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Exhibit A
V����p .. 71EMPLOYEES' $ SqH// 4 o ■ ., EMENT MEMORANDUM TO: Honorable Mayor and Members DATE: July 11, 2024 of the City of Miami Commission 77eA-frf-a-Atd.grj FROM: Edgard Hernandez SUBJECT: City of Miami General Pension Administrator Employees' & Sanitation Employees' Retirement Trust FY 2024/2025 Budget Approval Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Retirement Trust Fund for Fiscal Year 2024/2025. The Board of Trustees approved this budget as amended at the Board Meeting on May 31, 2024. We respectfully request your approval of this budget at your meeting scheduled for September 12, 2024. Enclosures CC: Board of Trustees Ronald A. Silver, Legal Counsel Arthur Noriega, City Manager 2901 Bridgeport Avenue • Coconut Grove, Florida 33133-3607 • Telephone (305) 441-2300 • Fax (305)441-2307 • www.gese.org City of Miami GESE Retirement Trust Budget Template FY 2024-25 Proposed Budget FY 2021-22 Actual FY 2022-23 Actual FY 2023-24 Adopted FY 2023-24 Projection FY 2024-25 Difference Notes Proposed Number of Full -Time Positions 9 10 10 10 10 0 Are any positions funded in other budgets? No No No No No Revenues Approved budget $3,201,416 $3,053,661 $3,098,824 $3,098,824 $3,247,608 5% Approved Budget Grand Total $3,201,416 $3,053,661 $3,098,824 $3,098,824 $3,247,608 Expenditures Regular Salary and Wages $848,786 $831,028 $792,609 $792,609 $917,263 15.7% Fringe Benefits $6,023 $6,000 $6,000 $6,000 $6,000 0.00% FICA Taxes $60,577 $59,455 $71,731 $71,731 $76,682 6.90% Retirement Contributions $311,855 $284,993 $321,853 $321,853 $388,536 20.72% Life and Health Insurance $165,162 $111,502 $174,816 $174,816 $169,752 -2.90% Workers' Compensation $1,760 $1,577 $3,000 $3,000 $2,500 -16.67% Professional Services - Legal $93,367 $108,620 $138,000 $138,000 $144,750 4.89% Professional Services $562,301 $532,119 $625,923 $625,923 $615,743 -1.63% Accounting and Auditing $66,260 $68,980 $75,500 $75,500 $74,500 -1.32% Other Contractual Services $1,260 $746 $7,500 $7,500 $6,500 -13.33% Travel and Per Diem $30,832 $18,581 $31,000 $31,000 $32,000 3.23% Communications and Related Services $43,255 $43,853 $45,269 $45,269 $45,656 0.85% Postage $6,478 $11,557 $10,500 $10,500 $10,000 -4.76% Utility $24,020 $26,824 $29,565 $29,565 $29,754 0.64% Rentals and Leases $21,592 $20,086 $26,644 $26,644 $27,072 1.61% Repair and Maintenance Services $88,061 $181,930 $153,000 $153,000 $135,000 -11.76% Maintenance -IT $199,159 $197,434 $311,902 $311,902 $294,773 -5.49% Printing and Binding Outsource $1,245 $10,749 $12,360 $12,360 $12,465 0.85% Advertising and Related Costs $4,888 $1,098 $5,000 $5,000 $4,500 -10.00% Office Supplies $23,329 $24,344 $40,000 $40,000 $35,000 -12.50% Operating Supplies $501 $644 $500 $500 $500 0.00% Subscriptions, Memberships, and Licenses $2,105 $5,127 $4,775 $4,775 $5,142 7.69% Insurance $192,245 $33,086 $80,312 $80,312 $87,955 9.52% Capital Projects and Purchases $67,957 $48,923 $45,000 $45,000 $39,500 -12.22% Depreciation / Use Allowance $44,054 $44,054 $45,000 $45,000 $45,000 0.00% Insurance deductible in case of loss/ ex: Hurricane - $0 $41,065 $41,065 $41,065 0.00% Budget Reserve $0 $0 $0 $0 $0 - Expenditure Grand Total $2,867,072 $2,673,309 $3,098,824 $3,098,824 $3,247,608 4.80% Commissioners 3,201,416 3,053,661 3,098,824 3,098,824 Difference $334,344 $380,352 $0 $0 Approved GESE Budget by the Board of Trustees on March 22 and amended on May 31, 2024 For the fiscal year ending September 30, 2025 The following budget represents the fiscal year 2024-25 financial requirements necessary to support the approximately $881.3 million