HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #16368
Date: 07/12/2024
Commission Meeting Date: 09/07/2024
Type:
Subject:
Requesting Department: General
Employees' and Sanitation Employees'
Retirement Trust
Sponsored By:
District Impacted: N/A
Resolution
Approve Annual Budget FY '25 - GESE Retirement Trust Fund
Purpose of Item:
To approve the budget for the City of Miami General Employees' & Sanitation
Employees' Retirement Trust Fund for Fiscal Year 2024/2025, in the amount not to
exceed $3,247,608, as actuarially determined, to provide for the administration of the
GESE Retirement Trust Fund.
Background of Item:
Ordinance No. 10002, adopted on June 13, 1985, as amended by Gates, authorized the
Board of Trustees to administer the City of Miami General Employees' & Sanitation
Employees' Retirement Trust (GESE Retirement Trust Fund"); and as such, a budget is
required to properly administer the GESE Retirement Trust Fund, and at the May 31,
2024, Board Meeting, the Board of Trustees approved this budget.
Budget Impact Analysis
Item is NOT Related to Revenue
Item is an Expenditure
Total Fiscal Impact:
Total Fiscal Impact: $3,247,608
General Employees' and Sanitation
Review Completed
Office of Management and Budget
Office of Management and Budget
City Manager's Office
City Manager's Office
City Manager's Office
Legislative Division
Office of the City Attorney
Office of the City Attorney
Office of the City Attorney
City Commission
Office of the Mayor
Office of the City Clerk
Office of the City Clerk
Reviewed B
Employees' Retirement Trust
08/13/2024 3:15 PM
Fred Pericles
Marie Gouin
Barbara Hernandez
Mabel Betancourt
Arthur Noriega V
Valentin J Alvarez
Xavier Alban
George K. Wysong III
Mabel Betancourt
Maricarmen Lopez
Mayor's Office
City Clerk's Office
City Clerk's Office
Edgard Hernandez
Department Head
Budget Analyst Review Completed
Budget Review Completed
Assistance City Manager Review Completed
Assistant City Manager Review Skipped
City Manager Review Completed
Legislative Division Review Completed
ACA Review Completed
Approved Form and Correctness Completed
Approved Form and Correctness Skipped
Meeting Completed
Signed by the Mayor Completed
Signed and Attested by the City Clerk Completed
Rendered Completed
08/14/2024 12:16 PM
08/15/2024 4:41 PM
08/16/2024 1:59 PM
07/12/2024 9:03 AM
08/19/2024 11:00 AM
08/19/2024 4:48 PM
08/27/2024 3:53 PM
08/27/2024 4:15 PM
07/12/2024 8:38 AM
09/07/2024 10:00 AM
09/12/2024 2:53 PM
09/12/2024 3:34 PM
09/12/2024 3:34 PM
City of Miami
Legislation
Resolution
Enactment Number: R-24-0318
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 16368 Final Action Date:9/7/2024
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI
GENERAL EMPLOYEES' & SANITATION EMPLOYEES' RETIREMENT TRUST
("GESE RETIREMENT TRUST FUND"), ATTACHED AND INCORPORATED AS
EXHIBIT "A", IN THE AMOUNT OF $3,247,608.00, EXCLUDING NORMAL COSTS, AS
ACTUARIALLY DETERMINED, TO PROVIDE FOR THE ADMINISTRATION OF THE
GESE RETIREMENT TRUST FUND FOR THE FISCAL YEAR COMMENCING
OCTOBER 1, 2024, AND ENDING SEPTEMBER 30, 2025.
WHEREAS, Section 40-243 of the Code of the City of Miami, Florida, as amended,
authorizes the Board of Trustees ("Trustees") to administer the City of Miami General
Employees' and Sanitation Employees' Retirement Trust Fund ("GESE Retirement Trust Fund");
and
WHEREAS an annual budget is required to properly administer the GESE Retirement
Trust Fund; and
WHEREAS the Trustees reviewed and approved the GESE Retirement Trust Fund
budget for Fiscal Year 2024-2025 on May 22, 2024, and amended on May 31, 2024; and
WHEREAS the Trustees request the approval of the GESE Retirement Trust Fund
budget for the Fiscal Year commencing October 1, 2024, and ending September 30, 2025, in
the amount of $3,247,608.00, excluding normal costs, as actuarially determined, to provide for
the administration of the GESE Retirement Trust Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as is fully set forth in this Section.
Section 2. The GESE Retirement Trust Fund Fiscal Year 2024-2025 budget, attached
and incorporated as Exhibit "A", for the Fiscal Year commencing October 1, 2024, and ending
September 30, 2025, in the amount of $3,247,608.00, excluding normal costs, as actuarially
determined, to provide for the administration of the GESE Retirement Trust Fund, is approved
and adopted.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
1 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
APPROVED AS TO FORM AND CORRECTNESS:
g III, C y`attor ey j 8/27/2024