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HomeMy WebLinkAboutSubmittal-FIPO-Gabriel Thomas-Administrative Budget Fiscal Year 2014-2015t,4 The City of Miami Fire Fighters' anal Police Officers' Retirement Trust ADMINISTRATOR Robert H. Nagie ASSISTANT A PWIISTRRATOR Dame L Orta TRUSTEES Ornel Coterar 3se Diner r�tiSoi-i ErnA we7 Monica FemFnr14.* Tom .Gabriel Barr MacDonald Robert Mosllovltz Thomas Roei Annette Rfltoly ADMINISTRATIVE BUDGET FISCAL YEAR 2014-2015 SUBMITTED INTO THE PUBLIC RECORD FOR Tel: 305 858-600E Fax: 305 858, 9 8d www.mlam flpo.org T D F '15 ON 00.206. UU1 — l: ibrm k i- 9f J' Adm\r1 r ps , '1 w, L V t1 NE ITEMS 312014 014/2015 cr/Decr Salaries 483,888.08 493,566,00 2,0% 2% Increase Special Pay 90,000.00 40,000.00 -55.6% Present liab (w 2%) $169,178 Fringe Benefits 43,984.00 44,692.00 1.6% With 2% Increase FICA Taxes 41,856.32 37,758.00 -9.8% Based on 7.65% of base salary Retirement Contributions 54,486.00 61,800.00 13.4% Based on Actuarial Valuation Rpt. Life & Health Insurance 72,100.00 74,381.00 3.2% Health plan increase to comply with ACA Worker's Compensation 1,700.00 1,900.00 11.8% Premium increase Professional Serv-Act,Cust,Cons,Spe 660,000.00 703,000.00 6.5% 3 Year Exp Study, Consultant fee increase, Custodial cost Professional Sery - Legal 90,000.00 152,000.00 68.9% Cypen $72,000, Invest Contracts-Cypen $20,000; Outside counsel $60,000 Professional Sery - Legal Law Suit 100,000.00 50,000.00 -50.0% Law suit Professional Sery - Medical 1,000.00 1,000.00 0.0% Accounting/Auditing 38,000.00 43,500.00 14.5% Subsequent event work the City requires Travel/Education 35,000.00 35,000.00 0.0% Communications & Related Services 20,000.00 8,000.00 -60.0% Changed carrier Postage (Courier, Federal Express) 16,000.00 16,800.00 5.0% Rate hike Utility Services 16,000.00 16,460.00 2.9% Rate hike Rentals & Leases 142,100.00 142,550.00 0.3% Surcharge increase Insurance 85,000.00 87,000.00 2.4% To accommodate possible increase due to law suit Repair/Maintenance/Cleaning Service 122,000.00 140,000.00 14.8% Maintenance contracts costs increased Office Supplies (Inc. Meeting Costs) 20,000.00 20,000.00 0.0% Books/Publications/Memberships 4,000.00 3,154.00 -21.2% Canceled some unnecessary subscriptions Equipment/Programs - New 50,000.00 50,000.00 0.0% TOTALS: 2,187,114.40 2,222,561.00 1.6% Approved by Board on 6/11/2014 Submitted into the public record in connection with item i- 6 on Ci • 1�} City Clerk CITY OF MIAMI FIRE 8 POLICE RETIREMENT TRUST City of Miami Budget Template Fe 24tb-ii Artind FY 2011.12 Actual