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HomeMy WebLinkAboutExhibit 1 SUBCITY OF MIAMI GESE RETIREMENT TRUST Approved at the September 27, 2013 Board Meeting Reduced GESE Budget - Detail Exhibit A For the fiscal year ending September 30, 2014 Personnel Services 512000 Regular Salaries & Wages - Based on current salaries. 511000 Board Members Salaries • $300/month X 6 board members 516000 Car Allowance - Administrator: $500/month 521000 Payroll Taxes - Based on 10% of salary expenditur 522000 Retirement Contributions - Actuarially determined cost for Staff Defined Benefit PIan $822,897 $21,600 $6,000 $82,290 $291,968 523000 Life & Health Insurance - Health Insurance 200,023 - Dental Insurance 5,000 - Life Insurance 7,000 - Disability Insurance 5,000 $217,023 $217,023 524000 Workers' Compensation • Based on salary expenditure $6,000 Professional Service 531000 Investment Consultant - Quarterly Performance Evaluation ($10,730/month) 128,760 • Travel expenses ($700 x 8 trips) 5,600 - Comprehensive Financial Annual Report - Review & GASB 40 data 26,000 - Staff Pension Plan at $6,000 & Drop Plan at $32,000 38,000 - Security analysis and other 5,000 - Proxy voting review 5,000 • Money Manager Search $6,000 / Security Litigation $4,000 10,000 218,360 $218,360 Q:h20131Budget201312014 Annual audget\Reduced Final Final AnnuaIGESEaudget hE Ibi1 t14xlIx C.R. 1/3/2014 8:21 PM CITY OF MIAMI GES.E RETIREMENT TRUST Approved at the September 27, 2013 Board Meeting Reduced GESE Budget - Detail Exhibit A For the fiscal year ending September 30, 2014 547100 Printing & Binding - Outsourcing - Annual Report 4,000 - Annual Summary Plan Description 2,500 - Stationary 8,500 15,000 $15,000 548100 Advertising & Related Costs - Estimated based on past experience of each Miami Herald display $5,000 advertisement cost approx. $650, and other papers range $250 - $400 551000 Office Supplies $60,000 - Amon ut based on past and current expenditure 552000 Operating Supplies $1,200 - Amount based on renewal of notary of 3 staff members 554000 Subscriptions,Memberships, Licenses - FPPTA membership fees 1,000 - IFEBP membership fees 850 - Government Finance Officers Association membership fees 550 - AICPA membership fees 0 - FICPA membership fees 0 - Pension & Benefits Newsletter 50 - CCH Tax guide 300 - The Miami Herald 250 - The Wall Street Journal 0 - Runzheimer Intl' Travel Price Guid 0 - Ancestry.com 300 - Computer software & technical books 200 3,500 $3,500 Insurance & Occupancy 545000 Insurance - Commercial property & liability Based on quote from Marsh & McLennan Agency Commercial Package Policy - Primary Umbrella $10M Limit 13,898 - Primary Crime - $5M Limit - Commercial Excess - $10,231 7,144 - Cyber Liability 19,693 - Wind Insurance Liability 3,411 44,146 545000 Insurance - Fidelity & Fiduciary Based on quote from Marsh & McLennan Agency - Primary D&O - Employment Practices Liability-$3M Combined 27,295 - Excess D&O - Employment Prac.Liability-$2Mxs$3M Primary 18,198 - Primary Fiduciary Liability - $10M Limit 50,608 96,101 $44,146 $96,101 543000 Utility Services - Electricity based on estimated amount 19,000 - Water & sewer based on estimated amount 6,000 - Garbage based on estimated amoun 3,000 28,000 $28,000 0;120131Budget20r312014 Annual Budget\Reduced Final Final AnnuaIGESEaudgat fcFaralkijil&1xAx C.R. 1/3/2014 8:21 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved at the September 27, 2013 Board Meeting Reduced GESE Budget - Detail Exhibit A For the fiscal year ending September 30, 2014 544000 Rentals & Leases - Equipment rental based on last year expenditure. $40,000 546000 Repair & Maintanence Services Maintenance contracts and estimated repairs based on historical costs - Pension Gold software annual maintenance costs: Retiree payroll software (PGold Phases 5 - 6) : Ordinance changes made 09/2011 40,000 Support, Software & Customization maintenance 77,000 Pension Gold additional maintenance due to ordinance changes 29,000 Ordinance changes made on 09/27/2012 by City Commission 50,000 SQL Server R2 Upgrade to 2012 12,500 imaging Software maintenance & support fee 6,200 IQ software maintenance & support fee 2,898 Business continuity plan