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Home My WebLink AboutExhibitCITY OF MIAMI GENERAL EMPLOYEES' & SANITATION EMPLOYEES' RETIREMENT TRUST *** AMENDMENT TO THE APPROVED GESE BUDGET FOR FISCAL YEAR 2006/2007 PAYROLL MO, The following approved budget for fiscal Year ending September 30, 2007 represents the financial requirements necessary to support an approx. $590 Million Trust Fund which serves approximately 1,541 active members and 1,900 retirees and beneficiaries. 2005/2006 2006/2007 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) SALARIES & WAGES 001 CLASS PERM -FULL TIME 1 Pension Administrator $132,000 $145,530 1 Deputy Administrator 73,000 75,000 1 Assistant to the Administrator 55,000 58,000 1 Chief Financial Officer 106,615 143,000 34.13% 1 Administrative Assistant II 44,213 46,000 1 7 Accountant 41,500 1 Staff Accountant 31,000 1 Benefits Analyst 31,000 32,240 1 Facility & Software Coordinator 33,280 34,611 1 Administrative Asst 1 32,465 34,738 1 Receptionist 22,000 23,500 1 Security Guard 48,774 50,000 Overtime - Audit/Accounting related 5,000 5,000 Overtime - Special Projects 15,000 15,000 Subtotal 629,347 704,119 11.88% 011 BOARD MEMBERS Total 21,600 21,600 $650,947 $725,719 100 Payroll Tax Expense 69,228 77,453 150 Workers' Compensation 3,500 3,500 Total 72,728 80,953 FRINGE BENEFITS: * 213 Retirement Contributions 72,380 59,700 130 Group Insurance Contributions 110,615 109,261 Total 182,995 168,961 TOTAL PAYROLL $906,670 $975,633 7.61% Assumes one lump sum payment 02OD13lBudgel/ANNUAL06a,XLS/Approved 1 C.R 9/8/2006 2005/2006 2006/2007 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) OPERATING EXPENSES -ACTUARIAL 212 ACTUARIAL REQUIREMENT $22,018,443 $24,229,028 * OPERATING EXPENSES -FIXED 280 AUDITING FEES $65,000 $65,000 410 TRAVEL/EDUCATIONAL/TRAINING 8,600 8,600 420 TRAVEL/EDUCATIONAL/OTHER 60,000 60,000 495 PARKING 0 0 533 POSTAGE. 15,500 16,000 540 ELECTRICITY 18,000 18,000 560 WATER 6,000 6,000 610 RENTAL OF EQUIPMENT -OUTSIDE 11,000 11,000 620 RENT - OFFICE SPACE 42,411 45,000 640 INSURANCE - PROPERTY 45,000 70,000 (Commercial, General Liability, and Commercial Property) 650 INSURANCE - LIABILITY 130,000 80,000 (Fiduciary & Fidelity) TOTAL OPERATING EXPENSES -FIXED $401,511 Assumes one lump aunt payment $24,229,028 $379,600 -5.46% q;/2005/Budget(ANNUALO6a.XLS/Approved 2 C.R.9/612006 2005/2006 2006/2007 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) OPERATING EXPENSES -VARIABLE 083 CAR ALLOWANCE $6,000 $6,000 0.00% 210 PROF. SERVICES - ACTUARIAL 87,000 100,000 14.94% 250 PROF. SERVICES - LEGAL 197,000 197,000 0.00% 260 PROF. SERVICES - MEDICAL 15,000 20,000 33.33% (Board's medical advisors and specialists) 270 PROF. SERVICES - OTHER -Investment Advisors 1,200 1,200 0.00% -Investment Consultants 156,581 163,140 4.19% - Custodian Fees 270,000 270,000 0.00% - Programmer 50,000 50,000 0.00% -Other Services 29,860 29,860 0.00% (Paychex Inc., Court reporter legal interpreter, Security Guard, and misc.) - Budget Reserve for ER Expenditures 15,000 15,000 0.00% 287 ADVERTISING 10,000 10,000 0,00% 510 COMMUNICATION SERVICES 16,607 23,000 38.50% ( Includes Office Telephone service,2 Cellular Phone & 3 Pagers & 1 Cellular Phone allowance) 670 REPAIR/MAINTENANCE - OUTSIDE 125,000 150,000 20.00% 680 PRINTING/BINDING-OUTSIDE 35,000 37,000 5.71% (stationery, checks, annual reports,etc.) 700 OFFICE SUPPLIES 35,000 37,000 5,71% 722 MISC. SUPPLIES - NOTARIES 1,300 1,300 0,00% 755 REPRODUCTION SERVICE 3,500 3,500 0.00% 760 MEMBERSHIPS & PUBLICATIONS 5,840 5,840 0.00% TOTAL OPERATING EXPENSES -VARIABLE $1,059,888 $1,119,840 5.66% q;12006!Budget/ANNUALOfin.XLC/Approved 3 C.R.3/6l2006 2005/2006 2006/2007 APPROVED APPROVED INCREASE BUDGET BUDGET (DECREASE) CAPITAL OUTLAY 840 EQUIPMENT - NEW $305,754 $171,944 840 AIR CONDITIONING UNIT $10,000 $10,000 841 OFFICE FURN - NEW 10,000 10,000 TOTAL CAPITAL OUTLAY $325,754 $191,944 -41,08% TOTAL BUDGET $24,712,266 $26,896,045 8.84% BUDGET BREAKDOWN TOTAL ACTUARIAL FUNDING $22,018,443 $24,229,028 10.04% TOTAL ADMINISTRATIVE COST 2,693,823 2,667,017 -1.00% Total Budget $24,712,266 $26,896,045 8.84% SUMMARY OF ADMINISTRATIVE COSTS TOTAL PAYROLL $906,670 $975,633 7.61% TOTAL OPERATING EXPENSE - FIXED 401,511 379,600 -5.46% TOTAL OPERATING EXPENSE - VARIABLE 1,059,888 1,119,840 5,66% TOTAL CAPITAL OUTLAY 325,754 191,944 -41.08% TotalAdmin. Costs $2,693,823 $2,667,017 -1.00% C.R.9/8/2006 q:/2006/BudgetiANNUAL060.%LS/Appraved 4 Explanation of Amendment to the Approved GESE Budget for Fiscal Year 2005/2006 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. - Based on approved Administrator's contract - Other annual type increases - Added a Chief Financial Officer to the staff. 011 Board Members - Unchanged $300/Mo X 6 board members 100 Payroll Tax Expense - Based on Salary expenditure 150 Worker' Compensation - Based on estimated amount 213 Retirement Contributions - Actuarially determined cost far Staff Defined Benefit Plan $704,119 $21,600 $77,453 $3,500 $59,700 130 Group Insurance • Health Insurance ($7,500/month x 12mas=$90,000) 90,000 - Dental Insurance ($310/month x 12mos x>1.065%-$3,961.80) 3,962 - Life Insurance ($285/month x 12mos x>1r0992%=$3,759.26) 3,759 - Disability Insurance ($420/month x 12mos x>1.0992%=$5539.97) 5,540 - Provision for employee's family changes & Ins. rate increase 6,000 $109,261 $109,261 Operating Expenses - Actuarial: 212 Actuarial Requirement - Based on actuarial valuation to determine minimum required contribution for FY 2005/2006 Due 10/01/2006 (Assumes one lump sumpmt: $24,229,028) Operating Expenses - Fixed: 280 Auditing Fees - Based on Historical Costs $24,229,028 $65,000 410 Travel/Educational/Training • Staff training/education : 1,000 - Sandra's college credit courses: '7,600 Total 8,600 $8,600 420 TravellEducational/Other $60,000 - Based on estimated amount of In•State & Out of State Conferences 495 Parking $0 - Based on relocating to GESB's Bldg 533 Postage $16,000 - Based on estimated amount 540 Electricity $18,000 • Based on estimated amount 560 Water $6,0O0 - Based an estimated amount 610 Rental of Equipment - Outside $11,000 - Based on last year expenditure. 02006/BudpeL/ANNUALO62..XLS/Approved E$anaton C.R.9/e/2006 620 Rent - Office Space - Based on depreciation of G,E. S.E, Bldg located at 2901 Bridgeport Ave. using 39 yr, straight line depreciation. Explanation of Amendment to the Approved GESE Budget for Fiscal Year 2005/2006 $45,000 640 Insurance - Property - Based on historical numbers,current estimate, & insurance on new building $70,000 650 Insurance - Liability $80,000 - Based on historical numbers & current estimate Operating Expenses - Variable: 083 Car Allowance - Sandra: $S00/Mo. X 12 Months $6,000 210 Prof. Services - Actuarial - Fee per contract for G.E.S.E. actuarial valuation: 21,000 Additional actuarial expenditure estimate 47,000 Fee for StaffDB Plan & Excess Benefit Plan actuarial valuation 32,000 Total 100,000 $100,000 250 Prof. Services - Legal - Ronald Silver's fees 75,000 Ronald Silver's .Annuity 22,000 Additional