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HomeMy WebLinkAboutEXHIBITCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST GESE Budget 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 .pproximately $573 million GESE Trust Fund which serves 1,662 active members, 103 inactive members, ,975 retirees and 15 deferred vested members for a total membership of 3,755. Q:\201M3udget2010\2011 Annual BudgehANNUALApprovedBudget201 IALS 1 C.R. 71231201011:29 AM ORACLE 2009/2010 2010/2011 % OBJECT APPROVED APPROVED INCREASE CODE BUDGET BUDGET (DECREASE) Personnel Services Staff Salary & Wages 512000 745,242 698,242 -6.31% Board Members Salaries 511000 21,600 21,600 Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes 521000 74,524 69,824 Retirement Contributions 522000 132,542 164,490 (Assumes one lump sum payment) Life & Health Insurance 523000 185,244 197,572 Workers' Compensation 524000 1,000 1,000 Total Personnel Services $1,166,152 $1,158,728 -0.64% Professional Services Investment Custodian 531000 $266,000 $250,000 Investment Consultant 531000 238,860 208,360 Consulting Actuary 531000 60,000 65,000 Computer Specialists 531000 95,000 137,000 Other (Paychex, court reporter, interpreter) 531000 14,100 14,100 Total Professional_ Services 531000_ _ _ 673,960 674,460. Legal Fees 531010 150,000 150,000 Medical Advisors and Specialists 531020 10,000 10,000 Auditing Services 532000 67,100 67,100 Total Professional Services $901,060 $901,560 0.06% Q:\201M3udget2010\2011 Annual BudgehANNUALApprovedBudget201 IALS 1 C.R. 71231201011:29 AM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST GESE Budget Approved by Board May 26, 2010 & Proposed to the City Commission September 2010 Meeting For the fiscal year ending September 30, 2011 ORACLE 2009/2010 2010/2011 % OBJECT APPROVED APPROVED INCREASE CODE BUDGET BUDGET (DECREASE) Office & Administrative Travel and Per Diem Communications & Related Services (Office phones, cell phones, and internet) Postage Printing and Binding Printing & Binding - Outsourcing (stationery, annual reports) Advertising & related costs Office Supplies Operating Supplies (Notary) Subscriptions, Memberships, Licenses Total Office & Administrative Insurance & OCCUDanc 540000 $36,000 $33,000 541000 42,000 40,000 541100 20,000 25,000 547000 5,000 5,000 547100 16,000 15,000 548100 5,000 5,000 551000 45,000 45,000 552000 1,200 1,200 554000 7,000 7,000 362,775 $177,200 $176,200 -0.56% Insurance 545000 Commercial Property & Liability $40,000 $40,000 Fiduciary & Fidelity 60,000 60,000 Total Insurance 545000 100,000 100,000 Utility Services (Electricity, water, garbage) 543000 28,000 28,000 Rentals & Leases 544000 35,000 40,000 Repair & Maintenance Services 546000 338,149 362,775 Emergency Reserve for hurricane repairs 546000 15,000 15,000 3rd Floor Generator 546000 30,000 0 Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 15,000 15,000 Total Insurance & Occupancy $606,149 $605,775 70.06% TOTAL ADMINISTRATIVE COSTS $2,850,561 $2,842,263 -0.29% ACTUARIAL FUNDING REQUIREMENT 522000 $24,037,093 $35,521,424 47.78% (Assumes one lump sum payment) TOTAL BUDGET $26,887,654 $38,363,687 42.68% Q:\2010\Budget2010\2011 Annual Budget\ANNUALApprovedBudget2011.XLS 2 C.R. 71231201011:29 AM