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HomeMy WebLinkAboutExhibit SUBCITY OF MIAMI GENERAL, EfvIPi OYEES' 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 $622 million GESE Trust Fund, which serves 3,407 members, ORACLE 2/)14/2015 2015/2016 2015/2010 BOARD BOARD COMMISSIONER OBJECT APPROVED APPROVED ADOPTED CODE BUDGET BUDGET BUDGET Personnel Services fRegularSalaty 4 Wages 512000 1 Pension Administrator $166,934 $174,951 $174,951 1 Assistant Pension Administrator 100,000 $104,803 $104,803 I Treasurer 92,801) $97,257 $97,257 I Administrative Assistant 111 99,493 $104,271 $ 104,271 I Assistant to the Administrator 90,364 $66,293 $66,293 1 Payroll Specialist It 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 23,(100 $32,000 $32,000 Total Salaries 322,897 836,662 836,662 Special Pm' 512000 30,000 30,000 Dc cn ecf ColupeusanioR 512000 24,130 24,130 Total Salaries cSt Wages 512000 822,897 890,792 390,792 Board Members Salaries 51-1000 21,600 21,600 21,600 Fringe &ncrpis.. 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) l..ite & Health Insurance 523000 238,725 250,662 .25(,662 Workers' Compensation 524000 6,000 6,000 6,000 Total Personnel Services $1,468,599 $1,538,532 51,538,532 Professional Services investment Consultant 531000 243,360 2.25,360 225,36(1 Consulting Actuary 531000 156,000 156,000 156,000 Computer Specialists 531000 98,110 98,110 98,110 Other (Payche.x, court reporter, interpreter) 531000 14,100- 14,100 14,100 Tota1 Professional Services 531000 511,570 493,570 193,570 Legal Foos 531010 97,000 112,000 112,001) Medical Advisors and Specialists 531020 10,000 10,000 10,000 Auditing Services 532000 72,100 67,100 67,100 Total Professional Services $690,670 $682,670 $682,670 MINowEdgardhGESEIBUDGETIBGARD BUDGET12015-20164Annnat GE5Er5udyet PYO.1 d. Approvc(P0gos l& Cenuttasslanors.4 , Etl 0125/20165:21 PM17 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 2015/21)16 2015/2016 BOARD BOARD COMMISSIONER OI3,ILC:'r APPROVED APPROVED ADOI'Ti(i) CODE BUDGET BUDGET" III.IDGET" Office & Admit] istrativc 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 Internet) Postage 541100 25,000 25,000 15,000 Printing and Binding 547000 5,000 5,000 5,000 Printing & Bugling - 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 L14tirouec & Oceune ncv $174,700 81.84,700 S159,700 Insurance 545000 Commercial Property & Liability $47,237 $48,521 $48,521 Fiduciary & Fidelity 102,829 112,084 112,084 Total Insurance 150,066 160,605 16(1,605 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 & Qccupancy $921,967 $850,031 $839,099 TOTAL AD'M^MI1N'STRATI VR COSTS $3,255,936 S3,255,933 S3,220,000 ACTUARIAL. FUNDING REQUIREMENT 522000 S33,036,318 $32,881,500 $32,881,500 (Assumes one lump sum payment) TOTAL BUDGET $36,292,254 $36,137,433 $36,101,500 R:INewEduartliGESeIB000E71R0ARD aUOGEr120152016tAnnunt GESEBudgal FYiS.10 ApprovelPH9a424 Cmmunwsslwlars,xlsx EH 8125/20165:21 PM GE,Sle, Retirement Trust Chty of iiilifaunly (USE Rotirement, Tru8t Budget Timielate GESE Budget Approved by the Board of Trustees FY 2011-12 Actual r Y 201243 Actual OEN * ..5,1 $2,849,700 FY 2013-14 Actual 014-15 , FY 2015-16 / Pro. osed/ :54117,7124,do WM din • 7', ---M ,,SAT - i: ANN $2,894,169 R17 : Is $3,255,936 Approved budget /128,250 I Approved Budget Grand Total 3,128,250 2,849,700 $2,894,169 $S,2S5,936 ,25 ,933 $85,o3 • PAnwilMmtilowiMA§. :''' PERNINOM MOWN r ,• o , - --7Thxx, itei:vm Regular Salary and Wages $857,208.80 $843,909,48 $822,897,00 $ 22,897 . 36,662 Special 8,t Other pay . $54, Fringe Benefits ' $6,000,02 $6,023.09 $6,060,00 $6,000 , $6,000 FICA Taxes $59,741.61 $63,763,61 $82,290,00 $82,2 $94,424 Retirement Contributions $226,793.00 $219,774,00 $291,968.00 $291,0 7 $269,054 Life and Health Insurance $200,361.33 $225,333,68 $217,023.00 $ $250,662 WorkersCompensation $6,509,00 $1,542,94 $6,000..00 % ,voo $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 7$5fl,170 $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 $16,000 $10,000 Travel and Per Diem $19,184,31 $22,069.62 $20,00 .00 20,000 $39,000 Communications and Related Sealsas $37,896.89 $30,619,71 $40, 0,00 $40,000 $40,000 Postage $13,365.00 $21,785.11 • ,000.00 $25,000 ,' .5,000 Utility $18,200.17 $17,352,96 8,009.00 $28,000 $28,000 Rentals and Leases $36,928.25 $29,364.97 $40,000,00 $40,009 $40,000 Building Repair and Maintenance _sga.leirop $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 $5,009 Office Supplies $87,572.50 $81 69,58 $60,000.09 $60,000 $60,000 Operating Supplies $72,00 $ 49.17 $1,200,00 $1,200 $1,200 Motor Fu I , $0 Public Safety Supplies Subscriptions, Memberships, and 'Licenses $3,083.24 j $1;077,63 $3,500.00 $3,500 $3,500 Insurance . $100,965.6 46, 0.07 $140 247,00 150,066 $160,605 • Insurance deductbile Iri se of , loss/ ex:Hurricane Capital Projects and Purchases $15,0091,00 $53,284.78 $18,731,00 ,7 1 $18,731 Depreciation/Use Allowance $41,9-070764 $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 $21,600,00 .V1,, illaMiltai3V,V;0'1•:'' ,?';',I31'affig.Of, '''f$,a6,1i9IiiiY: •:$±18,40.6,"'' 5$05;9'.: Filfference $1,766.81 $7,602.55 .$0,00 J $0.00 flAllowEdgard GESEVUDGMCItyof friloml outiAda Agency Ouchpat rarn115,Aak 7/22/2015311 PM $0.08 CITY Or MIAMI G1:N'tilia 1311TPLpYI ESI AND SANITATIONEMPLOYEES' liETll2Lr1417,NT"r'R115'1 Approved.Ge8E Budget by the Ilonrd on March 20, 2015 llor the fiscal yrar ending September 30, 2016 '1'he following approved budget ropreaerthe final 2014 flnnnolul reyttit'aments uuccasary ' r to ars ort the npproghnotely.i 622 minion GESE Trust 1:''undt which eorvca MOTnxr>Ekbel%s '. tACi 1I 2014/2015 2015/2016 WARD' IMAM ..6-H T •AS'PIROVIID ..A,I'X' Oii1.Cb mi i-it' is ' CO)JE IWDG,tiT BUDGET ! (DPi Ci,SP). Personnel 9crv)c,a ]regular Salary 4 rages 1 Pension Administrator $166,934 $1 4,.... I Assistant Pension A.dminlntrntor 100,000 ' 104,803 1.Treasurer 92,800 $97,257 1 Achnin 1rutiveAssistant111 99,493 $104,271 1 Assistant to the Administrator 90,364 $66,293 I Payroll Specialist II 73980 $77,533 1 Chief Accountant 71,200 $74,619 1lrcrcllityMalnteuat,ceManager 62,312 $66,353 113enentuAnalyst 36,814 $38,582 1 Administrative Alde 28,000 $32,000 t'otalSalaries 512000 822,897 836,662 1,7% • Spoofed Pay 512000 30,000 Def'md C.`ornpetrrrulon 512000 . 24,130 Total Salaries & Wages 512000 Board Menrbars Salaries Fringe IlaneJRs: 89U,792 511000 21,600 21,600 Car Allowance 516000 6,000 6,000 Payroll Tuxes 521000 82,290 94,424 Stoliro.ment Contributions 522000 291,087 • 269.,054 (Assumes one lump sun' payment) Lift: & Health lasur•wtce 52300 238,725 250,662 Workers' Compensation 52 100 6,000 6000 Total Pcrsonnol Services $1,468,599 -_... $3 538,632 4,8% rofgg,t(s servicis, rnvestutentConsultant 531000- 243,360 Consulting Actuary 531000 156,000 ConiputerSpeelelists 531000 98,110 Other (Poyohex, oow't repor1or,.interprelor) 531000 14,100 Total 1'rofesstonal Servloes 5310110 225,360 156,000 98,110 14,100 51.1,570 493,570 Legal Nes 53t010 97,000 112,000 Medical Advisers and Specialists 531020 10,000 10,000 Auditing Services 532000 72,100 67,100 Tofal Profoalonta1 Swv( as $690,670 ,$682,670 •1,2% n,WawcifitimGUSEVUOrlErlAnnunlOR9RPiplo fa4i6:41Approvnd•xlsX (P ingi 4�H;JW2ali4r121Pbr CITY 01? MIAMI GENERAL FAVIPE.GYEES' AMvP SA.N1TA.TION EMPLOYEES' RETIREMENT TRUST A.ppreved•Ci09E Budget by the Board oriMorch 20, 2015 krorthe fascai year ending Soptgn)ber50, 2016. ORACLE 201.4/2015 2015/2016 % BOARD BfMRll OBJECT APPROVED A1?t3VCD rNCl l,atsr C©Dli; TRIO rT BUDGET tI)F43YtEASli / Travel and Per Diem 540000 $20,000 $30,000 Communications & Related Servlees 341000 40,000 40,000 (Office phones, cell, phones, and Internet) Poatag© 541100 23,000 25,000 Printing and Binding Printing & Binding - 0utsouroing (stationery, annual reports) 547000 5,000 5,000 547100 15,000 15,00 Advertising & related costs 548100 5,000 • ,000 Office Supplies 551000 60,000 , .0,000 Operating Supplies (Notary) 552000 1,200 / 1,200 Subscriptions, Mernuershipsi licenses 554000 3,500 / 3,500 Total Di'llco & Administrative jitstrmee & Occupancy Iitsttrative Conunercial Property & I�iabiltty Fiduciary & Fidelity Total Insurance 545000 74 700 /' y$184,700 5.7% $47,2371 102,82 150,tj66 Utility Services (Bleolriafty, water, garbage) 543000 2 ,000 Rentals & Leases 544000 10,000 -1TRepair & Maintenance Services 546001 435,655 Building Repalr & Ivlointeaanne 546000 163,450 Building Insurance Deductible for hurricane repel 546000 41,065 Bldg Ilse Allowance /Depreciation 550000 45,000 Machinery & Equipment 664000 .18,731 Total Insrrr0Rrce & Orcupcnay TOTAL ADMTIYI'STRXFIVI COS'l'S $3,155,936 ACTUA12IAI, B'U11'DMO 1ZEQUI1tEMENT 522000 $31,08 (Amur= one Burp sum payment) TOTAL 13I1»01± C $48,521 112,084 160,605 28,000 40,000 353,180 163,450 41,065 45,000 1 a,731 $850,031 • -7,8% S3,255,933 0,00% $32,881,"a00 % 54 613'i,4 -0.43% :WmtF,oij,, L (RuoaonA,r c,IGF3EA'u/o,3Lo,r.1o0ppra' 0, t('k' (Pnui,42 raG)B/ 0104, iPM CITY OE MIAMI 0119E Zt1Tl01EM11NT TRUST Approved on Maroh 20, 2015 }Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30;1016 'exsonuel S,e vices 512000 Regular Salaries -Based on current salaries. 