Loading...
HomeMy WebLinkAboutExhibit SUBCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved-GESE Budget by the Board on March 20, 2015 For the fiscal year ending September 30, 2016 The Following approved budget represents the fiscal 2014 financial requirements necessary to support the approximately S622 million GESE Trust Fund, which serves 3,407 members. ORACLE 2014/2015 2015/2016 2015/2016 BOARD BOARD COMMISSIONER OBJECT APPROVED APPROVED ADOPTED CODE BUDGET BUDGET BUDGET Personnel Services Regular Salary & Wages 512000 I Pension Administrator $166,934 $174,951 $174,951 I Assistant Pension Administrator 100,000 $104,803 $104,803 I Treasurer 92,800 $97,257 $97,257 I Administrative Assistant 111 99,493 $104,271 $104,271 I Assistant to the Administrator 90,364 $66,293 $66293 I Payroll Specialist 1] 73,980 $77,533 $77,533 I Chief Accountant 71,200 $74,619 $74,619 I Facility Maintenance Manager 63,312 $66,353 $66,353 I Benefits Analyst 36,814 $38,582 $38,582 I Administrative Aide 28,000 $32,000 $32,000 Total Salaries Special Pay Deferred Compensation Total Salaries & Wages 512000 Board Members Salaries Fringe Benefits: 512000 512000 822,897 836,662 836,662 822,897 30,000 30,000 24,130 24,130 890,792 890,792 511000 21,600 21,600 21,600 Car Allowance 516000 6,000 6,000 6,000 Payroll Taxes 521000 82,290 94,424 94,424 Retirement Contributions 522000 291,087 269,054 269,054 (Assumes one lump sum payment) Life & Health Insurance 523000 238,725 250,662 250,662 Workers' Compensation 524000 6,000 6,000 6,000 'total Personnel Services $1,468,599 $1,538,532 $1,538,532 Professional Services Investment Consultant 531000 243,360 225,360 225,360 Consulting Actuary 531000 156,000 156,000 156,000 Computer Specialists 531000 98,110 98,110 98,110 Other (Paychex, court reporter, inteipreter) 531000 14,100 14,100 14,100 Total Professional Services 531000 511,570 493,570 493,570 Legal Fees 531010 97,000 112,000 112,000 Medical Advisors and Specialists 531020 10,000 10,000 10,000 Auditing Services 532000 72,100 67,100 67,100 Total Professional Services S690,670 5682,670 S682,670 h-c r 111 cat... ey d oev-t ,-e-n f R: WewEdgardlGESEYBUGG€r,BGARD BUDGET-42015-201600mm! GESEBudget FY15-16 ApprovetPBges¢18 Commossfnners.xlsx EH 0/25120165:21 PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved-GESE Budget by the Board on March 20, 2015 For the fiscal year ending September 30, 2016 ORACLE 2014/2015 2015/2016 2015/2016 BOARD BOARD COMMISSIONER OBJECT APPROVED APPROVED ADOPTED CODE BUDGET BUDGET BUDGET Office & Administrative Travel and Per Diem 540000 $20,000 $30,000 $30,000 Communications & Related Services 541000 40,000 40,000 $30,000 (Office phones, cell phones, and interne() Postage 541100 25,000 25,000 15,000 Printing and Binding 547000 5,000 5,000 5,000 Printing & Binding - Outsourcing 547100 15,000 15,000 10,000 (stationery, annual reports) Advertising & related costs 548100 5,000 5,000 5,000 Office Supplies 551000 60,000 60,000 60,000 Operating Supplies (Notary) 552000 1,200 1,200 1,200 Subscriptions, Memberships, Licenses 554000 3,500 3,500 3,500 Total Office & Administrative Insurance & Occupancy Insurance Commercial Property & Liability Fiduciary & Fidelity Total Insurance 545000 817 4,700 S184,700 S159,700 $47,237 $48,521 $48,521 102,829 112,084 112,084 150,066 160,605 160.605 Utility Services (Electricity, water, garbage) 543000 28,000 28,000 23,000 Rentals & Leases 544000 40,000 40,000 40,000 IT Repair & Maintenance Services 546001 435,655 353,180 347,248 Building Repair & Maintenance 546000 163,450 163,450 163,450 Building Insurance Deductible for hurricane rt 546000 41,065 41,065 41,065 Bldg Use Allowance /Depreciation 