maintenance & support fee 12,000 File Backup Fee 3,000 Payroll Processing Fee 5,500 Customizations for Staff Exiting Drol¢Reduced by $25,000) Must be done next yea' 0 Maintenance on customizations 2,500 Oracle Licences 8,145 BIS Digital Recording Maitenance 1,850 Smead Software Replacement 10,000 Daily Monitoring of Firewall 12,000 AccPao Accounting Software Maintenance 6,000 Website 15,000 Total Pension Gold & AccPac annual maintenance 293,593 - Office building maintenance includes $59/qtr webpage, security system $38/month, air $10,000/yr, landscaping $733/month, elevator maintenance $247/month, contingency(fill generator tank) $1,500/month, janitorial $1,665/month, fire system $105/qtr 60,000 Office building repair; 36,450 Total Building Maintenance 96,450 390,043 $390,043 546000 Building Insurance Deductible for hurricane repairs REDUCED BY $45,500 $0 559000 Depreciation - Depreciation of Bridgeport bldg based on 39 yr straight-line $45,000 664000 Machinery & .Equipment Estimated purchases based on current market prices Equipment (Computer & equipment upgrades) REDUCED BY $14,269 15,731 ($10,731 Firewatl Hardware, $5,000 Website Hardware) - Office Furniture (Rolling Cabinet, Panels for conf. Room Table, & Conf Rm. Chair: 3,000 18,731 818,731 TOTAL ADMINISTRATIVE COSTS $2,894,169 Q;\2013\Budgat201312014 Annual Budget IReduced Final Final AnnualGBSEBudget ItE9RWiaitt144x C.R. 1/3/2014 611 PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST GESE Budget Approved By the Board' of Trustees on June 5, 2013 For the fiscal year ending September 30, 2014 The following approved budget represents the fiscal 2013 financial requirements necessary to support the approximately $561 million GESE Trust Fund, which serves 3,516 members. ORACLE PRIOR 2012/2013 2013/2014 OBJECT OBJECT Amended/Approved APPROVED CODE CODE BUDGET BUDGET Personnel Services Regular Safety & If'ages 1 Pension Administrator 1 Asst. Pension Administrator/Promotion from Pgold Special Proj, Adm. 1 Treasurer 1 Administrative Assistant III 1 Assistant to the Administrator 1 Payroll Specialist II 1 Chief Accountant 'Facility Maintenance Manager 1 Administrative Aide I / Benefits Analyst 1 Receptionist 512000 001 Total Salaries & Wages 512000 Board MembersSalarles 511000 o11 Fringe Benefits: $166,934 82,000 92,800 92,800 99,493 99,493 90,364 p- 90,364 73,980, 73,980 71,20 71,200 63f912 63,312 *814 36,814 ,128,000 28,000 f 804,897 822,897 2.24% $16,934 100,000 21,600 21,600 Car Allowance 516000 083 1 6,000 6,000 Payroll Taxes 521000 too / y 80,490 82,290 Retirement Contributions 522000 213y , 219,774 291,968 (Assumes one Iwnp sum payment) Jy Life & Health Insurance 523000 1 8'0 206,689 217,023 Workers' Compensation 524000 1150 1,000 6,000 Total Personnel Services S1,340,450 S1,447,778 8.01% Professional Services f Investment Consultant 531`000 270 218,360 218,360 Consulting Actuary 531000 210 . 105,000 105,000 Computer Specialists ;5'31000 270 98,110 98,110 Other(Payehcx, court rcporter, interpreter) /531000 270 14,100 14,100 ., 435,570 435,570 Total Professional Services 531000 Legal Fees 531010 250 102,000 102,000 Medical Advisors and Specialists <531020 260 10,000 10,000 Auditing Services ;yf 532000 280 67,100 67,100 Total Professional Services VAA. - $614,670 $614,670 0.00% Q:U013U3udpet201312014 Annual BudpatiAnnutIGESEBudgetApproved2014.xlsx tpapas11 C.R. 6/10/201312r13 PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST GESE Budget Approved By the Board of Trustees on ,tune 5, 2013 For the fiscal year ending September 30, 2014 ORACLE PRIOR 2012/2013 2013/2014 OBJECT OBJECT Amended/Approved APPROVED CODE CODE BUDGET BUDGET Office & Administrative Travel and Per Diem 540000 410,420 $13,000 $20,000 / Communications & Related Services 541000 510 40,000 40,000 Pos (Office phones, cell phones, and Internet) 541100 533 25,000 25,000 f Printing and Binding 547000 755 5,000 5,000 IPrinting & Binding -Outsourcing 547100 680 15,000 15,000/ Ad, (stationery, annual reports) 548100 287 5,000 5,090 Office Supplies 551000 700,755 40;000 60,900 Operating Supplies (Notary) 552000 722 1,200 1100 Subscriptions, Memberships, Licenses 554000 760 3,500 $ 500 Total Office & Administrative Insurance & Occupancy $147,700 $174,700 18,28% Insurance 545000 r Commercial Property & Liability 640 $40,000 $54,377 Fiduciary &Fidelity 650 60,000 96,101 Total insurance 100,000 150,478 Utility Services (Electricity, water, garbage) 543000 510s6o,67o 28,0001 28,000 Rentals & Leases 544000 610 40,00,6 40,000 Computer Repair & Maintenance Services 546000 670,840 382,4 0 318,593 Building Repair &Maintenance 546000 670,840 96,450 96,450 Building insurance Deductible for hurricane repair 546000 270 1 0 45,500 Depreciation 559000 620 5,000 45,000 Machinery & Equipment 664000 840,841 //55,000 33,000 t Total Insurance & Occupancy /$746,880 $757,021 1,36% TOTAL ADMINISTRATIVE COSTS ACTUARIAL FUNDING REQUIREMENT (Assumes one lump sum payment) TOTAL BUDGET / S2,849,700 S2,994,169 5,07% 522000 212 / $25,724,977 $30,710,096 19.38% See detailed explanations of individual line itenzs at Exhibit A. $28,574,677 $33,704,265 Q,•120131auddne201712054 Annual auddettAnnualGFSEBuddeMpproved2014.x/ax (PadoaJ? C.R. 6/10/201312:13 PM CITY OF 11ZIAMI GESE RETIREMENT TRUST Approved at the June 5, 2013 Board Meeting GESE Budget - Detail Exhibit A For the fiscal year ending September 30, 2014 Personnel Services 512000 Regular Salaries & Wages - Based on current salaries. 511000 Board Members Salaries $300/month X 6 board members 516000 Car Allowance - Administrator: $500/month 521000 Payroll Taxes - Based an 10% of salary expenditure 522000 Retirem ent Contributions - Actuarially determined cost for Staff Defined Benefit Plan $822 897 $21,600 $6,000 $82,290 $291,968 523000 Life & Health Insurance / - Health Insurance /200,023 - Dental Insurance y 5,000 - Life Insurance / 7,000 - Disability Insurance s" 5,000 524000 Workers' Compensation - Based on salary expenditure Professional Services /! l� 531000 Investment Consultant • Quarterly Performance Evaluation ($10,730/month) 128,760 - Travel expenses ($700 x 8 trips) / 5,600 - Comprehensive Financial Annual Report - Review & GASB 40 data , ' 26,000 - Staff Pension Plan at $6,000 & Drop Plan at $32,000 k/ 38,000 $217,023 $217,023 $6,000 • Security analysis and other �' 5,000 - Proxy voting review 1 5,000 - Money Manager Search $6,000 / Security Litigation $4,000 10,000 218,360 $218,360 o:120131audgel201312014 Annual audgel\AnnuaIGESEBudgalApproved2014,xI1 Exhibit A 1 C.R. 6/13/2013 5:31 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved at the June 5, 2013 13oard Meeting GESE Budget - Detail Exhibit A For the fiscal year ending September 30, 2014 531000 Consulting Actuary - Fee per contract for GESE actuarial valuation 35,000 - Customization due to Ordinance changes 30,000 - Additional actuarial expenditure estimate . 40,000 105,000 $105/,000 531000 Computer Specialists - Annie Kokenge (Kruzware, Inc.) 60,000 - Computer Consultant - Service contract plus projects 38,110 - Computer Consultant Assistant 0 Total 98,110 / $98,110 531000 Other professional services Paychex payroll services ($206/month) • Other.professional services including bank fees 531010 Legal Fees / - Ronald Silver's fees 85,000 -Peter Schwedock (Disabilty Attorney) �1'2,000 - Additional legal expenditures - legal actions, ordinance revisions 5,000 Medical Advisors & Specialists 4,000, 10,10p, 14,1,00 . $14,100 102,000 $102,000 531020 - Estimated amount based on current trend / $10,000 532000 Auditing services - Sharpton Brunson, CPAs based on historical fees / 65,100 • International equity manager audit charges based on historical fees / 2,000 ! 67,100 $67,100 a Office & Administrative 540000 Travel and Per Diem • Estimate of educational conference; 17,000 / • Staff training/education/travel 3,000 20,000 $.20,000 541000 Communications & related service. • 1 Cellular phone allowance for Administrator ($100/month) 1,200 - 1 Cellular phone for building manager 1,200 • Phone service including local, long distance and interact ai 37,600 - Miscellaneous f` 0 40,000 $40,000 541100 Postage • Postage machine & courier - based on estimated amount 547000 Printing & Binding 4/ • Printing of retiree checks, direct deposit statements, annual,, statements, 1099s 1 $25,000 $5,000 Q:1201304g82013\2014 Annual BudgetlAnnuaiGESEBudgelApproved2014.xIsx Exhibit A 2 C.R. 6/13/2013 6t31 