512000 Special Pay - Service Award - AeoumuIatad Balances Payout 512000 Deferred Compensation 511000 Board Members Salaries $300/month X 6 board mernbers 516000 Car Allaivante - Administrator ($500/month) 521000 Payroll Taxes -Based on 10i4 of salary expenditure 522000 Retirement Contributions Aotuwrially determined cost for Staff Defined Benefit Plan 523000 Lire & health Insurance - Health Insurance (.$10894/month) Dental Insurance ($446/month) ',Lit) Insurance ($761/month) - Disability Insurance ($787/month) 524000 Workers' Compensation • Based on salary expenditure Professional Services. 531000 Investment Consultant Quarterly Performance Evaluation ($10,730/rnontll) - Travel expenses ($700 x 8 trips) - Comprehensive Financial Annual Report Review & GAS 1 40 data - Staff Pension. Plan rit $6,000 & Drop Plan at $32,000 - Security analysis and other - Proxy voting review Money Manager Searoh $6,000 / Security Litigation $ ;000 - Asset Liability Management Study (ALM) 3 Year Experience Study GASB 67 531000 Consulting Actuary - Fee per contract for GESE & Staff actuarial v fuations 45,000 - Customization due to Ordinonee changes 30,000 Additional actuarial expenditure estimate 30,000 GASB 67 25,000 GASE 6& 5,000 - Senate B 111534 21,000 1.56,000 128,760 5,600 26,000 38,000 5,000 5,000 10,000 0 0 7,000 225,360 WINowCdgo, EeEtBUD©EllAnnu4loaSanaae t aa1e•1e Approvod,xlnx Exhibit A 1 2015/2016 2014/2015 Board 0oat';d Approved Approved BUDGET BUDGET $636,66 $022,897 0,000 $0 $24,136 $0 $21,600 621,600 $6,000 $6,000 $94,424 $62,290 $269,054 $291,087 $250,662 $238,725 $6,000 $6,000 $225,360 $243,360 $156,000 $156,006 p}t 11112.12,016 4160 phi CITY O1 M AKI Gl1Sl!, RETIIREMEN'1' TRCJJT Approved on Maya lr 20, 2015 Board rvMeeting GES13 Budget - Exhibit A For the lineal year ending September 30, 2016 Corit'ci Professional 8erviees 531000 Computer Specialists • Data Analyst Consultant (Kruzwtw , Inc.) - Computer Sandoe Consultant - (I(uurau, Inc) Total 531000 Other i,rofesslaual servlees Paychex payroll services ($206/month) • Other professional services including bank fees 60,000 38,110 98,110 4,000 10,1.0o 14,100 531010 Legal Fees • Ronald Silver's fees 95,000 peter Schwedock (Disabiity Attorney) 12,000 - Klausner, Kaufman, Jensen & Levinson (Lawsuit Contingency) 5,000 112,000 531020 Medical Advisors & Specialists • Estimated amount based on current trend 532000 Auditing services • Anthony Brunson, P.A. based on historical fees s5,100 • International equity manager audit charges based on historical fees 2,000 67,100 ffice & Administrative 540000 Travel and Per Diem • Betimate of educational conferences (IPEBP & 1rPi'TA) - Staff training; Travel & Tuition Reirnburserneut 541000 Communications & related services - 1 Cellular phone allowancefor Adlninistr'ator ($100/month) 1,200 - 1 Cellular phone for Facility Maintananeo Manager ($100/month) 1,200 • Phone servico including local, long distance and Internet 37,600 40,000 25,000 5,000 3q,000 541100 Postage Postage machine. & courier - based on estimated amount 547000 Printing & Binding - Printing ofretiree checks, direct deposit statements, annual state ents,1099s 547100 Printing &Binding - Outsourcing Annual Report 4,000 • Annual Summary Plan Description 2,500 - Stationary 8,500 15,000 2015/20/0 2014/2015 Board !loud Approved • Approved BUDGET BUDGE $90,110 98;110 $14,1.10 $14,100 112,000 $97,000 $10,000 $10,000 $67,100 $72,100 $30,000 $20,000 $40,000 $40,000 $25,000 $25,000 $5,000 $5,000 $15,000 $15,000 NINow5dnnrdAGESOttiUOr3OTVulnaeIGGS5t3udgol2015.15ApprovaxIex Exhibit A2 EN6/12/20f54;50PM CITX 051 MOANMT ()ESE RIETIJ RENT TRUST Approved on March 20, 2015 Board Meeting GESEBudget Exhibit .A For the iiseal year ending September 30, 2016 Cont'd Of11ee & /Viministrative 548100 Advertising & Related Costa • Estimated based on past experience of each Miami Herald display advertisement cost approx. ,$650, and other papers range $250 - $400 " 51000 OtWice Supplies Amount based on past and current expenditure 552000 Operating Supplies - Amount based on renewal of notary of 3 staff members 554000 Subscriptions, Memberships, Licenses • Pi>X'TA membership fees - JFEBP membership fees - Government Finance Officers Association membership feos 5 - Pension & Benellts Newsletter CCI-1 Tax guide . - Tiro Nliemi Herold - Ancestry.com - Computer software &. technical books asnra;<nee & Oeenuancy 545000 Insurance - C,ontruercial property & liability Based on current premium from Marsh & McLennan Agency (Approximate 9 % ) Coiiunurotal Package Policy -Primary Umbrellas $10M Limit 16,209 Primary Crime - $5M Limit 8,332 - Cyber Liability 20,000 - Wind Insurance Liability 3,979 48,521 1,000 850 0 0 300 00 3,500 545000 'Insurance 7 Fidelity & Fiduciary Based on ourrent premium iiotn Marsh & 1vloLonnan Agency (Approxir '>te 9% ) - Primary D&0.13mployment Practices Liability•$3M Combined 31,835 • Excess 17&0 • Employment Prao,Liability-$2Mxs$3tv1 Primary 21,224 - Primary Fiduciary Liability - $10M Lhnit 59,025 112,084 543000 Utility Services - Electricity based on estimated amount - Water & sewer based on estimated amount - Garbage based on ostimated tunount 544000 Rentals & Leases - Equipment rental based on last year expenditure, r1 11ow1dgardl0E.SBV©Un©E1\AnnunIGES[0udoel le16.16 Approved,xlcx Exhibit A 3 19,000 6,000 3,000 28,000 2015/2016 2014/2015 Board Board Approved Approved BUDG2T BUD 6T $5,000 $5,000 • $60,000 $60,000 ,200 $1,200 500 $3,500 $48,521 $47,237 $112,084 $102,829 $28,000 $28,000 $40,000 $40,000 01612/201.6 4:64 PM 19 CYT of MIAM I GESE RETIREMENT TRUST Proposed on 1garoh 20, 204,5 Beard Meeting 01118E Budget -DRAFT -Exhibit A For the fiscal year ending September 30, 2016 Coo0'd Insurance & Oeeltliana Repair & Maintenance Servieey (Based on Historical Coat) 546001 IT 1Dnnir & Maintenance - PC1old Software Upgrade (Ordinance Cltangc 2012 Effective 10/01/12 &. 01/01/13 125,000 - Mold additional Iviaintcnance (Ordinance change 2012- Effective 10/01/12 & 01/01 22,500 - Support, Software & Custotniration maintenance (5% annual increase) 116,865 - Customization 8,000 -Imaging Software maintenance: & support fee (5% annual increase) 6,836 IQ software maintenance & support tee (51%,, annual increase) 3,195 - Business continuity plan maintenance & support five • (5% annual increase) 13,230 • File Baalaap Fee 3,000 - Payroll Processing Fee 5,500 - Oracle Licences (5% annual increase) 8,980 BIS Digital Recording Maintenanee/Pius $300 increase for software assurance 2,500 Smead Software Maintenance 3,000 - Dully Monitoring of Firewell 12,000 IT/Audit Penetration 'resting 1,57,5 AecPac Accounting Software Maintenance 6,00 t - Website _ 15,0 Total Software Annual Repair & Maintenance 353, 80 546000 Building Repair & Maintenance - Offlee building maintenance .2,000 Office building repairs 76,450 - Office building ($25,000 Painting) 25,000 Total Building Repair & Maintenance 546000 Building Insurance Deductibles - Building Wind Deductible Building Flood Deductible 559000 Depreciation - Depreciation: OESE Building based an 39 yr straight-line 664000 Machinery & Equipment Estimated purchases based en current marlcet prices - Equipment (Computer & equipment upgrades) ($10,73I Firevrnll Hardware, $5,000 Websitai1rrdv,ar - Office Furniture (Rollins Cubiuet, Panels for coaf. Room Table, A ouf Rra, Chaira) 3,000 18,731 40,06.5 1,000 41,065 TOTAL ADMIr1ISTRATlVE COSTS 15,731 2015/2016 201412015 PROPOSE» AP PROM BUDGET BUDGET $353,180 $,435,655 11163,450 $163,450 $41,065 $41,065 $45,000 $45,000 $18,731 $18,731 RANavrEdpardlnUDGE141nnudlPESEQudoat2015-16Draa.xlsx 1rxhibitA4 Eft 3/r2/20168:07Nid and City of Miami Legislation Resolution: R-15-0384 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 15-00980 Final Action Date: 9/10/2015 A RESOLUTION OF THE CITY OF MIAMI COMMISSION, WITH ATTACHMENT(S), APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST FUND ("GESE RETIREMENT TRUST FUND"), ATTACHED AND INCORPORATED, IN THE AMOUNT OF $3,220,000.00, EXCLUDING NORMAL COSTS, TO PROVIDE FOR THE ADMINISTRATION