GESE Trust Fund, which serves 4,191 members as of Fiscal year 2023 ORACLE 2023/2024 2024/2025 APPROVED APPROVED OBJECT BOARD BOARD CODE BUDGET BUDGET Diff. $ Personnel Services Regular Salary & Wages 512000 Pension Administrator 189,191 212,576 Administrative Assistant/Benefits Specialist 80,318 94,503 Senior Fund Accountant 73,639 86,644 Staff Accountant 66,151 77,834 Benefit Staff Accountant 63,064 74,202 Benefit Information Analyst 69,208 81,430 Payroll Specialist II 0 0 Benefit Analyst 59,837 70,404 Administrative Aide III 51,262 60,316 Office/Building Attendant 55,000 64,713 Benefit Analyst 54,939 64,641 Total Salaries $762,609 887,263 Accrued Payout (Sick/ Vac Balance Balance) 512000 20,000 20,000 Pay (Over -Time) 10,000 10,000 Total Salaries & Wages $792,609 917,263 OA Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 521000 71,731 76,682 Retirement Contributions 522000 321,853 388,536 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 523000 174,816 169,752 Workers' Compensation 524000 3,000 2,500 Total Personnel Services $1,370,009 1,560,733 $190,724 13.9% Professional Services Investment Consultant Consulting Actuary Special Consulting Actuary Computer Specialists Other (Banking Fees, Paychex, Death Audit) Total Professional Services 531000 531000 291,936 266,136 171,000 171,000 20,000 20,000 117,000 125,000 25,987 33,607 625,923 615,743 Legal Fees 531010 138,000 144,750 Legal Fees -IRS Private Letter Ruling 531010 0 0 Medical Advisors and Specialists 531020 7,500 6,500 Auditing Services 532000 75,500 74,500 Total Professional Services $846,923 841,493 ($5,430) -0.6% Budget Summary 2024-25 EH 7/11/2024 Approved GESE Budget by the Board of Trustees on March 22 and amended on May 31, 2024 For the fiscal year ending September 30, 2025 ORACLE 2023/2024 2024/2025 APPROVED APPROVED OBJECT BOARD BOARD CODE BUDGET BUDGET Diff. $ Office & Administrative Travel and Training (Conference Per Diem) 540000 31,000 32,000 Communications & Related Services 541000 45,269 45,656 (Office phones, Cellphone allowances, and Internet) Postage & Courier 10,500 10,000 Printing and Binding 547000 12,360 12,465 (Tax forms, Retiree Payrolls, Annual Statements) Advertising & related costs 551000 5,000 4,500 Office Supplies + Meeting Expenses 552000 40,000 35,000 Operating Supplies (Death Certificates & Notary) 554000 500 500 Subscriptions, Memberships, Licenses 4,775 5,142 Total Office & Administrative $149,404 145,263 ($4,141) -2.8% Insurance & Occupancy Insurance (Commercial Property & Liability) Commercial Property & Liability Total Insurance 545000 80,312 87,955 $80,312 87,955 $7,643 9.5% Utility Services (Electricity, Water, Garbage) 543000 29,565 29,754 Rentals & Leases 544000 26,644 27,072 IT Repair & Maintenance Services 546001 311,902 294,773 Building Repair, Maintenance & Capital Outlays 546000 153,000 135,000 Building Insurance Ded (Hurricane repairs) 546000 41,065 41,065 Bldg Use Allowance / Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 45,000 39,500 Total Occupancy $652,176 612,164 ($40,012) -6.1% TOTAL ADMINISTRATIVE COSTS (Detailed ofAdmin Budget Items on Exhibit A) $3,098,824 3,247,608 $148,784 4.8% ACTUARIAL FUNDING REQUIREMENT 522000 $53,457,831 54,856,035 $1,398,204 2.6% (Assumes one lump sum payment on 10/01/2024) TOTAL BUDGETARY COST $56,556,655 58,103,643 $1,546,988 2.7% Budget Summary 2024-25 2 EH 7/11/2024 Approved GESE Budget by the Board of Trustees on March 22 and amended on May 31, 2024 For the fiscal year ending September 30, 2025 FMPLOYFES'&444 Personnel Services 2023/2024 2024/2025 Board Approved Board Approved BUDGET BUDGET 512000 Regular Salaries $762,609 $887,263 16.3% - Based on current salaries. 