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Home My WebLink AboutexhibitCITY OF MIAMI GESE EXCESS BENEFIT PLAN APPROVED 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. $493 Thousand Trust Fund which serves approximately 31 retirees. PAYROLL SALARIES & WAGES 001 CLASS PERM -FULL TIME I Excess Benefit Plan Analyst Overtime - Audit/Accounting/Special Proj Subtotal 2004/2005 APPROVED BUDGET $6,000 $0 6,000 100 Payroll Tax Expense 660 150 Workers' Compensation 45 Total 705 FRINGE BENEFITS: 600 213 Retirement Contributions 718 130 Group Insurance Contributions 1,318 Total TOTAL PAYROLL $8,023 g120041audpWlxCUUAnnua104.XLS 1FXCESS cR uW2004 2004/2005 APPROVED BUDGET OPERATING EXPENSES -ACTUARIAL * 212 ACTUARIAL REQUIREMENT 492,669 OPERATING EXPENSES -FIXED 280 AUDITING FEES 6,100 410 TRAVEL/EDUCATIONAL/TRAINING 0 420 TRAVEL/EDUCATIONAL/OTHER 0 495 PARKING 0 533 POSTAGE 125 540 ELECTRICITY 200 560 WATER 60 610 RENTAL OF EQUIPMENT -OUTSIDE 200 620 RENT - OFFICE SPACE 525 640 INSURANCE - PROPERTY 450 (Commercial, General Liability, and Commercial Property) 650 INSURANCE - LIABILITY 933 (Fiduciary & Fidelity) TOTAL OPERATING EXPENSES -FIXED $8,593 * Approximate g110041pudppVExcSUAnnua104.XL81EXCESS 2 CR W$12004 2004/2005 APPROVED BUDGET OPERATING EXPENSES -VARIABLE 083 CAR ALLOWANCE $0 210 PROF. SERVICES - ACTUARIAL 25,000 250 PROF. SERVICES - LEGAL 10,000 260 PROF. SERVICES - MEDICAL (Board's medical advisors and specialists) 270 PROF. SERVICES - OTHER -Investment Consultants - Bank Fees - Programmer -Other Services (Paychex Inc.) 0 0 2,000 500 0 - Budget Reserve for ER Expenditures 1,500 287 ADVERTISING 510 COMMUNICATION SERVICES 150 ( Office Telephone service) 670 REPAIR/MAINTENANCE - OUTSIDE 483 680 PRINTING/BINDING - OUTSIDE 2,400 (stationery, checks, annual reports,etc.) 700 OFFICE SUPPLIES 200 722 MISC. SUPPLIES - NOTARIES 0 755 REPRODUCTION SERVICE 35 760 MEMBERSHIPS & PUBLICATIONS 58 1,500 TOTAL OPERATING EXPENSES -VARIABLE $43,827 414OO4l udgst/ExceseAnrwda4.1(LS!EXCESS 2004/2005 APPROVED BUDGET CAPITAL OUTLAY 840 EQUIPMENT - NEW 61,500 840 AIR CONDITIONING UNIT $0 B41 OFFICE FURN - NEW 0 TOTAL CAPITAL OUTLAY $61,500 TOTAL BUDGET BUDGET BREAKDOWN $614,612 TOTAL ACTUARIAL FUNDING S492,669 TOTAL ADMINISTRATIVE COST 121,943 Total Budget $614,612 SUMMARY OF ADMINISTRATIVE COSTS TOTAL PAYROLL 58,023 TOTAL OPERATING EXPENSE - FIXED 8,593 TOTAL OPERATING EXPENSE - VARIABLE 43,827 TOTAL CAPITAL OUTLAY 61,500 Total Admia. Costs 5121,943 q/20041BudpallExcauIAnnaaI04.XLS IEXCES3 4 CR 9/V2004 Explanation of Approved Excess Benefit Plan Budget for Fiscal Year 2004/2005 Payroll: 001 Salaries & Wages - Based on expected cost of salaries $6,000 100 Payroll Tax Expense - Based on Salary expenditure $660 150 Worker' Compensation - Based on estimated amount 45 213 Retirement Contributions 10% of Salary expenditure: Position - Excess Benefit Analyst 600 Total: 600 - . 5600 130 Group Insurance - Health Insurance ($5,000/year x >14.364%S71S - Provision for employee's family changes & Ins. rate increase Operating Expenses - Actuarial: $718 0 718 $718 212 Actuarial Requirement - Based on actuarial valuation as of October 1, 2003 (Approx) $492,669 Operating Expenses - Fixed: 280 Auditing Fees - Excess Benefit Plan being a component of GESE/GASB 14 56,100 410 Travel/EducationalTrnining - Stab training/education : 0 - Special Seminars courses: 0 Total 0 so 420 Travel/Educational/Other 495 Parking - Based on estimated amount 533 Postage - Based on estimated amount 4 540 Electricity - Based on estimated amount 560 Water 610 Rental of Equipment - Outside - Copier lease: 620 Rent - Office Space - Based on estimated amount 640 Insurance - Property - Based on estimated amount and 1% of GESE budget 650 Insurance - Liability - Based on 1% of GESE Budget q/200I/bud(atlNmwlx4&axpluUtice-1 S0 SO 5125 S200 S60 $200 5525 $450 933 5933 1 ].T. 911/2004 Explanation of Approved Excess Benefit Plan Budget for Fiscal Year 2004/2005 Operating Expenses - Variable: 083 Car Allowance 50 210 Prof. Services - Actuarial Additional actuarial expenditure estimated to be: 25,000 25,000 $25,000 250 Prof. Services - Legal - Attorney fees 7,300 Additional legal expenditure is estimated to be: 2,700 ( Includes work for posaible legal action, tax attorney, 10,000 260 Prof. Services - Medical - Estimated amount based on current trend 270 Prof. Services - Other: Investment Consultant $10,000 Q 50 0 0 50 Bank Fees 2,000 2,000 $2,000 Computer Programer/Systems Analyst 500 $500 Other Services 0 0 50 Budget Reserve for ER Expenditures 1,500 $1,500 - Amount based on 10% of GESE Budget 287 Advertising $1,500 - Estimated based on knowing that each Miami Herald display advertisement cost approx. $1070, and other papers range $100 - $200 510 Communication Services Office Telephone Service (1% of GESE Budget) 150 150 670 Repairs & Maintenence - Outside - Estimated amount based on market value of current equipment (Category includes repairs & upgrades to computer equip., copier)1% of GESE budget 483 680 Printing & Binding - Outside Annual Report ($4.50 X 100 Books) 450 Checks($.20 X 500Checks) 100 Other Stationery 1,850 2,400 700 Office Supplies - Amount based on 1% of GESE budget q/2001/6udicVAinu IX4P/8xplonation-1 $150 $483 $2,400 200 $200 2 J.T 91V2004 Explanation of Approved Excess Benefit Plan Budget for Fiscal Year 2004/2005 755 Reproduction Services - Amount based on 1 % cost of G.E.S.E. Budget 760 Membership & Publication. Capital Outlay 840 Equipment - New - Amount based on cost of customization of Pension Gold to accommodate the Excess Benefit Flan. 841 Office Furniture - New 000IlbudaellAmuiIX4B!&pla Wiawk 35 $35 58 858 61,500 61,500 861,500 GRAND TOTAL: SO S6j4.61Z 3 7.T. wv2004