OF THE GESE RETIREMENT TRUST FUND FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2015 AND ENDING SEPTEMBER 30, 2016. WHEREAS, Section 40-243 of the Code of the City of Miami, Florida, as amended, authorizes the Board of Trustees ("Trustees") to administer the City of Miami General Employees' and Sanitation Employees' Retirement Trust Fund ("GESE Retirement Trust Fund"); and WHEREAS, an annual budget is required to properly administer the GESE Retirement Trust Fund; WHEREAS, the Trustees reviewed and approved the GESE Retirement Trust Fund budget for Fiscal Year 2015-2016 on March 20, 2015; and WHEREAS, the Trustees request the approval of the GESE Retirement Trust Fund budget for the Fiscal Year commencing October 1, 2015 and ending September 30, 2016, in the amount of $3,255,933.00, excluding normal costs; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The GESE Retirement Trust Fund Fiscal Year 2015-2016 budget, attached and incorporated, for the Fiscal Year commencing October 1, 2015 and ending September 30, 2016, in the amount of $3,220,000.00, excluding normal costs, to provide for the administration of the GESE Retirement Trust Fund, is approved and adopted. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. {1} Footnotes: City of Miami Page 1 of 2 File Id: 15-00980 (Version: 2) Printed On: 3/1/2018 File Number: 15-00980 Enactment Number: R-15-0384 (1) If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 2 of 2 File Id: 15-00980 (Version: 2) Printed On: 3/1/2018 City of Miami Legislation Resolution: R-14-0312 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 14-00775 Final Action Date: 9/9/2014 A RESOLUTION OF THE CITY OF MIAMI COMMISSION, WITH ATTACHMENT(S), APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST FUND ("GESE RETIREMENT TRUST FUND"), ATTACHED AND INCORPORATED, FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2014, AND ENDING SEPTEMBER 30, 2015, IN THE AMOUNT NOT TO EXCEED $2,894,169.00, EXCLUDING NORMAL COSTS, TO PROVIDE FOR THE ADMINISTRATION OF THE GESE RETIREMENT TRUST FUND. WHEREAS, Section 40-243 of the Code of the City of Miami, Florida, as amended, authorizes the Board of Trustees ("Trustees") to administer the City of Miami General Employees' and Sanitation Employees' Retirement Trust Fund ("GESE Retirement Trust Fund"); and WHEREAS, an annual budget is required to properly administer the GESE Retirement Trust Fund, and WHEREAS, the budget of the GESE Retirement Trust Fund for Fiscal Year 2014 - 2015 has been reviewed on March 21, 2014 by the Trustees of the GESE Retirement Trust Fund and found to be acceptable; and WHEREAS, on the date hereof, the Miami City Commission has modified and reduced the GESE Retirement Trust Fund budget for Fiscal Year 2014-2015 from the proposed amount of not to exceed $3,255,936.00 by $361,767.00 to the approved amount of not to exceed $2,894,169.00 to remain the same as the previous Fiscal Year 2013-2014 GESE Retirement Trust Fund budget, attached and incorporated as "Approved Budget Exhibit"; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: I Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this Section. Section 2. The annual budget of the GESE Retirement Trust Fund for Fiscal Year commencing October 1, 2014, and ending September 30, 2015, in the amount not to exceed $2,894,169.00, excluding normal costs, to provide for the administration of the GESE Retirement Trust Fund, as in the attached and incorporated "Approved Budget Exhibit", is approved and adopted. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{1} City of Miami Page 1 of 2 File Id: 14-00775 (Version: 2) Printed On: 3/1/2018 File Number: 14-00775 Enactment Number' R-14-0312 Footnotes: {1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 2 of 2 File Id: 14-00775 (Version: 2) Printed On: 3/1/2018 SUBSTITUTED CITY OF MIAMIGENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved Amended GESE Budget by the Board on March 16, 2016 For the fiscal year ending September 30, 2017 The following approved budget represents the fiscal 2015 financial requirements necessary to support the approxirnately $589 million GESE Trust Fund, which serves 3,713 members, Personnel Services Regular Salary & Wages 1 Pension Administrator 1 Assistant Pension Administrator 1 Treasurer 1 Administrative Assistant III 1 Assistant to the Administrator 1 Payroll Specialist II 1 Chief Accountant 1 Facility Maintenance Manager 1 Accountant 1 Benefits Analyst 1 Receptionist/Administrative Aide Total Salaries Special Pay Special Projects Deferred Compensation Total Salaries & Wages 512000 ORACLE OBJECT CODE 512000 512000 2015/2016 BOARD APPROVED BUDGET 174,951 104,803 97,257 104,271 66,293 77,533 74,6 66 %53. 