512000 Special Pay $30,000 $30,000 0.0% Accrued Payout (Sick/ Vac Balance Balance) $20,000 $20,000 Pay (Over -Time) $10,000 $10,000 516000 Car Allowance $6,000 $6,000 0.0% - Administrator ($500/month) 521000 Payroll Taxes $71,731 $76,682 6.9% -Based on 10% of salary expenditure 522000 Retirement Contributions $321,853 $388,536 20.7% - Actuarially determined cost for Staff Defined Benefit Plan+ Staff Excess 523000 Health -Dental & Life A/D Insurance $174,816 $169,752 -2.9% - Health Insurance ($12,400/Mthly) - Dental Insurance ($318/Mthly) - Life & Disability Insurance ($1,288/Mthly) - Bridge Insurance ($140/Mthly) 524000 Workers' Compensation $3,000 - Based on salary expenditure Professional Services $2,500 -16.7% 531000 Investment Consultant $291,936 $266,136 -8.8% - Quarterly Performance Evaluation ($12,903/month) $156,636 $160,836 - Travel expenses ($900 x 7 trips) $6,300 $6,300 - Annual Comprehensive Financial Report - Review & GASB 40 data $29,000 $29,000 - Staff Pension Plan at $7,000 & Drop Plan at $35,000 $42,000 $42,000 - Security analysis and other $5,000 $5,000 - Proxy voting review $5,000 $5,000 - Money Manager Search $6,000 / Security Litigation $4,000 $10,000 $10,000 - Asset Liability Management Study (ALM)** Every 5 Years $0 $0 - 3 Year Experience Study **(Required by Ordinance) $30,000 $0 - GASB 67 &72 $8,000 $8,000 531000 Consulting Actuary $171,000 $171,000 0.0% - Fee per contract for GESE & Staff actuarial valuations $121,000 $121,000 - Customization due to Ordinance changes $20,000 $25,000 - Additional BOARD actuarial expenditure (estimated) $25,000 $25,000 - Asset Liability Management Study (ALM) * * Every 5 Years $0 $0 - 3 Year Experience Study (Required by Ordinances) $5,000 $0 Special Consulting Actuary $20,000 $20,000 0.0% -Fase2 Exhibit -A FY 2025 3 EH 7/11/2024 3:12 PM Approved GESE Budget by the Board of Trustees on March 22 and amended on May 31, 2024 For the fiscal year ending September 30, 2025 FMPLOYFES'&444 2023/2024 FMENI 2024/2025 Board Approved Board Approved BUDGET BUDGET Cont'd Professional Services 531000 Computer Specialists $117,000 $125,000 6.8% 531000 Other professional services - Paychex payroll services + Quarterly Reports - Pension Death Audit - Other professional services including bank fees 531010 Legal Fees - Ronald Silver's Contractual fees - Peter Schwedock (Disabilty Attorney) - Other legal - Klausner (Lawsuit, Ordinances, Case Contingency) $25,987 $7,085 $3,402 $15,500 $138,000 $100,000 $8,000 $30,000 $33,607 29.3% $12,814 $3,573 $17,220 $144,750 4.9% $110,250 $8,000 $26,500 531020 Medical Advisors & Specialists $7,500 $6,500 -13.3% - Estimated amount based on current trend 532000 Auditing Services & Others - Anthony Brunson, P.A. based on historical fees - Audit Equity Manager (Historical fees ) Office & Administrative $75,500 $74,500 -1.3% $72,500 $72,500 $3,000 $2,000 540000 Travel and Training (Conference Per Diem) $31,000 $32,000 3.2% - Trustees Educational Seminars & Conferences (IFEBP & FPPTA) $23,000 $24,000 - Staff Educational Training, Travel & Tuition Reimbursement $8,000 $8,000 541000 Conununications & related services - 2 Cellular phone allowance ($100/month) - Phone service including local, long distance and internet $45,269 $45,656 3.2% $2,400 $2,400 $42,869 $43,256 541100 Postage & Courier $10,500 - Postage machine & courier - based on estimated amount 547000 Printing & Binding - Retiree checks, Annual Stmts, 1099-R Tax FORMS - Annual Report - Summary Plan Description - Stationary $12,360 $4,650 $1,850 $4,060 $1,800 $10,000 -4.8% $12,465 0.8% $4,650 $1,495 $4,725 $1,595 Exhibit -A