legal expenditure is estimated to be: 100,000 ( Includes work for possible legal action, tax attorney, 197,000 $197,000 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 ($300,000 X 40basis points) 20,000 1,200 $20,000 $1,200 Investment Consultant - Quarterly Performance Evaluation ($9,733.33 * 12) + 5% increas, 122,640 Travel Expenses ($750 * 8 = $6,000.00) 6,000 Research Provided for the Comprehensive Financial Annual Report 8,500 Staff Pension Plan ®$4,000 & Drop Plan ® $12,000 16,000 Misc Expenses 10,000 Total 163,140 $163,140 Custodian Fees - Estimated Assets $600,000,000 X 1.75 Basis Pointa/Yr. 105,000 Transaction Fees : $12.50 x590Trades=$7,375 x 12mos-$88,500 88,500 Portfolio Cbrgs 10 active Mgrs 3 passive/$4,000/mgr=$40,000 plus $1,500/Trst., 41,500 Possible Custodial Fee Increase 30,000 Fees for StaffDB Plan 5,000 Total 270,000 $270,000 50,000 $50,000 Programmer g12006,SucesUANNUALO6a.XLS/Approved Explanation 2 C.R9/8/2006 Explanation of Amendment to the Approved GEESE Budget for Fiscal Year 2005/2006 Other Services - Paychex Payroll Services ($155/month x 12=$1,860) 1,860 Court Reporter 3,000 Computer Consultant -Service contract & Historical 15,000 Computer Consultant-StaffDB Plan 5,000 Other Misc,(Bank Chgrs) 5,000 Total 29,860 $29,860 Budget Reserve for ER Expenditures 15,000 S15,000 287 Advertising - Estimated based on past experience & knowing that each Miami Herald display advertisement cost approx. $650, and other papers range $250 - $400 510 Communication Services -1 Cellular Phone allowance @ $100/Mo, 1,200 - 1 Cellular Phone ($58.20 x 12= $698.40) 698 - 1 Cellular Phone for BCP ($36.07 x 12= $432.84) 433 3 Pagers @ $23/Mo. 276 Phone Service including Local, Long distance and Internet 16,393 Miscellaneous 4,000 23,000 670 Repairs & Maintenance - Outside - Estimated amount based on market value of current equipment (Category includes repairs & upgrades to computer equip., copiers, checkburster, Microfilmer) and maintenance to new office) $59 qtr-webpage, imaging mint., janitorial $1200/monthly, wastemgmt $150/month, landscaping $1000/month, security system $38/month, Contingency $1,500/month, elevator maintenance $168/month Water and Sewer $400/month $10,000 $23,000 $150,000 680 Printing & Binding - Outside Annual Report 17,000 Checks 4,000 Direct Deposit Statements 3,500 Other Stationery 12,500 37,000 $37,000 700 Office Supplies - Amount based on past and current expenditure 35,000 $37,000 722 Misc. Supplies - Notaries - Amount based on renewal of notary of 3 staffmembers 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 - FPPTAMembership 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 $5,840 02008,SutlpsYANNLAL08a.%LS/Approved Explanation 3 c.R.918/2308 Explanation of Amendment to the Approved GESE Budget for Fiscal Year 2005/2006 Capital Outlay 840 Equipment - New LRS Annual Maintenance for customization per contract 50,000 LRS Annual Maintenance & Support Fee for Imaging Software per contract 7,744 LRS BackFile Conversion ($20,000 poss. Add. Customizations) 20,000 LRS Annual Fee (Maintenance & Support Fee for BCP) 11,000 LRS Annual Backup Fee per contract 2,700 LRS Payroll Processing Pee per Contract 5,500 Misc Equipment Purchases if needed 50,000 Additional Customizations if needed 25,000 Total 171,944 $171,944 Mr Conditioning $10,000 841 Office Furniture - New - Estimated amount based on current prices for desks,chairs, filing cabinets, etc. $10,000 GRAND TOTAL: S26.896.045 q:7204616udpatiANNUAL06a,XLS/Approved Explanation 4 C.R.9/8f2009