0 38,582 32,000 30,000 0 24,130 2016/2017 BOARD APPROVE k INCREASE BUDGE % (DECREASE) 150,895 0 68,080 72,990 66,293 81,410 83,834 69,671 50,000 40,511 33,600 30,000 32,000 26,500 -14.3% $890,792 $805,184. -9.5% Board Members Salaries 1000 21,600 Fringe Benefits: Car Allowance Payroll Taxes Retirement Contributions (Assumes one lump sum GESE Staff & Life, Health & Dental Insurance Workers' Compensation Total Personnel S Professional. Services 516000 521000 522000 o Excess Payments) 523000 524000 6,000 94,424 269,054 250,662 6,000 *vices $1,538,532 0 6,000 82,408 295,517 288,652 6,000 $1z484,361,::. Investment Consultant 531000 225,360 238,236 Consulting Actuary 156,000 156,000 Computer Specials s 98,110 98,110 Pension Adtninis 'a ion Consulting 0 75,600 Other (Payche , court reporter, interpreter) 14,100 14,100 Total Pri:'essional Services 531000 $493,570 $582,046 Legal F s 531010 112,000 198,350 MedieI Advisors and Specialists 531020 10,000 10,000 Au ling Services 532000 67,100. 67,100 Total Professional Services $682,670 S857.496..: 25.6% -3.5 % RrweWEdgerdtGESEIBUDGETIBOARD BUDGET12010.20171 APPROVED Amended Mid Yoer GESE Budget 2010.2017.xrhx (Pagesj1 EH 7/19/201.08:34 PM SUBSTITUTED CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved Amended GESE Budget by the Board on March 16, 2016 For the fiscal year ending September 30, 2017 ORACLE 2015/2016 2016/2017 9 BOARD BOARD OBJECT APPROVED APPROVED I /REASE CODE. BUDGET BUDGET (9 CREASE Office & Administrative Travel and Per Diem 540000 30,000 30;00 Communications & Related Services 541000 30,000 30,0F0 (Office phones, cell phones, and Internet): Postage 541100 15,000 '5,000 Printing and Binding 547000 15,000 15,000 (stationery, annual reports, 1099-R) Advertising & related costs 548100 5,000 5,000 Office Supplies+ Meeting Expenses 551000 60,000 .` 60;000 Operating Supplies(Death Certificates & Notary) 5.52000 1,200 1,200 Subscriptions, Memberships, Licenses 554000 3,5,60 3,500 Total Office & Administrative ; 59,700 $159,700 0,0% Insurance & Occupancy Insurance Commercial Property & Liability Fiduciary & Fidelity Total Insurance 545000 48,521 50,947 112,084 117,688 160,605 1 6B,G3?_;.. 5,0% Utility Services (Electricity, Water, Garbage) ., 3000 23,000 23,000 Rentals & Leases 544000 40,000 30,000 IT Repair & Maintenance Services 546001 ' 347,248 347,248 Building Repair, Maintenance& Capital Out1ss 546000 163,450 253,450 Building Insurance Deductible (Hurricane ropairs) 546000 41,065 41,065 Bldg Use Allowance /Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 18,731 30,076 Total Insurance & Occu , ncy $678,494 1r:IMP- 13t5%0 Additional Expense Professio,'al Service Data Loss -(Mid Year Approp'vtion) $80bbQ_ TOTAL ADMINISTRATI E COSTS $3,300,000 $3,440,031 4.2% ACTUARIAL FUNDI!' G REQUIREMENT 522000 $32,881,500 $34,355,719 4,5%a (Assumes one fun p sum payment) TOTAL BUDG P 1 R: WewEdgartAGESEIBUDGETIBOARD BUDGE71201 B-20171 APPROVED Amended Mid Year GESE Budget 2018.2017,x!sx $36,181,500 $37,795,750 4.5% fPages]2 EH 7/10/20108:34 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved Amended on March 16, 2016 Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2017 Personnel Services SUBSTITUTED 2016/2017 2015/2016 Board Board Approved Approve BUDGET BUDG 512000 Regular Salaries $7174s4: $836,662 - Based on current salaries. 512000 Special Pay $30,000. $30,000 - Temporary Service - Accumulated Balances Payout 512000 - Special Projects 32,000 $0 512000 Deferred Compensation-S20,5001 $24,130 511000 Board Members Salaries SO $21,600 - $300/month X 6 board members 516000 Car Allowance $6,000 $6,000 - Administrator ($500/month) 521000 Payroll Taxes . $8'2;408: $94,424 -Based on 10% of:salary expenditure 522000 Retirement Contributions $2 51517 $269,054 - Actuarially determined cost for Staff Defined Benefit Plan+ Staff Excess 523000 Life & Health Insurance -$28.81652 $250,662 - Health Insurance ($22198/month) - Dental Insurance ($307/month) Life lns urence ($761 /month) - Disability Insurance ($787/month) 524000 Workers' Compensation - Based on salary expenditure Professional Services 531000 Investment Consultant - Quarterly Performance Evaluation ($10,730/ ; onth) 141,636 - Travel expenses ($700 x 8 trips) 5,600 - Comprehensive Financial Annual Repor, Review & GASB 40 data 26,000 - Staff Pension Plan at $6,000 & Drop an.at.