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Home My WebLink AboutExhibit 2CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Proposed GESE Budget - Detail Explanations Exhibit A For the fiscal year ending September 30, 2008 Personnel Services 512000 Regular 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 $800,362 511000 Board Members Salaries - $300/month X 6 board members $21,600 516000 Car Allowance - Administrator: $500/month 521000 Payroll Taxes - Based on 10% of salary expenditure 522000 Retirement Contributions - Actuarially determined cost for Staff Defined Benefit Plan $6,000 $80,036 $109,163 523000 Life & Health Insurance - Health Insurance ($10,600/month) 127,200 - Dental Insurance ($370/month) 4,440 - Life Insurance ($490/month) 5,880 - Disability Insurance ($590/month) 7,080 $144,600 $144,600 524000 Workers' Compensation - Based on salary expenditure $5,500 Professional Services 531000 Investment Custodian - Estimated assets $750,000,000 x 1.75 basis points/yr. 131,250 - Transaction fees : $12.50 x 660 trades= $8,250/month 99,000 - Portfolio Charges 12 active mgrs at $4,000/month=$48,000 plus $1,500/Trust Acct 49,500 - Possible Custodial fee increase 30,000 - Custodial fees for International equity manager 14,000 323,750 $323,750 531000 Investment Consultant - Quarterly Performance Evaluation ($10,333/month) + 5% increase 130,200 - Travel expenses ($750 x 8 trips) 6,000 - Comprehensive Financial Annual Report - Review & GASB 40 data 18,500 - StaffPension Plan at $4,600 & Drop Plan at $20,000 24,600 - Security analysis and other 10,000 189,300 $189,300 531000 Consulting Actuary - Fee per contract for GESE actuarial valuation plus 5% increase 23,100 - Additional actuarial expenditure estimate 47,000 - Fee for Staff Plan actuarial valuation plus 5% increase 12,000 82,100 $82,100 Q:t2007\Budget\ANNUALApproved08.XLS Exhibit A 1 CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Proposed GESE Budget - Detail Explanations Exhibit A For the fiscal year ending September 30, 2008 531000 Computer Specialists - Data Analyst 40,000 - Computer Consultant - Service contract plus projects 25,000 - Computer Consultant Assistant 5,000 Total 70,000 $70,000 531000 Other professional services - Paychex payroll services ($170/month) 2,100 - Court Reporter 3,000 - Iron Mountain computer back up storage 12,000 - Other professional services including bank fees 1,500 18,600 $18,600 531010 Legal Fees - Ronald Silver's fees 80,000 - Ronald Silver's annuity 25,000 - Additional legal expenditures - legal actions, ordinance revisions 45,000 150,000 $150,000 531020 Medical Advisors & Specialists - Estimated amount based on current trend $20,000 532000 Auditing services - Sharpton Brunson, CPAs based on historical fees - International equity manager audit charges based on historical fees Office & Administrative 60,000 2,000 62,000 $62,000 540000 Travel and Per Diem - Estimate of educational conferences 50,000 - Staff training/education/travel 6,000 - Administrator's college credit courses 7,600 63,600 $63,600 541000 Communications & related services - 1 Cellular phone allowance for Administrator ($100/month) 1,200 - 1 Cellular phone for building manager ($54/month) 648 - 1 Cellular phone for business continuity plan ($36/month) 432 - Phone service including local, long distance and Internet 24,320 - Miscellaneous 3,000 29,600 $29,600 541100 Postage - Postage machine & courier - based on estimated amount 547000 Printing & Binding - Printing of retiree checks, direct deposit statements, annual statements, 1099s $23,000 $5,000 Q:\2007\BudgetMANNUALApprovedO8.XLS Exhibit A 2 CITY OF MIAM1 GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Proposed GESE Budget - Detail Explanations Exhibit A For the fiscal year ending September 30, 2008 547100 Printing & Binding - Outsourcing - Annual Report 8,000 - Annual Summary Plan Description 4,000 - Stationary 12,500 24,500 $24,500 548100 Advertising & Related Costs - Estimated based on past experience of each Miami Herald display $10,000 advertisement cost approx. $650, and other papers range $250 - $400 551000 Office Supplies $35,000 - Amount based on past and current expenditure 552000 Operating Supplies . $1,200 - Amount based on renewal of notary of 3 staff members 554000 Subscriptions, Memberships, Licenses - FPPTA membership fees 250 - IFEBP membership fees 710 - Government Finance Officers Association membership fees 700 - AICPA membership fees 200 - FICPA membership fees 230 - Pension & Benefits Newsletter 70 - CCH Tax guide 300 - The Miami Herald 185 - Pensions & Investments 250 - The Wall Street Journal 250 - Runzheimer Intl' Travel Price Guide 2,000 - Ancestry.com 300 - Computer software & technical books 100 5,545 $5,545 Insurance & Occupancy 545000 Insurance - Commercial property & liability - Based on historical numbers,current estimate, & insurance on building $55,000 545000 Insurance - Fidelity & Fiduciary - Based on historical numbers & current estimate $95,000 543000 Utility Services - Electricity based on estimated amount 19,000 - Water & sewer based on estimated amount 3,500 - Garbage based on estimated amount 3,000 25,500 $25,500 544000 Rentals & Leases - Equipment rental based on last year expenditure. $15,000 QA2007\BudgeMWNNUALApprovedO8.XLS Exhibit A 3 CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Proposed GESE Budget - Detail Explanations Exhibit A For the fiscal year ending September 30, 2008 546000 Repair & Maintanence Services Maintenance contracts and estimated repairs based on historical costs - Pension Gold software annual maintenance costs: Support, Software & Customization maintenance 60,000 Imaging Software maintenance & support fee 8,300 IQ software maintenance & support fee 2,800 Business continuity plan maintenance & support fee 12,000 File Backup Fee 2,700 Payroll Processing Fee 5,500 Estimated additional customizations 25,000 Total Pension Gold annual maintenance 116,300 - Office building maintenance includes $59/qtr webpage, security system $38/month, air $10,000/yr, landscaping $1,000/month, elevator maintenance $168/month, contingency $1,500/month, janitorial $1,385/month, fire system $105/qtr 60,000 - Office building repairs 117,700 546000 Emergency Reserve for hurricane repairs 559000 Depreciation - Depreciation of Bridgeport bldg based on 39 yr straight-line 664000 Machinery & Equipment Estimated purchases based on current market prices - Equipment (Computer & equipment upgrades) - Office Furniture TOTAL ADMINISTRATIVE COSTS ACTUARIAL FUNDING REQUIREMENT - Based on actuarial valuation to determine minimum required contribution for FY 2007/2008. Assumes a one lump payment on 10/1/07 294,000 $294,000 $15,000 $45,000 50,000 10,000 60,000 $60,000 $2,884,956 $22,762,902 TOTAL BUDGET $25,647,858 Q:\2007\BudgeMNNUALApprovedO8.XLS Exhibit A 4