559000 45,000 45,000 45,000 Machinery & Equipment 664000 18,731 18,731 18,731 Total Insurance & Occupancy $921,967 $850,031 5839,099 TOTAL ADMINISTRATIVE COSTS $3,255,936 $3,255,933 S3,220,000 ACTUARIAL FUNDING REQUIREMENT 522000 $33,036,318 $32,881,500 $32,881,500 (Assumes one lump sum payment) TOTAL BUDGET $36,292,254 536,137,433 $36,101,500 R:INewFdgardlGESEIBapGET1BaARa nUDGEr12015-20161Annual GESEBudgef FY15-18 ApproveIP@yerg& Commossionars.xlsx EH 8/25120165:11 PM 6E3E, Retirement Trust Ciity of Miami, GESE Betlrernent Trust Budget t Template GESE Budget Approved by the Board of Trustees i:iv,/2011-12 Actual FY 2012-13 Actual FY 2013-14 Actual _ FY 2014-15 FY 2015-16 ./' Pro•osed 'NR _4L ,c ,ry. 4, l � Yu 4 d. ��� $2,849,700 ,,a i1i ern' 'S.��a"�ar7` $2,894,169 ( 45 $3,255,936 SAY (} Approved budget $3,128,250 $3,255,933 Approved Budget Grand Total , $3,128,250 $2,849,700 $2,894,169 $3,255,936 $8,255,933 �i'YT: q.G y.;3 �'r. y' . l `} h" (-a r- 't.T E - us ',."�' r 0. (1�j� . q 6- ,_ i�:ia�'r U.,._. r f _ t. vi .� sGi..$' cy� , sr';a 4 : &'+,,P':E:I"'F : ' ,"r.'r,�m-S _. r{ r ry ^-r4rG;. rl r ., �y� Qn-°?J:;�? Regular Salaryand Wages $857,208.80 $843,909.48 $822,897.00 $822,897 $836,662 Special & Other pay - $54,130 Fringe Benefits $6,000.02 $6,023,09 $6,000.00 $6,000 $6,000 FICA Taxes $59,741,61 $63,763,61 $82,290.00 $82,291: $94,424 Retirement Contributions $226,793,00 $219,774,00 $291,968.00 $291,0 4 7 $269,054 Life and Health Insurance $200,361,33 $225,333,68 $217,023.00 $23:, 25 $250,662 Workers' Compensation $6,509.00 $1,542.94 '$6,000.00 +,000 $6,000 Professional Services - Legal $87,000,00 $94,400,00 $97,000.00 97,000 $112,000 Professional Services $770,817,36 $465,584.24 $435,570.00 $511,570 $493,570 Accounting and Auditing $62,500.00 $62,000,00 $67,100.00 $72,100 $67,100 Other Contractual Services/ Medical advisors $1,269.00 $4,237,00 $10,000.0 $10,000 $10,000 Travel and Per Dlem $19,184,31 $22,069,62 $20,00 .00 $20,000 $30,000 Communications and Related Services $37,896.89 $30,619,71 $40,1 0,00 $40,000 $40,000 Postage $13,365.00 $21,785.11 $ ;000,00 $25,000 $25,060 Utility $18,200.17 $17,352,96 8,400.00 $78,000 $28,000 Rentals and Leases 535,928.25 $29,364.97 $40,000.00 $40,000 $40,000 Building Repair and Maintenance ca nrlrag $441,769.67 $373,204.56 $390,043.00 $204,515 $204,515 IT Maintenance $435,655 $353,180 Printing and Binding $9,607,75 $14,317 7 $20,000.00 $20,000 $20,000 Advertising and Related Costs $1,077..00 $443 '4 $5,000.00 $5,000 $5,000 Office Supplies $87,572.50 $81. 69.58 $60,000.00 $60,000 $60,000 ' Operating Supplies $72.00 $'45.17 $1,200,00 $1,200 $1,200 Motor Fuei $0 Public Safety Supplies Subscriptions, Memberships, and Licenses $3,083.24 $1,077.63 $3,500.00 $3,500 $3,500 insurance $100,965.6 $146,330.07 $140,247.00 $150,066 $160,505 Insurance deductbile Incase of foss/ ex:Hurricane - Capita! Projects and Purchases $15,00 A0 $53,284.78 $18,731,00 $18,731 $18,731 Depreclation/Use Allowance $41,960,64 $41,960.64 . $45,000,00 $45,000 $45,000 Budget Reserve Board Salaries $21,600.00 $21,600.00 $21,600.00 $21,600.00 $21,600.00 $3;255j93� 1-ffg>`.�d:TixO �62 , :� . ; 3;Sf4$3':; . '$N47469.7,r; ''S2';824ki69 $3.;255;936`. difference $1,766.81 $7,602.55 $0,00 $0.00 $0.00 NeWEdgard \GESENAUOGEt\CIty' of MI. MI Out Ida Agency budget Form15.xlsx 7/22/20153:11 PM CITY OP' MIME GENERAL EMPLOYEES, AND SANITATION EMPLOYEES' RETIIEKENT TRUST Appraved•G SB Budget by the Board on March 20, 2415 For the fiscal year ending, September 30, 2016 The followingnpbroved budget represents the fiscal 2014 financial requlremeuts necessary to support the nppro imately,$622 million GESE Trust Fund, which