$32,000 38,000 - Securityanalysis and other 5,000 - Proxy voting review 5,000 Money Manager Search $6;000 "Security Litigation $4,000 10,000 - Asset Liability Management "tudy.(ALM) 0 - 3' Year Experience Study 0 - GASB 67 7,000 238,236 531000 Consulting Actuary $156,000 $156,000 - Fee per contract f ' GESE & Staff actuarial valuations 45,000 -Customization vieto.Ordinance changes 30,000 - Additional acriariel expenditure estimate 30,000 -GASB 67 25,000 - GASB 6. 5,000 - Senates: IIi 534 21,000 156,000 $6,000 $6,000 $238;23'0.• $225,360 R:1v ewadeerd\GaaM\BUDGET \BOARD BUDGE112018.2017\ PROVED Amended Mid Year GM Budget 2010-2017.xisx Exhibit A 3 CH 7/10/2010 8:04 PM SUBSTITUTED CITY OF MIAMI GESE RETIREMIINT TRUST Approved Amended on March 16, 2016 Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2017 Cont'd Professional Services 531000 Computer Specialists $98,110 $98,.1.10 - Data Analyst Consultant (Kruzware, Inc.) 60,000 - Computer Service Consultant - (Kaman, Inc) 38,110 Total 98,110 2016/2017 2015/2016 Board Board Approved Approve BUDGET BUDG-T 531000 Pension Benefits Consulting +":;$7o 600:. $0 Elenberg Consulting Inc 75,600 Total 75,600 531000 Other professional services $14,100 $1.4,.100 - Paychex payroll services ($206/tnonth) 4,000 - Other professional services including bank fees- 10,1 14. 00 531010 Legal Fees - Ronald Silver's.fees 100,000 - Peter Schwedock (Disabilty Attorney) 12;000 - Klausner, Kaufman, Jensen & Levinson (Lawsuit Contingency) 66,350 -1RS - GESE & Staff Determination Letter(s) 20,000 198,350 531020 Medical Advisors & Specialists - Estimated amount based on current trend 532000 Auditing services 867,100 $67,100 - Anthony Brunson, P.A. based on historical fees 65,100 - International equity manager audit charges based on historical fy's 2,000 67,100 1#8;360 $112,000 $10,000 $10,000 ,Office & Administrative 540000 Travel and Per Diem $30,000 $30,000 - Estimate of educational conferences (IFLIBP & FPPT;) 25,000 Staff training, Travel & Tuition Reimbursement 5,000 30,000 541000 Communications & related services $30,000 $30,000 - 1 Cellular phone allowance for Administra`or ($100/month) 1,200 - 1 Cellular phone for Facility Maintenan,e Manager ($100/month) 1,200 - Phone service including local, long di; ance and Internet 27,600 30,000 541100 Postage - Postage machine & courier - ;1sed on estimated amount $15,000 $15,000 547000 Printing $15,000 $15,000 - Retiree checks, Retiree ' KS, Annual SSTS, 1099-R Tax FORMS 3,500 - Annual Report 4,000 - Annual Summary an Description 2,500 - Stationary 5,000 15,000 swEdinrd10ESE1aUDGE71BOARD BUDcET2010.20171 f PROVED Amended Wild Year GESE Bud0o1201e-2017.xfsx Exhibit A 4 EH 7/10/2010 8;84 PM 7;688 $112,084 CITY OF MIAMI GESE RETIREMENT TRUST Approved Amended on March 16, 2016 Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2017 Cont'd Office & Administrative SUBSTITUTED 2016/2017 2015/2016 Board Board Approved Approved BUDGET BUDGET 548100 .Advertising & Related Costs $5,000 ,5,000 - Estimated based on past experience of each Miami Herald display advertisement cost approx. $650, and other papers range $250 - $400 551000 Office•Supplies+ Meeting Expenses $60,000 $60,000 - Amount based on past and current expenditure 552000 :Operating Supplies ,',200 $1,200 - Amount based on renewal of notary of 3 staff members 554000 Subscriptions, Memberships, Licenses $3,500 $3,500 - FPPTA membership fees 1,000 IFEBP membership fees 850 - Government Finance Officers Association membership fees 5 - Pension & CCII Tax Guide 50 - The Miami Herald 250 - Ancestry,com 300. - Computer software & technical books 200 3,500 Insurance & Occupancy 545000 Insurance - Commercial property & liability Based on current premium from Marsh & McLennan Agency (Approximat- %) 60,?47.: $48,521 - Commercial Package Policy - Primary