PM CITY OF M7AMT GESE RETIREMENT TRUST Approved at the June 5, 2013 13oard Meeting GESE Budget - Detail Exhibit A For the fiscal year ending September 30, 2014 547100 Printing & Binding - Outsourcing - Annual Report - Annual Summary Plan Description - Stationary 548100 Advertising & Related Costs • Estimated based on past experience of each Miami Herald display advertisement cost approx. $650, and other papers range $250 - $400 4,000 / 2,500 / 8,500 / 15,000 $15,000 /$5,000 551000 Office Supplies / $60,000 - Amount based on past and current expenditure r 552000 Operating Supplies • Amount based on renewal of notary of 3 staff members 554000 Subscriptions, Memberships, Licenses • FPPTA membership fees ,000 - IFEHP membership fees / 850 - Government Finance Officers Association membership fees r 550 AICPA membership fees r 0 FICPA membership fees 0 - Pension & Benefits Newsletter 50 - CCH Tax guide 300 - The Miami Herald % 250 - The Wall Street Journal 0 - Runzheimer Intl' Travel Price Guid / 0 - Ancestry,com rr, 300 - Computer software & technical books 200 3,500 $3,500 Insurance & Occupancy 545000 Insurance - Commercial property & liability Based on quote from Marsh & McLennan Agency Commercial Package Policy - Primary Umbrella $10M Limit Commercial Excess - Umbrella $10M xs $10M Primary - Primary Crime - $5M Limit • Cyber Liability - Wind Insurance Liability 545000 Insurance - Fidelity & Fiduciary Based on quote from Marsh & McLennan Agency - Primary D&O - Employment Practices Liability-$3M Combined - Excess D&O Employment Prac.Liability-$2Mxs$3M Primary - Primary Fiduciary Liability - $10M Limit 543000 Utility Services - Electricity based on estimated amount - Water & sewer based on estimated amount - Garbage based on estimated amoun r n:120131Bude01201312014Annual Oudgel/AnnualGESEeudgelApprOved2014,xIsx bit A 3 $1,200 $54,377 13,898 10,231 7,144 19,693 3,411 54,377 $96,101 27,295 18,198 50,608 96,101 19,000 6,000 3,000 28,000 $28,000 C.R. 6/13/2013 5:31 P,T CITY OF MIAMI GESE RETIREMENT TRUST Approved at the June 5, 2013 Board Meeting GESE Budget - Detail Exhibit A For the fiscal year ending September 30, 2014 544000 Rentals & Leases • Equipment rental based on last year expenditure. $40,000 546000 Repair & Maintanenee Services Maintenance contracts and estimated repairs based on historical costs - Pension Gold software annual maintenance costs: Retiree payroll software (PGold Phases 5 - 6) : Ordinance changes made 09/2011 40,000 Support, Software & Customization maintenance 77,000 Pension Gold additional maintenance due to ordinance changes 29,000 Ordinance changes made on 09/27/2012 by City Commission 50,000 SQL Server R2 Upgrade to 2012 12,500 •Imaging Software maintenance & support fee 6,200 IQ software maintenance & support fee 2,898 Business continuity plan maintenance & support fee 12,000 File Backup Fee 3,000 Payroll Processing Fee 5,500 Customizations for Staff Exiting Drop 25,000 Maintenance on customizations 2,500 Oracle Licences 8,145 / BIS Digital Recording Maitenance 1,850 /. Smead Software Replacement 10,000/ Daily Monitoring of Firewall 12,000' AccPac Accounting Software Maintenance 6,060 Website 15,.000 Total Pension Gold & AcePac annual maintenance 31fl,593 - 0ffice building maintenance includes $59/qtr webpage, security system $38/month, air $10,000/yr, landscaping $733/month, elevator maintenance $247/month, contingency(HII generator tanks) $1,500/month, janitorial$1,665/month, fire system $105/qtr ,r' 60,000 • Office building repair: 36,450 Total Building Maintenance A�96,450 415,043 $415,043 546000 Building Insurance Deductible for hurricane repairs $45,500 559000 Depreciation • Depreciation of Bridgeport bldg based on 39 yr straight-line F� $45,000 664000 Machinery & Equipment Estimated purchases based on current market prices - Equipment (Computer & equipment upgrades) �F 30,000 ($20,000 Firewall Hardware, $5,000 Website Hardware, & $54100 General Computer Hardware) • Office Furniture (Rolling Cabinet, Panels for conf Room Table, & ConfRm, Chairs) 3,000 33,000 $33,000 TOTAL ADMINISTRATIVE COSTS $2,994,169 Q:12013113udg61201312014 Annual BudgellAnnuaIGESEBud getApprovad2014.xlsx Exhibit A 4 C.R. 6/13/2013 5:11 PM