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Exhibit 1
1 CITY OF MIAMI GENERAL EMPLOYEES' & SANITATION EMPLOYEES ' RETIREMENT TRUST APPROVED BUDGET FOR FISCAL YEAR 2005/2006 The following approved budget for fiscal Year ending September 30, 2006 represent' the financial requirements neces.ary to support an approx. 5560 Million Trust Fund which serves approximately 1,600 active members and 1,070 retirees and benellelarie., 2004/2005 2005/2006 oio APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) PAYROLL SALARIES & WAGES 00I CLASS PERM -FULL TIME 1 Pension Administrator $126,000 $132,000 1 Deputy Administrator 70,000 73,000 1 Assistant to the Administrator 52,277 55,000 1 Controller 55,000 58,300 1 Administrative Assistant 11 42,518 44,213 1 Staff Accountant 29,811 31,000 1 Benefits Analyst 29,758 31,000 1 Facility & Software Coordinator 32,000 33,280 1 Administrative Met 1 26,264 32,465 1 Receptionist 21,000 22,000 1 Security Guard 48,774 48,774 Overtime - Audit/Accounting related 5,000 5,000 Overtime - Special Projects 15,000 15 000 Subtotal 553,402 r.. 581,032 011 HOARD MEMBERS Total 21,600 21,600 $575,002 $602,632 100 Payroll Tax Expanse 60,874 63,914 150 Workers' Compensation 3,500 3,500 Total 64,374 67,414 FRINGE BENEFITS: * 213 Retirement Contributions 99,779 130 Group Insurance Contributions M 100,646 Total 200,425 72,380 110,615 182,995 4.99% TOTAL PAYROLL $839,801 $853,041 1,58% * Assumes One Lump Sum Payment p:/2004113UdpaVAnrwe104/Prapooad 1 CA1.7/1/2094 2004/2005 2005/2006 % APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) OPERATING EXPENSES -ACTUARIAL 212 ACTUARIAL REQUIREMENT $19,003,415 $22,018,443 * OPERATING EXPENSES -FIXED 280 AUDITING FEES $61,000 $65,000 410 TRAVEUEDUCATIONAL/TRAINING 8,600 8,600 420 TRAVEL/EDUCATIONAL/OTHER 60,000 60,000 495 PARKING 0 0 533 POSTAGE 12,500 15,500 540 ELECTRICITY 13,200 18,000 560 WATER 6,000 6,000 610 RENTAL OF EQUIPMENT -OUTSIDE 9,000 11,000 620 RENT - OFFICE SPACE 52,478 42,411 640 INSURANCE - PROPERTY 45,000 45,000 (Commercial, General Liability, and Commercial Property) 650 INSURANCE - LIABILITY 93,502 130,000 (Fiduciary & Fidelity) TOTAL OPERATING EXPENSES -FIXED $361,080 _. $401,51 1 11.20% * Aaaumua one lump sum paymont $22,018,443 q:12004mudp.VAnnual04lPrapowad 2 C.R.71112006 2004/2005 2005/2006 a/a APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) OPERATING EXPENSES -VARIABLE 083 CAR ALLOWANCE $6,000 $6,000 210 PROF. SERVICES - ACTUARIAL 87,000 87,000 250 PROF. SERVICES - LEGAL 237,000 197,000 260 PROF. SERVICES -MEDICAL 15,000 15,000 (Board's medical advisors and specialists) 270 PROF. SERVICES - OTHER -Investment Advi oars 1,200 1,200 -Investment Consultants 150,500 156,581 - Custodian Fees 270,000 270,000 - Programmer 10,000 50,000 -Other Services 29,860 29,860 (Paychox Inc„ Court reporter legal interpreter, Security Guard, and misc.) - Budget Reserve for ER Expenditures 15,000 15,000 287 ADVERTISING 10,000 10,000 510 COMMUNICATION SERVICES 15,000 16,607 ( Includes Office Telephone service,3 Cellular Phone & 3 pagers) 670 REPAIR/MAINTENANCE - OUTSIDE 680 PRINTING/BINDING - OUTSIDE (stationery, checks, annual reports,eto.) 48,320 125,000 24,000 35,000 700 OFFICE SUPPLIES 20,000 35,000 722 MISC. SUPPLIES - NOTARIES 1,300 1,300 755 REPRODUCTION SERVICE 3,500 3,500 760 MEMBERSHIPS & PUBLICATIONS 5,840 5,840 TOTAL OPERATING EXPENSES -VARIABLE $949,520 020043udgaliAnnua1041Prapoaad 3 S1,059,888 11,62% C.R.711/2006 2004/2005 2005/2006 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) CAPITAL OUTLAY 840 EQUIPMENT - NEW $273,818 $305,754 840 AIR CONDITIONING UNIT $10,000 $10,000 841 OFFICE FURN - NEW 10,000 10,000 TOTAL CAPITAL OUTLAY $293,818 $325,754 10.87% TOTAL. BUDGET $21,447,634 BUDGET BREAKDOWN $ 58 637 14.97% TOTAL ACTUARIAL FUNDING $19,003,415 $22,018,443 15.87% TOTAL ADMINISTRATIVE COST _ 2 444,219 2,640,194 8.02% Total Budget 521,447,634 $24,658,637 14.97% SUMMARY OF ADMINISTRATIVE COSTS TOTAL PAYROLL 5839,801 5853,041 1.58% TOTAL OPERATING EXPENSE - FIXED 361,080 401,511 11.20% TOTAL OPERATING EXPENSE - VARIABLE 949,520 1,059,888 l 1.62% TOTAL CAPITAL OUTLAY 293,818 325,754 10.87% Total Admin. Coit. 52,444,219 $2,640,194 8.023'. q:12004/Budp.VAnnu.1O41Propo..d 4 C.R.7111200$