FY 21212-13 Actual FY 2011-11 au 5e2( FY 2114.15 Proposed Revenues _ Revenue 1 N!A WA WA N!A WA Revenue 2 NIA N!A WA NIA N/A Revenue 3 NIA NIA WA N/A WA Revenue 4 NIA NIA WA WA NIA Revenue 5 NIA NIA WA WA N!A Revenue 6 WA N/A N/A NIA N/A Revenue 7 WA N/A N!A NIA NIA Revenue 8 NIA NIA WA NIA NIA Revenue 9 NIA NIA NIA NIA NIA Revenue 10 N!A WA NIA NIA N/A _ Revenue Grand Total $0 50 $0 $0 S0 rkreri d u, re P. „.l;;rr liar/ and Wages S456,575 5476,762 $483,888 $483,888 5493,568 Fringe Benefits 549,182 $41,007 $32,288 $43,984 $44.892 MCA Tams $33,342 S34,508 S34,430 S41,856 S37,758 Retirement Contributions $80,485 St93 283 5115 793 164,488 $61,800 I Life and Heat' Insurance S125,451 S115,002 S83,157 172,100 S74,381 Workers' Compensation $1,587 S1,878 $1,821 $1,700 sumoPrefesslonslServices-Legal $79,310 $136,020 580,325 $190,000 $202,000 Professional Services tAduary.Cencele.InvConsullant,DROP Ain Perinl4ar nenlM,el4 AIAn, ganlAlfrnl $5413,371 $805,273 5788,252 $860.000 S703,000 Accounting and Auditing $37,900 538,500 538 000 S38,000 143,500 Other Contractual Servleos(Medlcal Advisor) $1,200 S0 SO 51,000 si,000' Travel and Per Blem S34.078 $24,187 $38,352 535,000 $35,000 Communications and Related Services $8,470 $16,204 121,421 520,000 $8,000 Postage $14,035 $16,130 $12,718 S18,000 516,600 Utility S15,472 $13,133 $15,438 516.000 $18,480 Rentals and Leases $143,290 S145,994 $141,992 $142,100 $142,550 Repakand Maintenance Services 598,58f $24,312 5131,373 5122,000 $140,000 Palling and Binding $0 50 SO SO $0 Advertising and Related Costs 50 SO SO 50 SO 0l8co Su pllos $27,678 514,338 517,278 _ 520,000 520.000 Operating Supplies S0 50 SG SO SO Motor Fuel S0 TO SO SO SO Public Safely Supplies SO $0, $O SO $0 Subscriptions, Memberships, and Lloenses 55,098 S3,394 $3,368 $4,006 $3.154 Interfund Transfer $0 $0 SO SO SO Capital Projects and Purchases 5305,548 $321,895 $26,982 550,000 $50,000 All Other Expenditures (fidudary6abirrty Ins) S88,148 $74,437 $76,837 185,000 S67 000 Budget Reserve (special severance pay) 50 $0 $0 590,000 140,000 Expenditure Grand Total $2,166,776 $2,296,015 $2,099 688 52,187.114 $2,222,561 !95 satiny Increase Jsing the 2% salay increase 3ased on 7.65% of base salary lased on Actuerlei Valuation Report iesett plan premium increase to comply vrktl AGA 'rartillrm Increase egal retainer, treatment Mang Contracts. Outside Gourmet, Law Suit n estment Consultant lee itsrease, 3 Year Actuarial Exp Study, uslodlal cost mend event work the City and Statute requires C1langed carrier Rate hike Rate hike Surcharge Increases