FY 2025 4 EH 7/11/2024 3:12 PM Approved GESE Budget by the Board of Trustees on March 22 and amended on May 31, 2024 For the fiscal year ending September 30, 2025 FMPLOYFES'&444 Cont'd Office & Administrative 548100 Advertising & Related Costs - Estimated based on past experience of each Miami Herald display advertisement cost approx. $650 & Others $250-$400 2023/2024 FMENI 2024/2025 Board Approved Board Approved BUDGET BUDGET $5,000 $4,500 -10.0% 551000 Office Supplies + Meeting Expenses $40,000 $35,000 -12.5% - Amount based on past and current expenditure 552000 Operating Supplies $500 $500 0.0% - Death Certificates & Renewal of Notary (4 staff ) 554000 Subscriptions, Memberships, Licenses $4,775 $5,142 7.7% - FPPTA membership fees $840 $788 - IFEBP membership fees $1,680 $1,770 - GFOA membership + ACFR fees $1,515 $1,305 - IRS-PWC Guide & Pension $200 $400 - The Miami Herald +WSJ $440 $590 - H.R. DIRECT + Pension Investment (P&I) $100 $289 - IRS Tax & Publications $0 $0 Insurance & Occupancy 545000 Insurance - Conunercial Property & Liability Based on current premium from Marsh & McLennan Agency (Approx. 10 % ) - Commercial Package Policy - Primary Umbrella $10M Limit - Primary Crime - $5M Limit - Cyber Liability - Wind Insurance Liability 543000 Utility Services - Electricity based on estimated amount - Water & Sewer based on estimated amount - Garbage based on estimated amount $80,312 $29,800 $5,166 $36,600 $8,746 $29,565 $15,000 $1,650 $12,915 $87,955 9.5% $35,603 $4,652 $33,986 $13,714 $29,754 0.6% $15,000 $1,650 $13,104 544000 Rentals & Leases $26,644 $27,072 1.6% - Equipment rental based on last year expenditure. Exhibit -A FY 2025 5 EH 7/11/2024 3:12 PM Approved GESE Budget by the Board of Trustees on March 22 and amended on May 31, 2024 For the fiscal year ending September 30, 2025 )10LOYFES'&444 Cont'd Insurance & Occupancy 2023/2024 FMEt 2024/2025 Board Approved Board Approved BUDGET BUDGET 54600 IT Repair & Maintenance- (Pension -Accounting & Financial System -Others) $311,902 $294,773 -5.5% - Pension System -(ORDINANCE CHANGES) $80,000 $65,000 - Support & Software maintenance $138,268 $141,033 - Imaging software maintenance & support fee $7,925 $7,404 - IQ software maintenance & support fee $3,422 $2,898 - PCX Licences + Kofax Software Lic $8,680 $9,267 - Customization $20,200 $10,000 - Business Continuity Plan maintenance (BCP) $14,640 $15,078 - Payroll backup fee -Event Response $3,000 $3,000 - Data Cloud Center- Processing Fee (ACCESS) $6,500 $11,418 - BIS digital recording maintenance $2,685 $2,569 - Tab/Smead Filing software maintenance $3,200 $3,645 - IT -Audit & Accounting Server $3,500 $3,500 - SAGE Accounting & Fix Asset Software & Maintenance/Support $11,500 $11,500 - IT Monitoring of Firewall & Malware $3,500 $3,200 - Website / Logmeln / Email-VPS $4,882 $5,261 546002 Building Repairs & Maintenance - Office building maintenance - Building repairs & Capital Outlays (Historical) $153,000 $135,000 -11.8% $75,000 $70,000 $78,000 $65,000 546003 Building Insurance Deductibles $41,065 $41,065 0.0% - Building insurance deductible (Wind+Flood) 559000 Bldg Use Allowance / Depreciation $45,000 $45,000 0.0% - Depreciation: GESE building based on 39 yr straight-line 664000 Machinery & Equipment - (Historical purchases per Market Prices) $45,000 $39,500 -12.2% - Server & Computer Equipment $17,500 $16,000 - Computer & Server Software (Anti-virus/Microsoft Office/ GHA) $3,500 $3,500 Capital Equipment outlay (A/C units, condenser, LED Electrical System,Phone system ) $24,000 $20,000 TOTAL ADMINISTRATIVE COSTS $3,098,824 $3,247,608 4.8% Exhibit -A FY 2025 6 EH 7/11/2024 3:12 PM