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Home My WebLink AboutexhibitPAYROLL CITY OF MIAMI GENERAL EMPLOYEES' & SANITATION EMPLOYEES' RETIREMENT TRUST APPROVED AMENDED BUDGET FOR FISCAL YEAR 2004/2005 The following approved budget for fiscal Year ending September 30, 2005 represents the financial requirements necessary to support an approx. $600 Million Trust Fund which serves approximately 1,600 active members and 1,870 retirees and beneficiaries. 2003/2004 200412005 % APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) SALARIES & WAGES 001 CLASS PERM -FULL TIME 1 Pension Administrator $120,000 $126,000 1 Deputy Administrator 70,000 70,000 I Assistant to the Administrator 49,788 52,277 1 Controller 55,120 55,000 1 Administrative Assistant II 40,883 42,518 1 Staff Accountant 28,392 29,811 1 Benefits Analyst 28,613 29,758 1 Facility & Software Coordinator 30,000 32,000 1 Administrative Aide II 24,777 26,264 1 Receptionist 21,932 21,000 Overtime - Audit/Accounting related 5,000 5,000 Overtime - Special Projects 15,000 15,000 Subtotal 489,505 504,628 3.09% 011 BOARD MEMBERS Total 21,600 21,600 S511,105 $526,228 100 Payroll Tax Expense 53,846 150 Workers' Compensation 3,000 Total 56,846 55,509 3,500 59,009 FRINGE BENEFITS: 213 Retirement Contributions 98,044 99,779 130 Group Insurance Contributions 97,687 100,646 Total 195.731 200,425 TOTAL PAYROLL S763,682 $785,662 2.88% 0,:2004)BudgetJAnnuaIC47PrcPOsed 1 C-R.924f2004 2003/2004 2004/2005 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) OPERATING EXPENSES -ACTUARIAL 212 ACTUARIAL REQUIREMENT S10,669,936 $19,003,415 * OPERATING EXPENSES -FIXED 280 AUDITING FEES S60,000 S61,000 410 TR.AVELiEDUCATIONAL/TRAINING 8,600 8,600 420 TRAVEL/EDUCATIONAL/OTHER 60,000 60,000 495 PARKING 0 0 533 POSTAGE 12,500 12,500 540 ELECTRICITY 13,200 13,200 560 WATER 1,600 6,000 610 RENTAL OF EQUIPMENT -OUTSIDE 9,000 9,000 620 RENT - OFFICE SPACE 52,478 52,478 640 INSURANCE - PROPERTY 45,000 45,000 (Commercial, General Liability, and Commercial Property) 650 INSURANCE - LIABILITY (Fiduciary & Fidelity) 93,302 93,302 TOTAL OPERATING EXPENSES -FIXED $355,680 Assumes one lump sum payment $19,003,415 $361,080 1.52% 024040Budgel AnnuaiO4/PrOposed 2 C.R.9/24r2004 2003/2004 2004/2005 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) OPERATING EXPENSES -VARIABLE 083 CAR ALLOWANCE $6,000 56,000 210 PROF. SERVICES - ACTUARIAL 92,000 87,000 250 PROF. SERVICES - LEGAL 237,000 237,000 260 PROF. SERVICES - MEDICAL 15,000 15,000 (Board's medical advisors and specialists) 270 PROF. SERVICES - OTHER -Investment Advisors 1,200 1,200 -Investment Consultants 201,000 150,500 - Custodian Fees 270,000 270,000 - Programmer 0 10,000 -Other Services 98,634 78,634 (Paychex Inc., Court reporter legal interpreter, Security Guard, and mist.) - Budget Reserve for ER Expenditures 15,000 15,000 - Sponsor Monitor Service (Plexus Group) 17,000 0 287 ADVERTISING I0,000 10,000 510 COMMUNICATION SERVICES 12,000 15,000 ( Includes Office Telephone scrvice,1 Cellular Phone & 3 pagers) 670 REPAIR/MAINTENANCE - OUTSIDE 48,320 48,320 680 PRINTING/BINDING - OUTSIDE 24,000 24,000 (stationery, checks, annual reports,etc.) 700 OFFICE SUPPLIES 20,000 20,000 722 MISC. SUPPLIES - NOTARIES 1,300 1,300 755 REPRODUCTION SERVICE 3,000 3,500 760 MEMBERSHIPS & PUBLICATIONS 3,150 5,840 TOTAL OPERATING EXPENSES -VARIABLE S1,074,604 41200416udget/Annuak04tPrppased S998,294 -7.10% 3 C.R.9,2412004 2003/2004 2004/2005 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) CAPITAL OUTLAY 840 EQUIPMENT - NEW $420,000 $273,818 840 AIR CONDITIONING UNIT $0 $10,000 841 OFFICE FURN - NEW 25,000 10,000 TOTAL CAPITAL OUTLAY $445,000 $293,818-33.97% TOTAL BUDGET $13,308,901 $21,442,269 61.11% BUDGET BREAKDOWN TOTAL ACTUARIAL FUNDING $10,669,936 $19,003,415 78.10% TOTAL ADMINISTRATIVE COST 2,638,965 2,438,854 -7.58% Total Budget $13,308,901 $21,442,269 61.11% SUMMARY OF ADMINISTRATIVE COSTS TOTAL PAYROLL $763,682 5785,662 2.88% TOTAL OPERATING EXPENSE - FIXED 355,680 361,080 1.52% TOTAL OPERATING EXPENSE - VARIABLE 1,074,604 998,294 -7.10% TOTAL CAPITAL OUTLAY 445,000 293,818-33.97% Total Admin. Costs $2,638,965 52,438,854 -7.58% 4:12004MudgaVAnnual04/Proposed C R S124/2004 Explanation of Approved Amended Budget for Fiscal Year 200412005 Payroll: 001 Salaries & Wages Based on expected cost of salaries. Increases are based on individual contributions made to the functioning of this organization, educational and professional experiences. 011 Board Members - Unchanged. $300/Ma X 6 board members 100 Payroll Tax Expense - Based on Salary expenditure, Car allowance & Telephone allowance 150 Worker' Compensation - Based on estimated amount 213 Retirement Contributions - Actuarially determined cost for Stair Defined Benefit Plan 130 Group Insurance - Health Insurance (57,107.I5/month x 12mos=S85,2B5.80) 85,286 - Dental Insurance (5222.83/month x 12mos x >1.065%-$2,847.77) 2,848 - Life Insurance (5192.681month x limos x>1,0992%-52,541.53) 2,542 - Disability Insurance (5301.03/month x 12mos x a t .0992%=S3,970.7I) 3,971 - Provision for employee's family changes & Ins. rate increase 6,000 $504,628 $21,600 $55,509 $3,5500 S99,779 5100,646 $100,646 Operating Expenses - Actuarial: 212 Actuarial Requirement - Based on actuarial valuation to determine minimum required contribution for FY 2004/2005 Due 10/01 "2004 (Assumes one lump sum pint: 5I9,003,415) Operating Expenses- Fixed: $19,003,415 280 Auditing Fees - Based on Historical Costs 561,000 410 Travel/Educational/Training - Staff training/education : 1,000 - Sandra's college credit courses: 7,600 Total 8.600 $8,600 420 Travel/Educational/Other - Based on estimated amount of In -State & Out of State Conferences S60,000 495 Parking - Based on relocating to GESE's Bldg 50 533 Postage - Based on estimated amount 512,500 $40 Electricity - Based on estimated amount S13,200 560 Water - Based on estimated amount S6,000 610 Rental of Equipment - Outside - Based on last year expenditure. $9,000 q_12004rH,dgeVArnualOWeoposed Explanation C.R.91242004 Explanation of Approved Amended Budget for Fiscal Year 2004/2005 620 Rent - Office Space - Based on depreciation of G.E.S.E. Bldg located at 2901 Bridgeport Ave. using 27 1/2 yr. straight line depreciation. S52,478 690 Insurance - Property - Based on historical numbers,current estimate, & insurance on new building S45,000 650 Insurance - Liability - Based on historical numbers & current estimate S93,302 Operating Expenses- Varlabie: 083 Car Allowance - Sandra: 55001Mo. X 12 Months 56,000 210 Prof. Services- Actuarial - Fee per contract for G.E.S.E. actuarial valuation: 21,000 Additional actuarial expenditure estimate 40,000 Fee for StaffDB Plan & Excess Benefit Plan actuarial valuation 26,000 Total 87,000 $87,000 250 Prof. Services - Legal - Ronald Silvers fees 75,000 Ronald Silver's Annuity 22,000 Additional legal expenditure is estimated to be: 140,000 ( Includes work for possible legal action, tax attorney, 237,000 $237,000 ordinance revisions, etc.) 260 Prof. Services - Medical - Estimated amount based on current trend 270 Prof. Services - Other: Investment Advisor Fee for 1 Active Money Manager (S300,000 X 40hasis points) 15,000 1,200 $15,000 S1,200 Investment Consultant - 10 Active Managers & 3 Pooled Index Manager ($9,166.67 * 12) - 5% mereas. 