Maintenance contracts caste increased Not used by FIPO Not used by FIPO Revenues Minus Expendlture+ -$2,166,776 -52.296,015 42.099,688f -$2,1H7,114 -$2,222,561 Not used by FIPO Not used by FIPO Not used by FIPO Canceled some slbscriptan that mere not penchant or useful Not used by APO To accommodate possible rule crease due to Iaw suit Present liability $1139.178.00 Submitted into the public record in connection with item , on Ci • City Clerk MI MI FIFO HISTORY HIGHLIGHTS 2005/2006 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 =/ U Fund Value 1,429,847,827 1,600,810,929 1,329,750,244 1,267,128,720 1,339,510,475 1,297,169,271 1,425,321,877 1,496,213,155 1,586,322,372 Money Manager Fees 5,302,138 5,853,752 6,042,346 4,511,492 4,899,945 5,910,279 5,718,976 6,109,336 9,215,331 Administrative Cost 1,746,565 1,907,082 1,962,134 2,117,612 2,072079 Z228,155 2,159,543 2,099,688 1,741,961 Cost in Percent 0.995% 0.485% 0.604% 0.523% 0.520% 0589% 0.553% 0.549% 0.376% Cost in Basis Points 99.30 9848 60.92 5232 52.05 58,89 55.27 59.87 37-55 Number of Managers 15 19 19 19 22 21 23 24 25 Number of Staff 5 5 5 5 5 5 5 5 5 Number of Retirees 1801 1664 1870 1974 2264 2255 2266 2268 2254 Number of Actives 1485 I465 1634 1517 1227 1329 1206 1319 1416 Budget Adjustmenks: Continue to diversify Plan Funds Reduced Communication related services Continue to address reserves to minimize employee payout liability Reduced cost of publications subscription by moving towards digital copies Increased professional cost to cover new law requirernenls and addition actuarial work (3 yr exp study) Increased legal fees because of ongoing lawsuit Submitted into the public record in connection ..Arith item Pm ort CiC (\. 41) City Clerk Fund Vaiue 1 aoo7laooa ■ Mnney Manager Fees 1 1 aeattsom 1119.411231 Administrative Cost 1 3011,0013 42121,1131.2 Submitted into the public record in connection with item on • 14 City Clerk 70 00 6000 30.00 -' :t• 2000 Io.o) 001 ■Cost in Basis Points IN Number of Managers 2005/2006 20)6/2007 2007/2003 200E/2000 200 /2010 2010/20/1 201112012 2012/2013 201312014 • Number of Staff E Number of Retirees Number of Actives Submitted into the public record in connection with item.1 on CI. 01• City Clerk Submitted into the public record in connection with item p51.1.y, on Li City Clerk Miami Fire and Police Retirement Trust Cumulative Performance Results by Manager - Before Fees Ending June 30, 2014 Inception 3 Mo Rank Fiscal Rank 1 Yr Rank 2 Yrs Rank 3 Yrs Rank 4 Yrs Rank 5 Yrs Rank 7 Yrs Rank 10 Yrs Rank Retum Since Total Fund 3.4% 