HomeMy WebLinkAboutExhibit 2Explanation of Proposed Excess Benefit Plan Budget for Fiscal Year 2005/2006
Payroll;
001 Salaries & Wages
- Based an 1% of expected cost of salaries
$5,810
100 Payroll Tax Expense
- Based an 1% of Salary expenditure $639
150 Worker' Compensation
- Based on 1% of estimated amount 35
213 Retirement Contributions
1% of Salary expenditure:
Position
- Excess Benefit Analyst 724
Total: 724 $724
130 Groupinsurance
- Health Insurance (1% of G.E.S.E, Budget) $1,106
- Provision for employee's family changes & Ins. rate increase 0
1,106 $1,106
Operating Expenses - Actuarial:
212 Actuarial Requirement
- Based on actuarial valuation as of October 1, 2004 $476,497
Operating Expenses - Fixed;
280 Auditing Fees
- Excess Benefit Plan being a component of GESE/GASB 14.
410 Travel/Educational/Training
- Staff training/education : - Based on 1% of G.E.S.E. Budget 86
- Special Seminars courses: 0
Total 86
420 Travel/Educational/Other
495 Parking
533 Postage
- Based on 1% of G.E.S.E. Budget
540 Electricity
- Based on 1% of Q.E.S,E. Budget
560 Water
$6,500
$86
$600
$0
$155
$180
$60
610 Rental of Equipment - Outside
- Copier lease: $110
620 Rent - Office Space
- Based on 1% of Depreciation of Building $424
640 Insurance - Property
- Based on estimated amount and 1% of GESE budget $450
650 Insurance - Liability
- Based on 1% of GESE Budget
1,300 $1,300
y20051Bud genxces eAnnuel05/ApprovcdExCE SSEaplenatlon
1 C.R. 7/13/2005
Explanation of Proposed Excess Benefit Plan Budget for Fiscal Year 2005/2006
Operating Expenses - Variable:
083 Car Allowance
$0
210 Prof. Services - Actuarial
Additional actuarial expenditure estimated to be(per Jose Fernandez): 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 possible legal action, tax attorney, 10,000
260 Prof. Services - Medical
- Estimated amount based on current trend
270 Prof. Services - Other:
Investment Consultant
$10,000
0 $0
0
0 $0
Bank Fees - Based on 1% of G.E.S.E. Budget 2,700
2,700 $2,700
Computer Programer/Sys. Analyst - Based on 2% of G.E.S.E. Budget 1,000 $1,000
Other Services
0
0 $0
Budget Reserve for ER Expenditures 1,500 $1,500
- Amount based on 10% of GESE Budget
287 Advertising
- 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) 166
166
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
1,250
680 Printing & Binding - Outside
Annual Report 0
Checks - Based on 1% of G.E.S.E. Budget 200
Other Stationery - Based on 1% of G.E.S.E. Budget 150
350
700 Office Supplies
- Amount based on 2% of GESE budget
$100
$166
$1,250
$350
700 $700
q/200343udgeUBxceaa Annue105/Approved2XCE SSExpinnaflon
2 C.R. 1I13R005
Explanation of Proposed Excess Benefit Plan Budget for Fiscal Year 2005/2006
755 Reproduction Services
- Amount based on 1% cost of G.E.S.E. Budget
760 Membership & Publications
- Amount based on I% cost of G.E,S.E, Budget
Capital Outlay
35 $35
58 $58
840 Equipment - New
- Amount based on cost of customization of Pension Gold per Contract 30,000
to accommodate the Excess Benefit Plan. Additional Cutomizatlans 10,000
40,000
841 Office Furniture - New
GRAND TOTAL:
$40,000
s0
$ 577.53f
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3 C.R. 7/13/2003