115,500 Travel Expenses ($750 * 8 = S6,000.00) 6,000 Research Provided for the Comprehensive Financial Annual Report 5,000 Staff Pension Plan @$4,000 & Drop Plan @ 5 t 0,000 14,000 Misc Expenses 10,000 Total 150,500 5150,500 Custodian Fees - Estimated Assets S600,000,000 X 1.75 Basis Points/Yr. 105,000 Transaction Fees S12.50 x 590Trades=$7,375 x 12mos=$88,500 88,500 Portfolio Chrgs 10 active Mgrs 3 passivel$4,000lmgr540,000 plus S 1,500ffrst P 41,500 Possible Custodial Fee Increase 30,000 Fees for StaffDB Plan 5,000 'Iota( 270,000 $270,000 Programmer q:rQ 4rava}eVA+ews4124+Prooaeed Explaoacen 10,000 S10,000 2 C f2,srza.2eo4 Explanation of Approved Amended Budget for Fiscal Year 2004/2005 Other Services Paychex Payroll Services ($I55/month x 12—$1,860) Court Reporter Computer Consultant -Service contract & Historical. Computer Consultant -Staff DB Plan Security Guard Other Misc.(Bank Chgrs) Total Budget Reserve For ER Expenditures Plexus Group - S 15,000/Yr. per contract plus additional $2000 for possible increase 287 Advertising - Estimated based on past experience & knowing that each Miami Herald display advertisement cost approx. $650. and other papers range $250 - $400 1.860 3,000 15.000 5.000 48,774 5,000 78,634 578,634 15,000 S15,000 0 $0 $ 10,000 510 Communication Services - 1 Cellular Phone allowance @ $100/Mo, 1,200 3 Pagers @ $33/Mo. 396 Phone Service including Local & Long distance 8,500 Office Telephone Service 4,904 15,000 S15,000 670 Repairs & Nlaintenenee - Outside - Estimated amount based on market value of current equipment (Category includes repairs & upgrades to computer equip., copiers, check burster, Micrafilmer) and maintenance to new office) high speed internet connect, $ l l0/rnonthly, $59 qtr-webpage, imaging maint., janitorial $800!monthly, wastemgmt $ I50/month landscaping $60lmonth, security system $1001month, Contingency $1,500/month elevator maintenance $155/month 48,320 548,320 680 Printing & Binding - Outside Annual Report 12,000 Checks 4,000 Direct Deposit Statements 3,500 Other Stationery 4,500 24,000 $24,000 700 Office Supplies - Amount based on past and current expenditure 20,000 $20,000 722 Misc. Supplies - Notaries - Amount based on renewal of notary of 3 staff -members 1,300 $1,300 755 Reproduction Services - Amount based on purchases of magnetic tapes and C.Ds to run data back up 3,500 $3,500 760 Membership & Publications - FPPTA Membership fees 250 1FEBP Membership fees 650 Government Finance Officers Association 525 CCH Tax guide 250 The Miami Herald 165 Pensions & investments 350 The Wall Street Journal 200 Runzheimer Intl' Travel Price Guide 3,000 Institutional Investor 150 Computer Software Related Books 300 5,840 q, i904r&,idge5Amuart14/pmposed Explanatbn 55,840 C.R,Sr44l2404 Explanation of Approved Amended Budget for Fiscal Year 2004/2005 Capital Outlay 846 Equipment - New LRS Imaging Software 68,064 LRS Annual Maintenance & Support Fee 7,594 LRS BackFile Conversion 100;000 LRS Business Continuance Plan 36,980 LRS Annual Fee 7,580 LRS Annual Backup Fee 2,700 LRS Payroll Processing Fee 900 Misc Equipment Purchases 50,000 Total 273,818 8273,818 Air Conditioning 3I0,000 841 Office Furniture - New - Estimated amount based on current prices for desks,chairs, filing cabinets, etc. $10,000 GRAND TOTAL: �2 c1,2004113vd9at?Artnual04@roW Explanation 4 C.R.9/242004