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HomeMy WebLinkAboutExhibit SUBCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES RETIREMENT TRUST GESE Budget Approved by the Board of Trustees on March 23, 2012 For the fiscal yenr ending September 30, 2013 The following approved budget represents the fiscal 2012 financial requirements necessary to support the approximately $600 million GESE Trust Fund which serves 1,662 active members,103 inactive members, 1,975 retirees and 15 deferred vested members for a total membersbip of 3,755. Personnel Services Regular Salary & Wages 1 Pension Administrator 1 PcnsionGold Special Projects Administrator 1 Treasurer 1 Administrative Assistant III 1 Assistant to the Administrator 1 Payroll Specialist II 1 Chief Accountant 1 Facility Maintenance Manager 1 Administrative Aide I /Benefits Analyst 1 Receptionist/Benefits Analyst, 1 Security Guard Total Salnres & Wages 512000 Board Members Salaries Fringe Benefits; ORACLE OBJECT CODE PRIOR 2011/2012 OBJECT APPROVED CODE BUDGET 512000 001 511000 ,/ r Car Allowance 516000 083 6,000 Payroll Taxes 5,21000 10o 85,645 Retirement Contributions ,622000 213 226,793 (ASsun es ono lump Soto payment) Life & Health Insurance Workers' Compensation ,j 524000 150 Total Personnel Services Professional Services Investment Custodian Investment Consultant Consulting Actuary Computer Specialists Other (Pnycliex, court reporter, iinnit, ester) Total Professional Ser iees,531000 Legal Fees Medioal Advisors and Specialists Auditing Services $185,482 82,000, 92,8 - 99 93 6,364 73,980 71,200 63,312 39,815 28,000 30,000 856,446 . 856,446 all 21,600 2�01�I2013 APPROVED UDGET $185,482 82,000 92,800 99,493 90,364 73,980 71,200 63,312 39,815 28,000 30,000 21,600 6,000 85,645 219,774 523000 130 207,576 214,595 1,000 1,000 $1,405,060 $1,405,060 531000 270' $250,000 531000 270 208,360 531000 210 105,000 531000 270 107,000 531000 270 14,100 684,460 531010 250 150,000 531020 260 10,000 532000 280 67,100 $250,000 248,360 135,000 107,000 14,100 754,460 150,000 10,000 67,100 $911,560 $9812560 iV.. ,,r_cce e_yla (jib ck,,rneo Qn201218udgo11212013Annual 8uagenANNUALApprovodeudgot2013XLS IPageejl C.R.8140120122:84PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST GESE Budget Approved by the Board of Trustees on March 23, 2012 For the fiscal year ending September 30, 2013 Total Professional Services Office & Administrative Travel and Per Diem Communications & Related Services ORACLE PRIOR 2011/2012 2012/2013 OBJECT OBJECT APPROVED APPROVED CODE CODE BUDGET BUDGIirI' 540000 410,420 $33,000 541000 310 40,000 $3 ,100 0,000 Pos (Office phones, cell phones, and intemet) 541100 533 25,000 25,000 Printing and Binding 547000 755 5,000 5,000 Printing & Binding - Outsourcing 547100 680 15,000 15,000 Ad, (stationery, annual reports) 548100 287 5,000 5,000 Office Supplies 551000 700,755 45,00)3 45,000 Operating Supplies (Notary) 552000 722 1, 0 1,200 Subsoriptions, Memberships, Licenses 554000 760 ,000 7,000 Total Office & Administrative Insurance & Occupancy Insurance 545000 76,200 $176,200 6 ' $40,000 $40,000 Commercial Property & Liability 650 60,000 60,000 Fiduciary & Fidelity 100,000 100,000 Total Insurance 545000 Utility Services (Electricity, water, garbage) 543091 s4ossoala 28,000 28,000 Rentals & Leases 544,d00 610 40,000 40,000 Repair & Maintenance Services 546000 670,840 392,430 592,430 Emergency Reserve for hunicane repairs 46000 270 15,000 15,000 Depreciation 559000 620 45,000 45,000 Machinery & Equipment 664000 840,841 15,000 85,000 . $635,430 $905,430 Total Insurance & Occupancy/ f f TOTAL ADMINISTRATIVE COSTS $3,128,250 $3,468,250 10.87% ACTUARIAL FUNDING REQIJ»UIMENT 522000 212 $25,724,977 TBD (Assumes one lump sum payment) TOTAL BUDGET See detailed Rrplanatto/ s of individual line items at Exhibit A. 4t12012Wudgat1212019 Annual audgetIANNUALAppivvedeudget2019J23 ' $28,853,227 $3,468,250 (Pages12 tzR. 0/90/20122:04 PM CITY OF MIAMI GESE RETIREMENT TRUST GESE Budget Approved by the Board of Trustees on March 23, 2012 For the fiscal year ending September 30, 2013 Conunission Amended on 9/27/2012 Board Approved Amended Budget 9/28/2012 The following approved budget represents the fiscal 