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HomeMy WebLinkAboutExhibitCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved Excess Benefit Plan Budget For the fiscal year ending September 30, 2008 The following approved budget represents the fiscal 2008 financial requirements necessary to support the excess benefit plan whose 34 participants have exceeded the benefit limits established by the IRS. ORACLE PRIOR 2006/2007 2007/2008 OBJECT OBJECT APPROVED APPROVED INCREASE CODE CODE BUDGET BUDGET (DECREASE) Personnel Services Regular Salaries & Wages 512000 011 1 Excess Benefit Plan Analyst $6,667 $8,004 Fringe Benefits Payroll Taxes 521000 011 733 800 Retirement Contributions 522000 100 597 1,092 Life & Health Insurance 523000 213 1,092 1,446 Workers' Compensation 524000 150 35 55 Total Personnel Services $9,124 $11,397 24.90% Professional Services Consulting Actuary 531000 210 $25,000 $23,100 -7.60% Computer Specialists 531000 270 5,000 700-86.00% Other (Paychecks, court reporter, interpreter) 531000 270 2,700 186 -93.1 1 % Total Professional Services 531000 32,700 23,986 Legal Fees 531010 250 10,000 10,000 0.00% Auditing Services 532000 S280 6,500 6,200 -4.62% Total Professional Services $49,200 $40,186 -18.32% Office & Administrative Communications & related services 541000 510 0 296 100.00% Postage 541100 533 160 230 43.75% Printing & Binding - Outsourcing 547100 680 1,850 1,225 -33.78% (stationery, checks, annual reports) Advertising & related costs 548100 287 1,000 100-90.00% Office Supplies 551000 700,755 370 350 -5.41% Total Office & Administrative 3,380 2,201 -34.88% Q:1200ThBudgettExcessAnnualApproved08.XLS 1 Excess CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved Excess Benefit Plan Budget For the fiscal year ending September 30, 2008 ORACLE PRIOR 2006/2007 2007/2008 % OBJECT OBJECT APPROVED APPROVED INCREASE CODE CODE BUDGET BUDGET (DECREASE) Insurance & Occupancy Insurance 545000 Commercial Property & Liability 640 700.00 550-21.43% Fiduciary & Fidelity 650 800.00 950 18.75% Total Insurance 545000 1,500 1,500 0.00% Utility Services 543000 540.560,670 240 255 6.25% (Electricity, water, sewer, garbage) Rentals & Leases 544000 610 560 150-73.21% Repair & Maintenance Services 546000 670 1,500 2,940 96.00% Emergency Reserve for hurricane repairs 546000 270 1,500 1,500 0.00% Depreciation 559000 620 450 450 0.00% Machinery & Equipment 664000 840,841 3,000 900-70.00% Total Insurance & Occupancy 8,750 7,695 -12.06% TOTAL ADMINISTRATIVE COSTS $70,454 $61,479 -12.74% ACTUARIAL FUNDING REQUIREMENT 522000 212 $492,669 $450,000 -8.66% TOTAL BUDGET $563,123 $511,479 -9.17% See detailed explanations of individual line items at Exhibit A. Q:12007%Budget1ExcessAnnualApproved08.XLS 2 Excess