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HomeMy WebLinkAboutExhibitCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESE Budget For fiscal year ending September 30, 2010 The following approved budget represents the fiscal 2010 financial requirements necessary to support the approximately $573 million GESE Trust Fund which serves 1,703 active members, 8 inactive members, 1,992 retirees and 16 deferred vested members for a total membership of 3,719. Personnel Services Staff Salary & Wages Board Members Salaries Fringe Benefits: Car Allowance Payroll Taxes Retirement Contributions (Assumes one lump sum payment) Life & Health Insurance Workers' Compensation Total Personnel Services Professio$al Services Investment Custodian Investment Consultant Consulting Actuary Computer Specialists Other (Paychex, court reporter, interpreter) Total Professional Services 531000 Legal Fees Medical Advisors and Specialists Auditing Services Total Professional Services ORACLE 2008/2009 2009/2010 OBJECT APPROVED APPROVED CODE BUDGET BUDGET 512000 723,536 745,242 511000 21,600 21,600 516000 6,000 6,000 521000 72,354 74,524 522000 159,837 132,542 523000 173,880 185,244 524000 5,500 1,000 $1,162,707 $1,166,152 531000 $290,000 $272,000 531000 263,860 238,860 531000 60,000 60,000 531000 92,416 95,000 531000 18,000 26,100 724,276 691,960 531010 150,000 150,000 531020 10,000 10,000 532000 57,600 67,100 fc 1 C:Oocuments and SettingslelenalLocal SettingslTemporary Internet FilesIOLKA81C,ESE EXCESS Approved Budgets 2010xts INCREASE (DECREASE) 3.00% 0.30% C.R. 7/16/2009 CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESE Budget For fiscal year ending September 30, 2010 ORACLE 2008/2009 2009/2010 % OBJECT APPROVED APPROVED INCREASE CODE BUDGET BUDGET (DECREASE) Office & Administrative Travel and Per Diem 540000 $43,000 $43,000 Communications & Related Services 541000 38,634 42,000 (Office phones, cell phones, and internet) Postage 541100 20,000 20,000 Printing and Binding 547000 5,000 5,000 Printing & Binding - Outsourcing 547100 15,000 16,000 (stationery, annual reports) Advertising & related costs 548100 5,000 5,000 Office Supplies 551000 42,000 45,000 Operating Supplies (Notary) 552000 1,200 1,200 Subscriptions, Memberships, Licenses 554000 7,000 7,000 Total Office & Administrative $176,834 $184,200 4.17% Insurance & Occupancy Insurance 545000 Commercial Property & Liability $40,000 $40,000 Fiduciary & Fidelity 90,000 60,000 Total Insurance 545000 130,000 100,000 Utility Services (Electricity, water, garbage) 543000 28,000 28,000 Rentals & Leases 544000 27,000 35,000 Repair & Maintenance Services 546000 312,500 338,149 Emergency Reserve for hurricane repairs 546000 15,000 15,000 3rd Floor Generator 546000 30,000 30,000 Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 15,000 15,000 Total Insurance & Occupancy $602,500 $606,149 0.61% TOTAL ADMINISTRATIVE COSTS $2,883,917 $2,875,561 -0.29% ACTUARIAL FUNDING REQUIREMENT 522000 $23,191,828 $32,745,550 41.19% (Assumes one lump sum payment) TOTAL BUDGET $26,075,745 $35,621,111 36.61% 2 C:IDocuments and SettingsWenaV-ocal SettingslTemporary Internet RiesIOLKA81GESE EXCESS Approved Budgets 2010.xis C.R. 7/16/2009