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HomeMy WebLinkAboutExhibit 1CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST GESE Budget Approved By Board of Trustees on May 25, 2011 For the fiscal year ending September 30, 2012 The following approved budget represents the fiscal 2012 financial requirements necessary to support the approximately S600 million GESE Trust Fund which serves 1,662 active members, 103 inactive members, 1,975 retirees and 15 deferred vested members for a total membership of3,755. ORACLE OBJECT CODE Personnel Services Regular Salary it Wages 512000 1 Pension Administrator 1 Chief Accountant 1 Treasurer 1 Assistant to the Administrator 1 Administrative Assistant III 1 Payroll Specialist II 1 PensionGold Special Projects Administrator 1 Administrative Aide I 1 Receptionist 1 Facility Maintenance Manager 1 Security Guard 2011/2012 APPROVED BUDGET $185,482 71,200 92,800 90,364 99,493 73,980 82,000 39,815 28,000 63,312 30,000 Overtime - Special Projects 0 Total Salaries & Wages 512000 856,446 Board Members Salaries 511000 21,600 Fringe Benefits: Car Allowance 516000 6,000 Payroll Taxes 521000 85,645 Retirement Contributions 522000 226,793 (Assumes one lump sum payment) Life & Health Insurance 523000 207,576 Workers' Compensation 524000 1,000 Total Personnel Services S1,405,060 Professional Services Investment Custodian 531000 $250,000 Investment Consultant 531000 208,360 Consulting Actuary 531000 105,000 Computer Specialists 531000 107,000 Other (Paychex, court reporter, interpreter) 531000 14,100 Total Professional Services 531000 684,460 Legal Fees 531010 • 150,000 Medical Advisors and Specialists 531020 10,000 Auditing Services 532000 67,100 Total Professional Services S911,560 Q:120111Budget1112012 Annual BudgenANNUALApprovedBudge12012.XLS (Pages)1 C.R. 5/25/20115:46 PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST GESE Budget Approved By Board of Trustees on May 25, 2011 For the fiscal year ending September 30, 2012 ORACLE 2011/2012 OBJECT APPROVED CODE BUDGET Office & Administrative .Travel and Per Diem 540000 $33,000 Communications & Related Services 541000 40,000 (Office phones, cell phones, and intemet) Postage 541100 25,000 Printing and Binding 547000 5,000 Printing & Binding - Outsourcing 547100 15,000 (stationery, annual reports) Advertising & related costs 548100 5,000 Office Supplies 551000 45,000 Operating Supplies (Notary) 552000 1,200 Subscriptions, Memberships, Licenses 554000 7,000 Total Office & Administrative 5176,200 Insurance & Occupancy Insurance Commercial Property & Liability Fiduciary & Fidelity Total Insurance 545000 545000 $40,000 60,000 100,000 Utility Services (Electricity, water, garbage) 543000 28,000 Rentals & Leases 544000 40,000 Repair & Maintenance Services 546000 392,430 Emergency Reserve for hurricane repairs 546000 15,000 3rd Floor Generator 546000 0 Depreciation 559000 45,000 Machinery & Equipment 664000 15,000 Total Insurance & Occupancy S635,430 TOTAL ADMINISTRATIVE COSTS S3,128,250 ACTUARIAL FUNDING REQUIREMENT 522000 S25, 724,977 (Assumes one lump sum payment) TOTAL BUDGET S28,853,227 See detailed explanations of individual line items at Exhibit A. 0:120111Budget1t12012 Annual BudgenANNUALApprovedBudget2012.XLS (PagesJ2 C.R. 5/25/20115:46 PM