serves3,407members. ORACLE 2014/2015 2015(2016 BOARD BOARD OBJECT APPROVED APi'E W i IN SE • CODE BUDGET BUDGET DECREASE rarsennel Services legirlarSalary & Wages 512000 1 Pension Administrator $166,934 $1 4,951 1 Assistant Pension Administrator 100,000 04,803 1 Treasurer 92,800 $97,257 1 Administrative Assistant lll 99,493 $104,271 1 Assistant to the Administrator 90,364 366,293 1 Payroll Specialist II 73,980 377,533 1 Chief Accountant 71,200 374,619 17acilltyMa1ntenaaceManager 63,312 366,353 1 Benefits Analyst 36,814 338,582 1 Administrative Aide 28 000 332,000 Total Salaries 822,897 836,662 1.'7% °fa Spector Pay 512000 30,000 Deferred Compe ratkn 512000. - 24,130 Total Salaries & Wages 512000 8 •,897 890,792 RoardMembarsSalaries 511000 21,600 21,600 F.inge Benefits. Car Allowance 516000 6,000 6,000 Payroll Taxes 521000 82,290 94,424 Retirement Contributions 522000 291,087 269,054 (Assumes one lump sum payment) Life & Health Insurance 5230 0 238,725 250,662 Workers' Compensation 52 .+00 6,000 6,000 Total Personnel Services ' $1,468,599 $11,538,532 4.8% Professional Services Investment Consultant 531000 243,360 225,360 Consulting Actuary 531000 156,000 156,040 CoutputerSpec.lalista 531000 98,110 98,110 Other (Paychex, court reporter, interpreter) 531000 14,100 14,100 Total Professional Services 531000 511,570 •493,570 Legal Fees 531010 97,000 112,000 }viatica! Advisors and Specialists 531020 10,000 10,000 Auditing Services 532000 72,100 67,100 Total Professional Sete es $690,670 $682,670 -1,2% ah' 5rc,l105172, Pf aalvawEdgeMt 3Esli9lletra idosudlOOa$Easelset2696•iU AAprovad rss [Nsaesil CITY OF MIAMI GENERAL EMPLOYEES' AWN! SANITATION EMPLOYEES' RETIREMENT TRUST Approved-013SE Budget by the Board on March 20, 20 t5 For the 6sca1 year ending September30, 2016. ORACLE 2014/2015 BOARD OBJECT APPROVED CODE BUDGET Office & Adrmjrtislrative 2015/2916 BOARD APPROVED BUDGET Travel end _Per Diem 540000 $20,000 $30,000 Communications & Related Services 541000 40,000 40,000 (Office phones, cell phones, and Internet) Postage 541100 25,000 " 25,000 Printing and Binding 547000 5,000 Printing & Binding - Outsourding 547100 I5,000 (stationery, annual reports) Advertising & related costs 548100 5,000 Office Supplies 551000 60,000 Operating Supplies (Notary) 552000 1,200 Subscriptions, Ivlemberships, LIcenses 554000 3,500 Total Office & Administrative • • 1t►sura..pae & Qecuoancy Insurance Commercial Property & Liability Fiduciary & Fidelity Total Insurance 545000 5,000 15,00 ,000 0,000 1,200 3,500 i<NCBE S10 (DECREASE) $174,700 $184,700 5.7% $47,237 $48,521 102,82• 112,064 150, k . 6 160,605 Utility Services (Electricity, water, garbage) 543000 2:,000 28,000 Rentals & Leases 544000 0,000 40,000 IT Repair & Maintenance Services 546001 435,655 353,180 1 13WdingRepeir & Mitintenanoe 546000 163,450 163,450 Building Insurance Deductible for hurricane repel 546000 41,065 41,065 Bldg Use A1©wance /➢epreciation 559000 45,000 45,000 Machinery & Equipment 664000 .16,731 18,731 Total Insurance & Occupancy $921,967 S850,031 -7.8% TOTAL A.DMI1'ESTRRAATI1710 COSTS $3,255,936 $3,255,933 0.00% ACI CJA 'I IAL FUNDING REQUIREMENT 522000 $33,036,318 $32,881,500 -0,5% (Assumes ono lump sum. payment) TOTAL BUDGET H.11,10WErf frol r$aBUAGE15Rnrhuo7GESEthidgot2OT545 Afxptalltidday (Pagcel2 $36,292,254 $36,137,43$ -0.43% EU51e12OW4, f P51 CITY 0F MEWL GESE RETIREMENT TRUST Approved on March 20, 2015 Board Meeting GESB Budget - Exhibit A For the fiscal year ending September 30; 2016 Personneller-vices 2015/2016 2014/2015 Board loafd Approved Approved BUDGET BUDGET 512000 Regular Salaries $836,666 $822,897 - Based on current salaries. 