HomeMy WebLinkAboutExhibit 2CITY OF MIAMI GENERAL EMPLOYEES' AND
SANITATION EMPLOYEES' RETIREMENT TRUST
Approved Excess Benefit Budget - Detail Explanations Exhibit A
For the fiscal year ending September 30, 2008
Personnel Services
512000 Salaries & Wages
- Based on expected cost of excess benefit salaries (1% of GESE's Budget)
521000 Payroll Tax Expense
- Based on 10% of salary expenditure
522000 Retirement Contributions
- Based on 1% of GESE's budget
523000 Life & Health Insurance
- Health Insurance (1% of GESE's Budget)
$8,004
800
1,092
1,446
524000 Workers' Compensation
- Based on estimated amount (1% of GESE's Budget) 55
Professional Services
531000 Consulting Actuary
- Fee per contract for Excess actuarial valuation plus 5% increase 23,100
531000 Computer Specialists
- 1% of GESE's budget 700
531000 Other professional services
- Iron Mtn, Bank fees (1% of GESE's Budget) 186
531010 Legal Fees
- Ronald Silver attorney fees 7,300
Additional legal expenditures - legal actions, ordinance revisions 2,700 10,000
532000 Auditing Fees
- Sharpton Brunson - 10% of GESE's Budget 6,200
Office & Administrative
541000 Communications & related services
- Local, long distance, internet and cell phone service - 1% of GESE's budget
541100 Postage
- Based on estimated amount (1% of GESE's Budget)
547100 Printing & Binding - Outsourcing
- Based on 5% of GESE's Budget
548100 Advertising & Related Costs
- Based on 1% of GESE Budget
551000 Office Supplies
- Amount based on 1% of GESE budget
296
230
1,225
100
350
Q:2007\Budget ExcessAnnualApproved08.XIS
Exhibit A 1 Excess
CITY OF MIAMI GENERAL EMPLOYEES' AND
SANITATION EMPLOYEES' RETIREMENT TRUST
Approved Excess Benefit Budget - Detail Explanations Exhibit A
For the fiscal year ending September 30, 2008
Insurance & Occupancy
545000 Insurance - Commercial property & liability
- Based on estimated amount and 1% of GESE budget
545000 Insurance - Fidelity & Fiduciary
- Based on 1% of GESE Budget
543000 Utility Services
- Electricity, water, sewer & garbage based on 1% of GESE Budget
544000 Rentals & Leases
- Based on estimated amount and 1% of GESE budget
546000 Repair & Maintenence Services
- Estimated amount based on 1 % of GESE's budget
546000 Emergency Reserve for hurricane repairs
- Amount based on 10% of GESE Budget
559000 Depreciation
- Depreciation of Bridgeport bldg based on 1% of GESE Budget
664000 Machinery & Equipment
- Amount based on est purchases based on current market prices
to accommodate the Excess Benefit Plan. (1.5 % of GESE's Budget)
550
950
255
150
2,940
1,500
450
900
TOTAL ADMINISTRATIVE COSTS $61,479
ACTUARIAL FUNDING REQUIREMENT
- Based on actuarial valuation to determine estimated required contribution
for FY 2007/2008
450,000
TOTAL BUDGET $511,479
Q:\2OO7 \Budga\ExcessnnnualApproved08.XIS
Exhibit A 2 Excess