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HomeMy WebLinkAboutEXHIBITCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Excess Plan Approved by Board May 26, 2010 Proposed to the City Commission September 2010 Meeting For the fiscal year ending September 30, 2011 'he following approved budget represents the fiscal 2011 financial requirements necessary to support the xcess benefit plan whose 26 participants have exceeded the benefit limits established by the IRS. ORACLE PRIOR 2009/2010 2010/2011 OBJECT OBJECT APPROVED APPROVED CODE CODE BUDGET BUDGET Personnel Services Regular Salaries & Wages 512000 011 7 Employees $40,301 $49,892 Fringe Benefits Payroll Taxes 521000 o11 4.030 4,989 Retirement Contributions 522000 100 1,325 0 Life & Health Insurance 523000 213 1,852 2,000 Workers' Compensation 524000 150 10 10 Total Personnel Services Professional Services INCREASE (DECREASE) Consulting Actuary 531000 210 $35,000 $35,000 Computer Specialists 531000 270 5,225 4,795 Total Professional Services 531000 40.225 39,795 Iron Mountain 531000 270 261 0 Legal Fees 531010 250 10,000 9,000 Auditing Services 532000 $280 7,812 0 Total Professional Senices S581298 548,795 Office & Administrative Communications & related services 541000 510 420 400 Postage 541100 533 200 250 Printing & Binding - Outsourcing 547100 680 800 750 (stationer, checks, annual reports _._ Advertising &: related costs - 548100_ 287-- -- 50 50 Office Supplies 551000 700,755 450 450 Total Office & Administrative 1,920 11900 Q:\20101Bud9et201012011 Annual BudgetlExcessAnnualApproyed20ll.X15 I Excess CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Excess Plan Approved by Board May 26, 2010 Proposed to the City Commission September 2010 Meeting For the fiscal year ending September 30, 2011 ORACLE PRIOR 2009/2010 2010/2011 OBJECT OBJECT APPROVED APPROVED CODE CODE BUDGET BUDGET Insurance & Oceunanev 400 600 Insurance 545000 1,000 Commercial Property &: Liability 280 640 Fiduciary & Fidelity 22,000 650 Total Insurance 545000 1.500 450 Utility Services 543000 540.550.670 (Electricity, water, sewer, garbage 30,630 Rentals & Leases 544000 610 Repair & Maintenance Services 546000 670 Emergency Reserve for hurricane repairs 546000 270 Depreciation 559000 620 Machinery & Equipment 664000 940,841 Total Insurance & Occupancy TOTAL ADMINISTRATIVE COSTS ACTUARIAL FUNDING REQUIREMENT 522000 212 TOTAL BUDGET See detailed explanations of individual line items at Exhibit A. 400 400 600 600 1,000 1,000 280 280 350 400 22,000 22.000 1.500 1.500 450 450 5,000 5,000 30,580 30,630 0:1201016udget201012011 Annual Budget%ExcessAnnuaLApprovec12011.XLs 2 Excess Si38,316 $138,216 $340,000 $400,000 $478,316 5538,216 INCREASE (DECREASE) -0.07% 17.65% 12.52 %