512000 Special Pay - Service Award - Accumulated Balances Payout 512000 Deferred Compensation 511000 Board Members Salaries - $300fmonth X 6 board members 516000 Car Allowance - Administrator ($500(month) 521000 Payroll TOMS -Based on 10% of salary expenditure 522000 Retirement Contributions - Actuarially determined cost for Staff Defined Benefit Plan 523000 Life & Health Insurance - Dearth Insurance (n 18894/month) Dental Insurance ($44 6/mo nth) - Life Insurance ($761lnranth) - Disability Insurance ($717/month) $ `0,000 $0 $24,130 $0 $21,600 $21,600 $6,000 $6,000 $94,424 $82,290 $269,054 $291,087 $250,662 $238,725 524000 Workers' Compensation $6,000 $6,000 - Based on salary expenditure Professional Services 531000 Investment Consultant $225,360 $243,360 Quarterly Performance Evaluation ($10,730/rnontb) 128,760 - Travel expenses ($700 x 8 trips) 5,600 - Comprehensive Financial Annual Report - Review & GAS 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 $ ',000 10,000 - Asset Liability Management Study (ALM) 0 - 3 Year Experience Study 0 - GAO 67 7,000 225,360 531000 Consulting Actuary - Fee per contract for GESR & Staff actuarial rations 45,000 - Customization due to Ordinance changes / 30,000 - Additional actuarial expenditure estimate 30,000 - GASB 67 25,000 ,. GASB 68 5,000 - Senate Bill 534 21,000 156,000 $156,000 $156,000 11;4NawEdoard13ESEBUDGE AnausiGESEBud82015-19Approved.xisx Exhibit A 1 EHWI' 212oT5q;69PM CITY OF MIAMT GCSE RETiiitMENT TRUST Approved on March 20, 2015 Board Meeting GESE Budget - Exhibit A For the iiseai year ending September 30, 2016 Cont'd Professional Services 531000 Computer Specialists - Data Analyst Consultant (lCruzware, Inc.) - Computer Servioe Consultant - (ICamau, Inc) Total 60,000 38,110 98,110 2015/2016 2014/2015 Board Aonrd Approved . Approved BUDGET BUDGE 398,110 $9$,110 531000 Other professional services 314,11 314,100 - Paychex payroll services (3206/month) - Other professional services including bank fees 4,040 10,100 14,100 531010 Legal Fees Ronald Silver's fees 95,000 - Peter Schwedoek (Disabilty Attorney) 12,000 - Klausner, Kaufman, Jensen & Levinson (Lawsuit Contingency) 5,000 112,000 531020 Medical Advisers & Specialists - Estimated amount based on current trend 532000 Auditing services - Anthony Brunson, P.A. based on historical fees 5,100 - International equity manager andit charges based on historical fees 2,000 67,100 Office & Administrative 540000 Travel and Par Diesn Estimate of educational conferences (IPEBP & FPPTA) Stafftraining; Travel & Tuition Reimbursement 541000 Communications & related services - 1 Cellular phone allowance for Administrator ($100/month) 1,200 - 1 Cellular phone for Facility Maintenance Manager ($100hrtonth) 1,200 Phone service including local, long distance and Internet 37,600 40,000 25,000 5,000 3Q,000 541100 Postage - Postage machine & coarier - based on estimated amount 547000 Printing 6r Binding - Printing of retiree checks, direct deposit statements, annual state eats, 1099s 547100 Printing & Bitding - Outsourcing .- Annual Report 4,000 - Anunal Summary Plan} Description 2,500 - Stationary 8,500 15,000 112,000 897,000 $10,000 810,009 $67,100 372,100 330,000 $20,000 $40,000 340,000 825,000 325,000 $5,000 $5,000 $15,000 $15,000 R:1NewEdga[dIGES&4aUDO nAnnua$GESEBudgaf2015-leApproved.xlsx Exhibit A2 5H8If212ei54:591'M CITY OF MYAMI GEM RETIREMENT TRUST Approved on March 20,2015 Board Meeting GESE Budget ExhibitA ' For the fiscal year ending September 30, 2016 Cont'd Office & Administrative 548100 Advertising & Related Costs Estimated based on past experience of each Miami Herald display advertisement cost approx. $650, and other papers range $250 - $400 551000 