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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, 2009 The following approved budget represents the fiscal 2009 financial requirements necessary to support the approximately $650 million GESE Trust Fund which serves 1,611active members, 79 inactive members, 1,906 retirees and 20 deferred vested members for a total membership of 3,616. Personnel Services Staff Salary & Wages Board Members Salaries ORACLE 2007/2008 2008/2009 % OBJECT APPROVED APPROVED INCREASE CODE BUDGET BUDGET (DECREASE) 512000 800,362 723,536 511000 21,600 21,600 Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes 521000 80,036 72,354 Retirement Contributions 522000 109,163 159,837 (Assumes one lump sum payment) Life & Health Insurance 523000 144,600 173,880 Workers' Compensation 524000 5,500 5,500 Total Personnel Services Professional Services $1,167,261 $1,162,707 Investment Custodian 531000 $323,750 $290,000 Investment Consultant 531000 189,300 263,860 Consulting Actuary 531000 82,100 60,000 Computer Specialists 531000 70,000 92,416 Other (Paychex, court reporter, interpreter) 531000 18,600 18,000 Total Professional Services 531000 683,750 724,276 Legal Fees 531010 150,000 150,000 Medical Advisors and Specialists 531020 20,000 10,000 Auditing Services 532000 62,000 57,600 Total Professional Services Jc- (i -/to, -9.60% -0.39% $915,750 $941,876 2.85% R:\Chris`.2009MnualBudgeeSandra`sSecondDraRW ithoutStafTiltes09.XLS 1 C.R. 7/30/2008 10:21 AM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESE Budget For the fiscal year ending September 30, 2009 ORACLE 2007/2008 2008/2009 OBJECT APPROVED APPROVED INCREASE CODE BUDGET BUDGET (DECREASE) Office & Administrative Travel and Per Diem 540000 $63,600 $43,000 Communications & Related Services 541000 29,600 38,634 (Office phones, cell phones, and intemet) Postage 541100 23,000 20,000 Printing and Binding 547000 5,000 5,000 Printing & Binding - Outsourcing 547100 24,500 15,000 (stationery, annual reports) Advertising & related costs 548100 10,000 5,000 Office Supplies 551000 35,000 42,000 Operating Supplies (Notary) 552000 1,200 1,200 Subscriptions, Memberships, Licenses 554000 5,545 7,000 Total Office & Administrative Insurance & Occupancy Insurance Commercial Property & Liability Fiduciary & Fidelity Total Insurance 545000 545000 $197,445 $176,834 -10.44% $55,000 95,000 150,000 $40,000 90,000 130,000 Utility Services (Electricity, water, garbage) 543000 25,500 28,000 Rentals & Leases 544000 15,000 27,000 Repair & Maintenance Services 546000 294,000 312,500 Emergency Reserve for hurricane repairs 546000 15,000 15,000 3rd Floor Generator 546000 0 30,000 Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 60,000 15,000 Total Insurance & Occupancy $604,500 $602,500 -0.33% TOTAL ADMINISTRATIVE COSTS $2,884,956 $2,883,917 ACTUARIAL FUNDING REQUIREMENT 522000 $22,762,902 $23,191,828 (Assumes one lump sum payment) TOTAL BUDGET -0.04% 1.88% $25,647,858 S26,075,745 1.67% R:1Chris12009Ann ualBudget\Sandra'sSecondDraftW ithoutStafTiltes09.XLS 2 C.R. 7/30/2008 10:21 AM