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Home My WebLink AboutExhibitCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESE Budget For the fiscal year ending September 30, 2008 The following approved budget represents the fiscal 2008 financial requirements necessary to support the approximately $650 million GESE Trust Fund which serves 1,575 active member, 53 inactive members, 1,914 retirees and 18 deferred vested members for a total membership of 3560. ORACLE PRIOR 2006/2007 2007/2008 0/0 OBJECT OBJECT APPROVED APPROVED INCREASE CODE CODE BUDGET BUDGET (DECREASE) Personnel Services Regular Salary & Wages 512000 001 1 Pension Administrator $145,530 $157,172 8.00% 1 Chief Financial Officer 143,000 151,580 6.00% 1 Deputy Administrator 75,000 78,000 4.00% 1 Assistant to the Administrator 58,000 61,480 6.00% I Administrative Assistant II 46,000 51,562 12.09% 1 Administrative Assistant I 34,738 0-100.00% 1 Payroll Specialist 0 43,735 100.00% 1 Senior Accountant 41,500 43,160 4.00% 1 Senior Benefits Analyst 32,240 33,530 4.00% 1 Administrative Aide I 0 27,040 100.00% 1 File Clerk 0 20,800 100.00% 1 Receptionist 23,500 25,615 9.00% 1 Building Manager 34,611 36,688 6.00% 1 Security Guard 50,000 50,000 0.00% Overtime - Audit/Accounting related 5,000 5,000 0.00% Overtime - Special Projects 15,000 15,000 0.00% Total Salaries & Wages 512000 704,119 800,362 13.67% Board Members Salaries 511000 011 21,600 21,600 Fringe Benefits: Car Allowance 516000 083 6,000 6,000 Payroll Taxes 521000 100 77,453 80,036 Retirement Contributions 522000 213 59,700 109,163 (Assumes one lump sum payment) Life & Health Insurance 523000 130 109,261 144,600 Workers' Compensation 524000 150 3,500 5,500 Total Personnel Services Professional Services $981,633 $1,167,261 18.91% Investment Custodian 531000 270 $271,200 $323,750 19.38% Investment Consultant 531000 270 163,140 189,300 16.04% Consulting Actuary 531000 210 100,000 82,100 -17.90% Computer Specialists 531000 270 50,000 70,000 40.00% Other (Paychex, court reporter, interpreter) 531000 270 29,860 18,600 -37.71% Total Professional Services 531000 614,200 683,750 Legal Fees 531010 250 197,000 150,000 -23.86% Medical Advisors and Specialists 531020 260 20,000 20,000 0.00% Auditing Services 532000 280 65,000 62,000 -4.62% Total Professional Services $896,200 $915,750 2.18% Q:\2007\BudgeMNNUALApproved08.XLS 1 CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESE Budget For the fiscal year ending September 30, 2008 ORACLE PRIOR 2006/2007 2007/2008 0/0 OBJECT OBJECT APPROVED APPROVED INCREASE CODE CODE BUDGET BUDGET (DECREASE) Office & Administrative Travel and Per Diem 540000 410,420 $68,600 $63,600 -7.29% Communications & Related Services 541000 510 23,000 29,600 28.70% (Office phones, cell phones, and interne) Postage 541100 533 16,000 23,000 43.75% Printing and Binding 547000 755 3,500 5,000 42.86% Printing & Binding - Outsourcing 547100 680 37,000 24,500 -33.78% (stationery, annual reports) Advertising & related costs 548100 287 10,000 10,000 0.00% Office Supplies 551000 700,755 37,000 35,000 -5.41% Operating Supplies (Notary) 552000 722 1,300 1,200 -7.69% Subscriptions, Memberships, Licenses 554000 760 5,840 5,545 -5.05% Total Office & Administrative Insurance & Occupancy $202,240 $197,445 -2.37% Insurance 545000 Commercial Property & Liability 640 $70,000 $55,000 Fiduciary & Fidelity 650 80,000 95,000 Total Insurance 545000 150,000 150,000 0.00% Utility Services (Electricity, water, garbage) 543000 540,560,670 25,800 25,500 -1.16% Rentals & Leases 544000 610 11,000 15,000 36.36% Repair & Maintenance Services 546000 670,840 280,144 294,000 4.95% Emergency Reserve for hurricane repairs 546000 270 15,000 15,000 0.00% Depreciation 559000 620 45,000 45,000 0.00% Machinery & Equipment 664000 840,841 60,000 60,000 0.00% Total Insurance & Occupancy $586,944 $604,500 2.99% TOTAL ADMINISTRATIVE COSTS $2,667,017 $2,884,956 ACTUARIAL FUNDING REQUIREMENT 522000 212 $24,229,028 $22,762,902 (Assumes one lump sum payment) TOTAL BUDGET See detailed explanations of individual line items at Exhibit A. 8.17% -6.05% $26,896,045 $25,647,858 -4.64% Q52007\BudgeMWNNUALApproved08.XLS 2