85 10.2% 88 15.7% 58 13.8% 48 10.1% 42 13.1% 28 12.8% 35 5,7% 45 7 20 8.6% Jan-94 Fund Benchmark 3.9% 29 10.6% 59 16.0% 52 13,6% 50 10.1% 41 12.5% 41 12.6% 41 5.1% 62 6.7% 68 8,0°% Jan-94 Domestic Equity Large Cap Equity BlackRock S&P Index Fund 5.2% 28 18.4% 27 24.7% 41 22.6% 44 16.6% 38 20.0% 35 18.9% 47 5.9% 78 7.9% 49 7.8% Jan-04 S&P 500 5.2% 19 18.4% 33 24.6% 45 22.6% 49 16.6% 48 20.0% 42 18.8% 59 6.2% 67 7.8% 82 7.7% Jan-04 Jackson Square Partners 5.3% 26 17.4% 41 29.3% 32 23.2% 37 18.9% 6 23.0% 5 21.1% 10 9.3% 19 9.8% 18 9.8% Jan-04 Russell 1000 Growth 5,1% 31 17.4% 41 26.9% 54 21.9% 57 16.3% 37 20.7% 38 19.2% 35 8.0% 45 8.2% 67 8.1% Jan-04 Barrow Hanley Large Value 3.3% 90 16.4% 80 22.5% 71 23.9% 55 16.0% 62 20.0% 47 18,5% 60 5.3% 75 9.0% 49 11.2% Sep-02 Russell 1000 Value 5.1% 42 19.1% 36 23.8% 55 24.6% 49 16.9% 41 19.8% 50 19.2% 43 4.8% 84 8.0% 75 10.4% Sep-02 Hid Capitalization Equity Champlain Mid Cap 4.3% 43 15.9% 59 25.9% 58 24.4% 61 15.9% 49 21.0% 58 20.4% 65 - - -- - 20.4% Jul-09 Russell MidCap 5.0% 26 17.8% 42 26.9% 56 26.1% 41 16.1% 48 21.3% 52 221% 46 7.7% 74 10.4% 60 221% Jul-09 Boston Partners 3.5% 92 20.2% 29 29.9% 24 29.7% 25 18.9% 18 24.4% 8 24.2% 13 11.1% 3 13.4% 7 10.5% Jun-98 Russell MidCap Value 5.5% 29 20.6% 26 27.8% 49 27.7% 42 17.6% 36 21.5% 49 23.0% 31 7.1% 74 10.7% 68 9.7% Jun-98 Small Capitalization Equity Champlain Small Cap 2.8% 47 9.5% 86 192% 88 20.8% 87 14.6% 63 20.6% 60 19.7% 82 10.5% 13 12.1 % 11 12.6% Jan-04 Russel!2000 2.0% 64 12.2% 64 23.6% 67 23.9% 70 14.6% 63 19.9% 73 20.2% 74 6.7% 77 8.7% 88 8.9% Jan-04 Eagle Asset Management 3.0% 40 14.0% 47 24.3% 60 23,8% 71 13.6% 76 20.0% 72 19.5% 85 7.5% 58 - - 9.8% Oct-05 Russell2000 2.0% 64 12.2% 64 23.6% 67 23.9% 70 14.6% 63 19.9% 73 20.2% 74 6.7% 77 8.7% 88 8.3% Oct-05 International Equity BlackRock EAFE Index Fund 4.3% 56 11.1% 60 24.2% 41 215% 17 8.6% 7 13.8% 13 - - - - - - 8,9% Jan-10 MSCI EAFE Grass 4.3% 53 11.2% 56 24.1% 43 21.6% 17 6.6% 7 13.8% 11 12.3% 10 1.5% 27 7.4% 1 8.8% Jan-10 First Eagle MSCI EAFE Value 3.59/0 64 10.9% 69 4.7% 37 12.6% 46 19.2% 98 16.5% 99 8.9% 56 - - - - - - -- - 9.2% Apr-11 26.9% 38 22.6% 47 8.5% 65 13.3% 71 11.2% 83 0.1% 92 6.7% 87 8.1% Apr-11 13 Miami Fire and Police Retirement Trust Cumulative Performance Results by Manager - Before Fees Ending Juno 30, 2014 !f•:ce 6rat 3 Mo Rank Fiscal Rank 1 Yr Rank 2 Yrs Rank 3 Yrs Rank 4 Yrs Rank 5 Yrs Rank 7 Yrs Rank 10 Yrs Rank Return Since Core Fixed Income Ambassador Capital 2.1% 54 3.8% 70 4.0% 81 2.1% 73 4.4% 47 4.6% 39 5.6% 59 - - - - 5.8% Jan-09 Barclays