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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, 2009 The following proposed budget represents the fiscal 2009 financial requirements necessary to support the excess benefit plan whose 34 participants have exceeded the benefit limits established by the IRS. ORACLE PRIOR 2007/2008 2008/2009 OBJECT OBJECT APPROVED APPROVED CODE CODE BUDGET BUDGET Personnel Services Regular Salaries & Wages 512000 011 10 Employees $7,887 $40,059 Fringe Benefits Payroll Taxes 521000 o11 789 4,006 Retirement Contributions 522000 too 1,092 1,598 Life & Health Insurance 523000 213 1,446 1,738 Workers' Compensation 524000 150 55 55 Total Personnel Services Professional Services $11,269 $47,456 Consulting Actuary 531000 210 $23,100 $45,000 Computer Specialists 531000 270 700 5,000 Other (Paychecks, court reporter, interpreter) 531000 270 186 180 Total Professional Services 531000 23,986 50,180 Legal Fees 531010 250 10,000 10,000 Auditing Services 532000 $280 6,200 6,400 Total Professional Services $40,186 $66,580 Office & Administrative Communications & related services 541000 510 296 350 Postage 541100 533 230 230 Printing & Binding -Outsourcing 547100 680 1,225 750 (stationery, checks, annual reports) Advertising & related costs 548100 287 100 50 Office Supplies 551000 700,755 350 420 Total Office & Administrative fric c--1 of 2,201 1,800 Q:120081Budget 0812009AnnualBudget\ExcessAnnuai Revised09.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, 2009 ORACLE PRIOR 2007/2008 2008/2009 OBJECT OBJECT APPROVED APPROVED CODE CODE BUDGET BUDGET Insurance & Occupancy Insurance 545000 Commercial Property & Liability 640 550 400 Fiduciary & Fidelity 650 950 900 Total Insurance 545000 1,500 1,300 Utility Services 543000 540,560.670 255 280 (Electricity, water, sewer, garbage) Rentals & Leases 544000 610 150 270 Repair & Maintenance Services 546000 670 2,940 25,000 Emergency Reserve for hurricane repairs 546000 270 1,500 1,500 Depreciation • 559000 620 450 450 Machinery & Equipment 664000 840,841 900 5,000 Total Insurance & Occupancy 7,695 33,800 TOTAL ADMINISTRATIVE COSTS $61,351 $149,636 ACTUARIAL FUNDING REQUIREMENT 522000 212 $492,669 $505,000 TOTAL BUDGET $554,020 $654,636 40:12008\Budget 08\2009AnnualBudget\ExcessAnnual Revised09.XLS 2 Excess