The URL can be used to link to this page

Home My WebLink AboutExhibitCITY OF MIAMI GESE EXCESS BENEFIT PLAN APPROVED BUDGET FOR FISCAL YEAR 2006/2007 The following approved budget for fiscal Year ending September 30, 2007 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 1 Excess Benefit Plan Analyst Overtime - Audit/Accounting/Special Proj Subtotal 2006/2007 APPROVED BUDGET $6,667 $0 6,667 100 Payroll Tax Expense 733 150 Workers' Compensation 35 Total 768 FRINGE BENEFITS: 213 Retirement Contributions 597 130 Group Insurance Contributions 1,092 Total 1,689 TOTAL PAYROLL $9,124 q/ 20 0 6I B u d g etI E x ce ss An n u a l O B.X LS1 A p p ro v a d EX C E S S CR 9/a12O06 2006/2007 APPROVED BUDGET OPERATING EXPENSES -ACTUARIAL * 212 ACTUARIAL REQUIREMENT 492,669 OPERATING EXPENSES -FIXED 280 AUDITING FEES 6,500 410 TRAVEL/EDUCATIONAL/TRAINING 0 420 TRAVEL/EDUCATIONAL/OTHER 0 495 PARKING 0 533 POSTAGE 160 540 ETPCTRIC1TY 180 560 WATER 60 610 RENTAL OF EQUIPMENT -OUTSIDE 110 620 RENT - OFFICE SPACE 450 640 INSURANCE - PROPERTY 700 (Commercial, General Liability, and Commercial Property) 650 INSURANCE - LIABILITY 800 (Fiduciary & Fidelity) TOTAL OPERATING EXPENSES -FIXED $8,960 Assumes last years numbers and ono lump sum payment. q /200 BIB u d g at 1 Ex c a s sAnn u a l0 a, X L S /Ap p r ov ad E X C E S S 2 CR 9/8/200a 2006/2007 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) 0 270 PROF. SERVICES - OTHER -Investment Consultants 0 - Bank Fees 2,700 - Programmer 5,000 -Other Services 0 (Paychex Inc.) - Budget Reserve for ER Expenditures 1,500 287 ADVERTISING 510 COMMUNICATION SERVICES 0 ( Office Telephone service) 670 REPAIR/MAINTENANCE - OUTSIDE 1,500 680 PRINTING/BINDING - OUTSIDE 1,850 (stationery, checks, annual reports,etc.) 700 OFFICE SUPPLIES 370 722 MISC. SUPPLIES - NOTARIES 0 755 REPRODUCTION SERVICE 0 760 MEMBERSHIPS & PUBLICATIONS 0 1,000 TOTAL OPERATING EXPENSES -VARIABLE $48,920 q/20061budget/ExcessAnnuaI08.XLS/AppraV edEXCES9 3 CR 9/8/2006 2006/2007 APPROVED BUDGET CAPITAL OUTLAY 840 EQUIPMENT - NEW (1.5% of GESE's Budget) 3,000 840 AIR CONDITIONING UNIT $0 841 OFFICE FURN - NEW 0 TOTAL CAPITAL OUTLAY $3,000 TOTAL BUDGET $562,673 BUDGET BREAKDOWN TOTAL ACTUARIAL FUNDING TOTAL ADMINISTRATIVE COST Total Budget SUMMARY OF ADMINISTRATIVE COSTS $492,669 70,004 $562,673 TOTAL PAYROLL $9,124 TOTAL OPERATING EXPENSE - FIXED 8,960 TOTAL OPERATING EXPENSE - VARIABLE 48,920 TOTAL CAPITAL OUTLAY 3,000 Total Admin. Costs $70,004 g12006/Budget/Ex cessAn nun I06.X LS/Approv edEX C ESS 4 CR 018/2006 Explanation of Approved Excess Benefit Plan Budget for Fiscal Year 2006/2007 Payroll: 001 Salaries & Wages - Based on expected cost of salaries (1% of GESE's Budget) $6,667 100 Payroll Tax Expense - Based on Salary expenditure (1% of GESE's Budget) $733 150 Worker' Compensation - Based on estimated amount (1% of GESE's Budget) $35 213 Retirement Contributions 10% of Salary expenditure: Position - Excess Benefit Analyst 597 Total: 597 $597 130 Group Insurance - Health Insurance ($1,092 p/year) - Provision for employee's family changes & Ins. rate increase Operating Expenses - Actuarial: S 1,092 0 1,092 $1,092 212 Actuarial Requirement - Based on actuarial valuation as of October 1, 2004 (Approx) $492,669 Operating Expenses - Fixed: 280 Auditing Fees - Excess Benefit Plan being a component of GESE/GASB 14 (10% of GESE's Budget) 410 TravellEducationalfraining - Staff training/education : - Special Seminars courses: Total 420 Travcl/EducationallOther 495 Parking - Based on estimated amount 533 Postage - Based on estimated amount (1% of GESE's Budget) 540 Electricity - Based on estimated amount (1% of GESE's Budget) 560 Water (1%of GESE's Budget) 0 0 0 $6,500 $0 80 $0 $160 $180 $60 610 Rental of Equipment - Outside - Copier lease: (1% of GESE's Budget) $110 620 Rent - Office Space - Based on estimated amount (1% of GESE's Budget) $450 640 Insurance - Property - Based on estimated amount and 1% of GESE budget $700 650 Insurance - Liability - Based on 1% of GESE Budget 800 S800 q/2006/BudgsVExceeeAnnual06/ApprovedExCESSExplain 1 C,R. 9/872006 Explanation of Approved Excess Benefit Plan Budget for Fiscal Year 2006/2007 Operating Expenses - Variable: 083 Car Allowance $0 210 Prof. Services - Actuarial Additional actuarial expenditure estimated to be: (25% of GESE's Budget) 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, (5 % of GESEs Budget) 10,000 260 Prof. Services - Medical - Estimated amount based on current trend 270 Prof. Services - Other: Investment Consultant Bank Fees (1% of GESE's Budget) 2,700 $2,700 $10,000 p $0 0 0 $0 2,700 Computer Programer/Systems Analyst (10% of GESE's Budget) 5,000 $5,000 Other Services Budget Reserve for ER Expenditures - Amount based on 10% of GESE Budget 287 Advertising (1% of GESE Budget) - 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 0 0 1,500 0 $0 $1,500 $1,000 0 $0 670 Repairs & Maintenenee - Outside - Estimated amount based on market value of current equipment (Category includes repairs & upgrades to computer equip,, copier)1% of GESE budget 1,500 $1,500 680 Printing & Binding - Outside 225 Annual Report ($4.50 X 50 Books) 100 Checks($.20 X 500Checks) 1,525 Other Stationery (5% of GESE Budget) 1,850 $1,850 700 Office Supplies 370 $370 - Amount based on 1% of GESE budget 722 Misc. Supplies - Notaries 0 $0 C.R. 9/ /2006 q/200619udgenzaeaeknnva106/AppravedHXCSSSEzplain 2 Explanation of Approved Excess Benefit Plan Budget for Fiscal Year 2006/2007 755 Reproduction Services 760 Membership & Publications Capital Outlay 0 $0 0 $0 840 Equipment - New - Amount based on cost of customization of Pension Gold 3,000 to accommodate the Excess Benefit Plan. (1.5 % of GESE's Budget) 3,000 $3,000 841 Office Furniture - New $0 GRAND TOTAL: $562.673 Oilo/BmigavExwessAnnua106fApp:ovedExceS, Explain 3 C.R. 9/8/2006