Aggregate 2.0% 58 3.8% 70 4.4% 71 1.8% 84 3.7% 84 3.7% 83 4.9% 83 5.3% 82 4.9% 86 4.8% Jan-09 Munder Capital 2,0% 61 3.9% 64 4.7% 59 2.5% 55 4.2% 60 4.3% 61 5.4% 65 5.6% 76 5.2% 76 6.3% Apr-94 Barclays Aggregate 2.0% 58 3.8% 70 4.4% 71 1.8% 84 3.7% 84 3.7% 83 4,9% 83 5.39.6 82 4.9% 86 6.0% Apr-94 Dodge & Cox Income Fund 2.2% 42 5.6% 10 6.4% 10 4.4% 7 4.9% 21 5.1% 18 6.5% 23 6.5% 20 5.7% 23 6.0% Dec-01 Barclays Aggregate 2.0% 58 3.8% 70 4.4% 71 1.8% 84 3, 7% 84 3.7% 83 4.9% 83 5.3% 82 4.9% 86 5.0% Dec-01 Barrow Hanley Core Frxed 1.8% 90 3.3% 96 4.1% 97 1,9% 98 3.9% 97 4.0% 98 5.3% 98 6.0% 94 5.5% 98 5.2% Oct-02 Barrow Hanley Custom 2.1% 82 3.9% 95 4.5% 96 1.9% 98 3.7% 97 3.7% 99 4.9% 99 5.4% 98 4.9% 99 4.7% Oct-02 Barclays Aggregate 2.0% 85 3.8% 95 4.4% 96 1.8% 98 3.7% 98 3.7% 99 4,9% 99 5.3% 98 4.9% 99 4.7% Oct-02 Bank Loans Pacific Asset Management Credit Suisse Leveraged Loan Index High Yield - -- - - - - - - - - - - - - - - - Apr 14 1.4% - 4.6% - 6,1% - 6.9% - 5.7% - 6.7% - 8.8% - 4.5% - 5.0% -- 1.4% Apr-14 AXA High Yield 2.2% 66 8.7% 65 12.0% 39 12.1% 20 10.8% 10 12.2% 13 -- - -- - - - 11.0% Apr-10 AIL HYMaster tt 2.6% 32 9.3% 48 11.8% 46 10.7% 50 9.3% 61 10.8% 64 13.9% 42 8.9% 43 8.9% 48 10.1% Apr-10 TJPS Wellington TIPS 3.3% 73 3.0% 81 4.0% 82 0.4% 25 24% 85 3.6% 86 - - - - - - 4.0% Apr-10 Barclays U.S. 1-10 YR. T7PS 29% 86 2.7% 89 3.6% 92 0.2% 50 2.2% 98 3.5% 93 4.5% 95 5.0% 98 4.6% 99 3.8% Apr-10 Submitted into the public record in connection with item , on 1-9 I City Clerk 14 Miami Fire and Police Retirement Trust Cumulative Derfor n. n-- Dde111M by iuln ger . Before Fees VYIIIti11YLI�C 1 4I IV1 ICIo11Rc411II.Yk\V NJ ISI�IQ 3 Mo Rank F al Rank 1 Yr Rank YTD Real Estate Ending June 30, 2014 2 Yrs Rank 3 Yrs Rank 4 Yrs Rank 5 Yrs Rank 7 Yrs Rank 10 Yrs Rank JP Horgan Real Estate 3.4% 10.1% - 15.0% - 14.8% 14.3% - 15.8% - 10.8% - 3r4% - 8.0% NCREIF (ODCE) Index 2.9% - 8.8% - 12.7% - 12.4% - 12.4% - 14.4% - 10.0% - 2.7% I -- 7.1% JP Morgan SPF 3.2% - 9.6% - 14.1% - 14.2% - 13.5% - 14.8% - - - - - - NCREIF (ODCE) Index 2.9% - 8.8% - 12.7% - 12.4% 12.4% - 14.4% - 10.0% - 2.7% - 7.1% - JP Morgan SSPF 4.0% - 12.2% - 18.6% -- 17.1% - 17.5% - 20.1 % - - - - - - - NCREIF (ODCE) Index + 1 % 3.2% - 9.7% - 13.9% - 13.6% - 13.8% - 15.7% - 11.2% - 3.9% - 8.3% - Centersquare 8.1% 41 11.5% 83 14.7% 74 13.8% 80 9.9% 77 15.5% 71 17.2% 79 2.8% 62 8.4% 99 Co flersgaare Custom7.2% 78 10.2% 89 12.5% 90 13.3% 89 10.9% 46 15.7% 63 17.4% 74 1.5% I 89 7.0% 99 Benchmark Private Equity 9.2% - 16.6% 19.0% - 172% - 18.1% - 16.5% - 14.0% 