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Exhibit
CITY 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 0/0 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 1 733 800 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 2'l0 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 $280 6,500 6,200 -4.62% Total Professional Services $49,200 $40,186 -18.32% Office & Administrative Communications & related services Postage Printing & Binding - Outsourcing (stationery, checks, annual reports) Advertising & related costs Office Supplies Total Office & Administrative 541000 510 0 296 100.00% 541100 533 160 230 43.75% 547100 680 1,850 1,225 -33.78% 548100 287 1,000 100-90.00% 551000 700,755 370 350 -5.41% 3,380 2,201-34.88% 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°rt 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. Personnel Services 512000 Salaries & Wages CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved Excess Benefit Budget - Detail Explanations Exhibit A For the fiscal yearending September 30, 2008 - Based on expected cost of excess benefit salaries (1% of GESE's Budget) $8,004 521000 Payroll Tax Expense - Based on 10% of salary expenditure 800 522000 Retirement Contributions - Based on 1% of GESE's budget 1,092 523000 Life & Health Insurance - Health Insurance (1% of GESE's Budget) 1,446 524000 Workers' Compensation - Based on estimated amount (1% of GESE's Budget) 1 55 Professional Services 531000 Consulting Actuary - Fee per contract for Excess actuarial valuation plus 5% increase 531000 Computer Specialists - 1% of GESE's budget 531000 Other professional services - Iron Mtn, Bank fees (1% of GESE's Budget) 23,100 700 186 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, intemet and cell phone service ; 1% of GESE's budget 541100 Postage - Based on estimated amount (1% of GESE's Budget) 547100 Printing & Bindir.L - Outsourcing Bas cr;c 296 230 - Daseu Jll i Buub,„ JV 551000 Office Supplies - Amount based on 1% of GESE budget 350 CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved Excess Benefit Budget - Detail Explanations Exhibit A For the fiscal yea i 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) TOTAL ADMINISTRATIVE COSTS ACTUARIAL FUNDING REQUIREMENT - Based on actuarial valuation to determine estimated required contribution for FY 2007/2008 550 950 255 150 2,940 1,500 450 900 $61,479 450,000 TOTAL BUDGET $511,479