HomeMy WebLinkAboutExhibit AEMPLOYEES' g401
A
*FMEN1
MEMORANDUM
TO: Honorable Mayor and Members DATE: July 31, 2023
of the City of Miami Commission
FROM: Mr. Edgard Hernandez
Pension Administrator
SUBJECT: City of Miami General
Employees' & Sanitation
Employees' Excess Benefit
Plan FY 2023/2024
Budget Approval
Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Excess
Benefit Plan for Fiscal Year 2023/2024. The Board of Trustees at their Board Meeting of March
17, 2023, approved this budget.
We respectfully request your approval of this budget at your meeting scheduled for
September 9, 2023.
Enclosures
c: Board of Trustees
Ronald A. Silver, Legal Counsel
Arthur Noriega, City Manager
N:\MISC2G2\MEMGNANGNM FOR CITY APPROVAL OF EUDGET.000X
City of Miami GESE Retirement Trust
Budget Template FY 2023-24 Proposed Budget
FY 2019-20 Actual
FY 2020 - 21 Actual
FY 2021-22 actual
FY 2022-23 Budget
FY 2022-23 Projection
FY 2023-24 Proposed
Number of Full -Time Positions
Approved budget
$113,712
$110,903
$110,991
$106,363
$106,363
$108,105
Approved budget
$113,712
$110,903
$110,991
$106,363
$106,363
$108,105
Approved Budget Grand Total
0
0
-
Expenditures
9/30/2020
9/30/2021
9/30/2022
9/30/2023
9/30/2023
9/30/2024
Regular Salary and Wages
$36,045
$35,045
$35,045
$35,000
$35,000
$37,000
Fringe Benefits
-
-
-
-
-
-
FICA Taxes
$3,067
$3,278
$3,278
$2,957
$2,957
$3,150
Retirement Contributions
-
-
-
-
-
-
Life and Health Insurance
-
-
-
-
-
-
Workers' Compensation
-
-
-
-
-
-
Professional Services - Legal
$5,000
$5,000
$10,000
$5,000
$5,000
$5,000
Professional Services
$37,135
$44,335
$37,335
$43,050
$43,050
$43,150
Accounting and Auditing
$1,500
$1,440
$1,440
$1,440
$1,440
$1,510
Other Contractual Services
-
-
-
-
-
-
Travel and Per Diem
-
-
-
-
-
-
Communications and Related Services
$330
$310
$400
$1,300
$1,300
$1,350
Postage
$150
$150
$150
$150
$150
$150
Utility
$230
$230
$288
$296
$296
$350
Rentals and Leases
$300
$250
$265
$265
$265
$265
Repair and Maintenance Services
$18,100
$16,160
$13,050
$12,050
$12,050
$11,300
Printing and Binding
$550
$550
$550
$620
$620
$620
Advertising and Related Costs
$50
$50
$50
$60
$60
$60
Office Supplies
$600
$450
$425
$400
$400
$400
Operating Supplies
-
-
-
-
-
-
Motor Fuel
-
-
-
-
-
-
Public Safety Supplies
-
-
-
-
-
-
Subscriptions, Memberships, and Licenses
-
-
-
-
-
-
Insurance
$1,750
$1,750
$1,975
$1,975
$1,975
$2,000
Machinery and Equipment
1,455.00
1,455.00
$1,290
$1,350
$1,350
$1,350
Insurance deductible in case of loss/ ex: Hurricane
-
-
-
-
-
-
Depreciation
$450
$450
$450
$450
$450
$450
Budget Reserve
-
-
-
-
-
-
Expenditure Grand Total
$106,712
$110,903
$105,991
$106,363
$106,363
$108,105
Change
2%
6%
7%
0%
0%
5%
4%
0%
18%
0%
-6%
0%
0%
0%
1%
0%
0%
2%
Printed: 7/31/2023 5:45 PM
Page 1 of 1
Excess Benefit Budget Approved At The Board of Trustees Meeting on March 17, 2023
For the fiscal year ending September 30, 2024
Personnel Services
512000 Salaries & Fringe Benefits
- Based on expected cost of Excess benefit salaries (5% of GESE's Budget)
512000 Salaries (GESE-Staff Excess Plan)
- Based on expected cost of Excess benefit salaries (GESE's Budget)
521000 Payroll Tax Expense
- Based on Percentage of Excess Salary expenditure
Professional Services
531000 Consulting Actuary
- Fee per contract for Excess actuarial valuation
- Special Projects (Not based on GESE's Budget)
- GASB 67 & 68
25,000
5,000
5,000
35,000
531000 Auditing Services
- Financial Statements (2% of GESE's budget) 755
- Annual Comprehensive Financial Report-ACFR 755
1,510
531000 Other Services
- Bank Service Fees/Paychex
531000 Computer Specialists
- Based on 5% of GESE's Budget
531010 Legal Fees
- 5% Based on Attorney's fees
Office & Administrative
541000 Communications & related services
- Local, long distance, Internet and cell phone service - 3% of GESE's Budgel
541100 Postage
- Based on estimated amount (1% of GESE's Budget)
547100 Printing & Binding - Outsourcing
- Based on 5% of GESE's Budget
548100 Advertising Sr Related Costs
- Based on 1% of GESE's Budget
551000 Office Supplies & Meeting Expenses
- Based on 1% of GESE's Budget
Insurance & Occupancy
545000 Insurance - Commercial property & liability
- Based on estimated amount and 1% of GESE's Budget
545000 Insurance - Fidelity & Fiduciary
- Based on 1% of GESE's Budget
543000 Utility Services
- Electricity, water, sewer & garbage based on 1% of GESE's Budget
544000 Rentals & Leases
- Based on estimated amount and 1% of GESE's Budget
546000 Repair & Maintenence Services
- IT Repairs & Customizations (Pension/Accounting/Servers)
-Based on 3% of GESE's Building Maintenance
559000 Bldg Use Allowance / Depreciation
- Use of GESE building based on 1% of GESE's Budgel
664000 Machinery & Equipment
- Use of GESE building based on 3% of GESE's Budgel
TOTAL ADMINISTRATIVE COSTS
7.250
4.050
11.300
2022/2023 2023/2024
Board Approved Board Approved
Budget Budget
$34,000 $36,000
$1,000 $1,000
$2,957 $3,150
$35,000 $35,000
$1,440 $1,510
$2,300 $2,300
$5,750 $5,850
$5,000 $5,000
$1,300 $1,350
$150 $150
$620 $620
$60 $60
$400 $400
$675 $700
$1,300 $1,300
$296 $350
$265 $265
$12,050 $11,300
$450 $450
$1,350 $1,350
$106,363 $108,105 1.61%
Excess Budget 2022-23
EXCESS BUDGET
- EH 5/15/2023 12:03 PM