8.5% - S&P500+5%(Legged) 11.8% - 24.1% - 38.9% - 30.0% - 21.9% -- 21.6% - 23.7% - 11.4% - 12.7% Cambridge U.S Private Cqudy 3, f % - 15 4% - 18.9% - 16.0% - 14.4% - 16.196 - 17.4% - lndex 9.4% - 14.9% Adams Street Catayst Colter Fund V Colter Fund VI JP Morgan Private Equity Lexington Capital Partners Pantheon Global SL Capltal BlackRock NTR JP Morgan Gabel Fund V Cash 8 Cash Alternatives BlackRock Liquid Policy Portfolio 8.6% - 14.0% - 13.0% - 19.8% - - - - - _ _- 2.2% - 30.4% - 50.1% - - - - - - - - - - - - - 11.9% - 17.8% - 19.9% - 13.1% - 22.8% - 16.4% - 12.0% - 5.8% - - - 21.6% - 34.2% - 28.3% - - - - - - - - - - - - -- 8.7% - 16.8% - 20.5% - 17.4% - 18.4% - 17.0% - 126% - 8.3% - -- - 12.2% - 20.6% - 24.3% - 18.8% - 15.3% - 16.4% - 18.7% - 9,0% - - - 5.4% - 11.5% - 14.9% - 13.6% - 13.4% - 13.0% - 11.4% - 7.0% - - - 4.0% - 1.0% - -6.8% - - - - - - - - -- - - - - 23% - 6.3% - 7.01 - - - - - - - - - - - - - Submitted into the public - record in connection with item WS, on . q1.4 City gierk inception Return Since 9.4% Jan.94 8.8°% Jan-94 14.2% Jan-10 13.9% Jan-10 18.2% Jan-10 15.2% Jan-10 8.6% Jan-04 7.2°% Jan-04 10.2% Oct-06 123% Oct-06 11.6% Oct-06 19.8% Jul-12 80.3% Oc1-12 7.6% Sep-07 93.2% Oct-12 8.8% Sep-07 11.1 % Ocr-06 7.2% Sep-07 -14.5% Oct-12 8.0% Mar-13 - 0.0% May-14 - - - Apr-14 15 Fiscal Year Return 20.00% 17.50% 15.00% 12.50°J 10.00% 7.50% 5.00% 2.50% 0.00% (2 50%) (5.00%) (7.50%) (10.00%) (12.50 ) (15.00%) FIPO Asset Returns 2000 2001 2002 2003 2004 2005 2006 2007 2003 Fiscal Year Ending September 30th ! Expected Rztum !0 Market Return El Actuarial Return 2009 2010 201'. 2012 2013 Submitted into the public record in connection with item1.1 on 41•1, City Clerk Fiscal Year Return 20.00% 17.50% 15.00% 12.50% 10.00% 7,50% 5.00% 2.50% 0.00% (2.50%) (5, 00%) (7.50%) (10.00%) (12.50%) (15.00%) FIPO Asset Returns 2000 2001 2002 2003 2004 2005 2006 2007 2008 Fiscal Year Ending September 30th 2009 2010 2011 2012 2013 Expected Return . tvlasi4 i Return imr im Actuarial Rei rn Submitted into the public record in connection with item V• _ on • City Clerk $1,400 0 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 FIPO Asset Values 4604; '4 tie ••- 4*4*± • • 4• 4 • .4,440.401 4444 44% 4 444 0+1444 •4444 '•*014 2000 2001 2002 2003 2004 2005 2006 2007 2008 Fiscal Year Ending September 30th Fr;EMMarket Value tActuarial Value 21339 41.1 tog • • • • • • ••• • • • • • • 4 ea a .4.4 4 2013 •# 4 41. 201'_ Pt r4 re, into 4 4 w • 44 44,4 *444 444 2012 • ti 2013 Submitted into the public record in connection with item on on - • I i- City Clerk