictions established by s. 66.0603, Wis. Stats.
b. The city comptroller shall issue debt authorized through the public debt commission and in consultation with the city treasurer concerning the city’s cash flow and the need for available funds to pay for obligations of the city.
c. The city treasurer shall provide the city comptroller’s office with timely access to all information and systems relating to funds on hand in the city treasury necessary to facilitate the issuance of debt when required to assure adequate cash liquidity.
d. The city comptroller shall submit to the city treasurer the debt costs for the prior year associated with the investment of pooled funds’ impact on the city’s cash flow and the need for immediately available funds no later than February 15 of each year.
4. INVESTMENTS. Pursuant to s. 66.0603 (2), Wis. Stats., the city treasurer may contract for the investment of funds not immediately needed to pay for obligations of the city with a company authorized to transact business in this state, subject to the following conditions:
a. The financial institution is authorized to exercise trust powers under s. 221.0316 or ch. 223, Wis. Stats., or as delegated under s. 34.01 (1), Wis. Stats.
b. The common council shall review annually the performance of the bank or trust company with which funds are invested.
5. COMMON COUNCIL REVIEW. The common council shall annually review the performance of the city treasurer concerning the investment of pooled funds. The review shall include, but need not be limited to, the following information:
a. Net Income on the portfolio.
b. Total return on the portfolio.
c. A comparison of investment results for pooled funds with the return for the preceding year earned by the local government investment pool.
d. The annual costs associated with issuing debt concerning the city’s cash flow and the need for available funds to pay for obligations of the city.
e. Compliance with the restrictions set forth under s. 66.0603, Wis. Stats.
Source: City of Milwaukee Legislative Reference Bureau, Milwaukee City Charter and Code of Ordinances (city.milwaukee.gov master PDFs)URL: https://city.milwaukee.gov/ImageLibrary/Groups/ccClerk/Ordinances/Volume-3/CH304.pdf#page=3Fetched: 10/26/2026