Office Supplies - Animal based on past and current expenditure 552000 Operating Supplies - Amount based on renewal of notary of 3 staff members 554000 Saha criptions, Memberships, Licenses FPPTA membership fees 1,000 -1FEBP membership foes 850 - Government Finance Officers Association membership fees 550 - Pension & Benefits Newsletter CCH Tax guide . - The Miami Herald Ancestay.eom Computer software & technical books Insurance & Occupancy 545000 Insurance - Commercial property & liability Eased on current premium from Marsh & McLennan Agency (Approximate 9 %) - Corrunereial Package Policy - Primary Umbrella $10M Limit -Primary Crime- $5M Limit - Cyber Liability - Wind insurance Liability 545000 Insurance - Fidelity & Fiduciary Based on oturrent premium from Marsh & McLennan Agency (Approxi ste 9°%o ) - Primary D&O - Employment Practices Liability-$3M Combined 31,835 - Excess D&O - Employment Prae,Liability-$2Mxs$3M Primary 21,224 - Primary Fiduciary Liability - $10M Limit 59,025 112,084 5 0 50 300 200 3,500 16,209 8,332 20,000 3,979 48,521 543000 Utility Services - Electricity based on estimated amount - Water & sewer based on estimated amount - Garbage based on estimated amount 544000 Rentals & Leases Equipment rental based on last year expenditure. 19,000 6,000 3,000 23,000 201512016 2014/2015 Board Board Approved Approved BURG&T BUD 1JT $5,000 $5,000 $60,000 $60,000 $ ,200 $1,200 $3,500 $3,500 $48,521 $47,237 $112,084 $102,829 $28,000 $28,000 $40,000 $40,000 R:INewEdgerdkGESEIaLI@GE74AnnuanGE:SEBudga12016-18 Appmved,xlsx IiXllib it A 3 EN 611212015 4:59 P5 crry91t+ MIAMI GESE RETIREMENT TRUST Proposed on March 20, 2015 Board Meeting GESE Budget - DRA1-1khibit A For the fiscal year ending September 30, 2016 Coat'd Insurance & Occupancy Repair & Maintenance Services (Based on Historical Cost) 546001 IT Repair & Maintenance - PGold Software Upgrade (Ordinance Change 2012 Effective 10/01/12 & 01/01/13 125,000 - ?Gold additional Ivlaintenance (Ordinance Change 2012- Effective 10/01/12 8e 01101 22,500 Support, Software & Customization maintenance (50/0 annual increase) 116,865 - Customization 8,000 Imaging Software maintenance & support fee (5% annual increase) 6,836 • IQ software maintenance & support fee (5% annual increase) 3,195 - Business continuity plan maintenance & support fee (5% annual increase) 13,230 - File Backup Pee 3,000 - Payroll Processing Fee 5,500 - Oracle Lioenees (5% annual Increase) 8,960 BIS Digital Recording Maintenance/Plus $300 increase for software assurance 2,500 Smead Software Maintenance 3,000 - Daily Monitoring of Firewell 12,000 - IT / Audit Penetration Testing 1,575 A.cePac Accounting Software Maintenance 6,00 Website 15,0 Total Software Annual Repair & Maintenance 353, BO 546000 Building Repair & Maintenance - Office building maintenance - Office building repairs - Office building ($25,000 Painting) Total Building Repair & Maintenance 546000 funding Insurance Deductibles - Building Wind Deductible Building Flood Deductible 559000 Depreciation - Depreciation: GESE Building based on 39.yr straight-line 664000 Machinery & Equipment Estimated purchases based on current market prices - Equipment (Computer & equipment upgrades) (P10,731 Firewall Ratdlware $5,1100 Website hardware - Office Furniture (Rolling Cabinet, Panels for cod Room Table, &Loaf Rm. Chairs) 3,000 18,73] 2,000 76,450 25,000 163,450 40,065 1,000 41,065 TOTAL ADMINISTRATIVE COSTS 15,73! 2015/2016 2014/2015 PROPOSED APPROVED BUDGET BUDGET $353,180 $435,655 $163,450 $163,450 841,065 $41,065 $45,000 545,000 $18,731 $18,731 $3,255,933 $3,255,936 RA NawEdgardtBUDGET4AnnualGESEBudgel2015-16 orafk.xlsx EX hit) it A 4 EH 9117/20159;07 PM