2012 financial requirements uecessaty to support the approximately $600 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 of 3,755. Personnel Services Regular Salary & Wages 1 Pension Administrator 1 PensionGold Special Projects Administrator 1 Treasurer 1 Administrative Assistant III 1 Assistant to the Administrator 1 Payroll Specialist II 1 Chief Accountant 1 Facility Maintenance Manager 1 Administrative Aide I / Benefits Analyst 1 Receptionist 1 Security Guard Total Salaries & Wages 512000 Board Members Salaries Fringe Benefits: ORACLE PRIOR 2011/2012 OBJECT OBJECT APPROVED CODE CODE BUDGET 512000 001 2012/2013 APPROVED BUDGET 2012/2013 AMENDED INCREASE BUDGET (DECREASE) $185,482 $185,482 $166,934 ($18,548) 82,000 82,000 82,000 92,800 92,800 92,800 99,493 99,493 99,493 90,364 90,364 90,364 73,980 73,980 73,980 71,200 71,200 71,200 63,312 63,312 63,312 39,815 39,815 36,814 ($3,001) 28,000 28,000 28,000 30,000 30,000 0 ($30,000) 856,446 856,446 804,897 -6.02% 511000 011 21,600 21,600 21,600 Car Allowance 516000 083 6,000 6,000 6,000 Payroll Taxes 521000 100 85,645 85,645 80,490 ($5,155) Retirement Contributions 522000 213 226,793 219,774 219,774 (Assumes one lump sum payment) Life & Health Insurance 523000 130 207,576 214,595 206,689 ($7,906) Workers' Compensation 524000 150 1,000 1,000 1,000 Total Personnel Services $1,405,060 $1,405,060 $1,340,450 -4.60% Professional Services Investment Custodian 531000 270 $250,000 $250,000 $0 ($250,000) Investment Consultant 531000 270 208,360 248,360 218,360 ($30,000) Consulting Actuary 531000 210 105,000 135,000 105,000 ($30,000) Computer Specialists 531000 270 107,000 107,000 98,110 ($8,890) Other (Paychex, court reporter, interpreter) 531000 270 14,100 14,100 14,100 Total Professional Services 531000 684,460 754,460 435,570 Legal Fees 531010 250 150,000 150,000 102,000 ($48,000) Medical Advisors and Specialists 531020 260 10,000 10,000 10,000 Auditing Services 532000 280 67,100 67,100 67,100 Total Professional Services $911,560 $981,560 $614,670 -37.38% Q520121Budge11212013 Annual BudgettANNUALApproved88AmendedBudget2013 (Pagesjl C.R. 10/2/20123:14 PM Office & Administrative Travel and Per Diem Communications & Related Services CITY OF MIAMI GESE RETIREMENT TRUST GESE Budget Approved by the Board of Trustees on March 23, 2012 For the fiscal year ending September 30, 2013 Commission Amended on 9/27/2012 Board Approved Amended Budget 9/28/2012 ORACLE PRIOR 2011/2012 2012/2013 2012/2013 OBJECT OBJECT APPROVED APPROVED AMENDED INCREASE CODE CODE BUDGET BUDGET BUDGET (DECREASE) 540000 410,420 $33,000 $33,000 $13,000 ($20,000) 541000 510 40,000 40,000 40,000 Pos (Office phones, cell phones, and intemet) 541100 533 25,000 25,000 25,000 Printing and Binding 547000 755 5,000 5,000 5,000 Printing & Binding - Outsourcing 547100 680 15,000 15,000 15,000 Ad, (stationery, annual reports) 548100 287 5,000 5,000 5,000 Office Supplies 551000 700,755 45,000 45,000 40,000 ($5,000) Operating Supplies (Notary) 552000 722 1,200 1,200 1,200 Subscriptions, Memberships, Licenses 554000 760 7,000 7,000 3,500 ($3,500) Total Office & Administrative Insurance & Occupancy Insurance 545000 $176,200 $176,200 $147,700 -16.17% 640 $40,000 $40,000 $40,000 Commercial Property & Liability 650 60,000 60,000 60,000 Fiduciary & Fidelity 100,000 100,000 100,000 Total Insurance 545000 Utility Services (Electricity, water, garbage) 543000 540,560,670 28,000 28,000 28,000 Rentals & Leases 544000 610 40,000 40,000 40,000 Repair & Maintenance Services 546000 670,840 392,430 592,430 478,880 ($113,550) Emergency Reserve for hurricane repairs 546000 270 15,000 15,000 0 ($15,000) Depreciation 559000 620 45,000 45,000 45,000 Machinery & Equipment 664000 840,841 15,000 85,000 55,000 ($30,000) Total Insurance & Occupancy TOTAL ADMINISTRATIVE COSTS $635,430 $905,430 $746,880 -17.51% $3,128,250 $3,468,250 $2,849,700 -17.83% ACTUARIAL FUNDING REQUIREMENT 522000 212 $25,724,977 $27,504,507 $24,500,000 Approx (Assumes one lump sum payment) TOTAL BUDGET $28,853,227 $30,972,757 $27,349,700 -11.70% See detailed explanations of individual line items at Exhibit A. Q:120121Budget1212013 Annual BudgettANNNALApproved&&AmendedBudget2013 IPagesl2 C.R. 10/L20123:14 PM