Umbrella $10M Limit 17,019 - Primary Crime - $5M Limit 8,749 - Cyber Liability 21,000 Wind Insurance Liability 4,178 50,947 545000 Insurance - Fidelity & Fiduciary Based on current premium from Marsh & McLennan Ag; cy (Approximate 5% ) - Primary D&O - Employment Practices Liability-$3 ombined 33,427 - Excess D&O - Employment Prao,Liability-$2MxsaM Primary 22,285 Primary Fiduciary Liability - ;$I OM Limit 61,976 117,688 543000 Utility Services $23,000 $23,000 - Electricity based on estimated amount 17,000 - Water & Sewer based on estimated a ' ount 4,000 - Garbage based on estimated amouv - 2,000 23,000 544000 Rentals & Lenses - Equipment rental based o last year expenditure. R: WewEd5ard\GCSE\BUDGaT1BOARD BUDGET12010.2017\ APPROVED Amended MId Yam' GESE Budget 2016.2017xtsx -$30;000 $40,000 Exhibit A 5 EH 7/19/2016 8;34 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved Amended on March 16, 2016 Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2017 Cont'd Inrsurance & Occupancy Repair & Maintenance Services (Based on Historical Cost) 546001 IT Repair & Maintenance $347,248 $347,248 - P1NSION.Software (BACKDROP & 80K LIMIT) 125,000 - PGold additional Maintenance (Ordinance Change 2012- Effective 01/01/13) 22,500 - Support, Software & Customization maintenance (5% annual increase) 106,822 - Customization 11,661 - Imaging Software maintenance & support fee No Increase 6,836 - IQ software maintenance .& support fee No Increase 3,195 - Business continuity plan maintenance & support fee No Increase 13,230 - File Backup Fee 3,000 - Payroll Processing Fee 5,500 - Oracle Licences (5% annual inerease) 9,429 - BIS Digital Recording Maintenance/Plus $300 increase for software assurance 2,550 - Smead Software Maintenance 900 - Daily Monitoring of Firewall .'2,000 - IT / Audit Penetration Testing 1,575 AccPac Accounting Software Maintenance 6,000 - Website 15,000 Total Software Annual Repair & Maintenance 347,248 SUBSTITUTED 2016/2017 2015/2016 Board Board Approved Approved BUDGET BUDGE 546000 Build Ina Repair & Maintenance-$253,4 0 $163,450 - Office building maintenance 87,000 - Building Repairs & Capital Outlays (I-Iistorically) 166,450 Total Building Repair & Maintenance 253,450 546000 Building Insurance Deductibles $41,065 $41,065 - Building Insurance Deductible (Wind -~Flood) 559000 Bldg Use Allowance/ Depreciation $45,000 $45,000 - Depreciation: GESE Building based on 39 yr straight-li'e 664000 Machinery & Equipment $3.0) 76- $18,731 Estimated purchases based on current market pric - Computer Equipment & Office Furniture $10.,531 ($5,531-Replaoement Deskt;5s, $5,000 Website hardware). - Computer Software $2,400 - Capital Equipment outlay (A/C Units, ; ndenser, Electrical Panel) $17,145 531000 Additional Expense Professional Service Data Loss -Mid year Approplati.; $0 TOTAL ADMINJSTRATIV COSTS $3,440,031 $3,300,000 30,076 R5NewEdgard\GEBE\BUDGET\BOARD BUDGET\2016-2017\ APPROVED Amended Mid Year GESE Budge( 2016.2017,xlex Exhibit A 6 EH ri1oioo10 ors PM City of Miami, GESE Retirement Trust GESE Budget Budget Hearing September 2016 SUBSTITUTED FY 2012-13 Actual FY 2013-14 Actual FY 2014-15 Actual FY 2015-16 Budget FY 2016-17 Proposed Approved budget Approved budget- $2,849,700 $2,894,169 $2,875,569 $3,300,000 $3,440,031 Approved Budget Grand Total $2,849,700 $2,894,169 $2,875,569 $3,300,000 $3,440,031 Expenditures 9/30/2013 9/30/2014 913012015 9/30/2016 9/30/2 Regular Salary and Wages $843,909 $840,398 $911,950 $890,792 $8 ,784 Fringe Benefits $6,023 $5,977 $6,069 $6,000 $6,000 FICA Taxes $63,764 $62,946 $66,086 $94,424 $82,408 Retirement Contributions $219,774 $291,968 $291,087 $269,054 $295,517 Life and Health Insurance $225,334 $253,151 $234,917 $250, 2 $288,652 Workers' Compensation $1,543 $3,137 $2,981 000 $6,000 Professional Services - Legal $94,400 $117,971 $89,000 112,000 $198,350 Professional Services $465,584 $397,040 $530,461 $573,570 $582,046 Accounting and Auditing $62,000 $62,000 $70,000 $67,100 $67,100 Other Contractual Services/ Medical advisors $4,237 -$420 $2,4 $10,000 $10,000 Travel and Per Diem $22,070 $25,206 $ ,846 $30,000 $30,000 Communications and Related Services $30,620 $32,730 V$35,546 $30,000 $30,000 Postage. $21,785 $13,813 15,289 $15,000 $15,000 Utility $17,353 $21,995 $21,493 $23,000 $23,000 Rentals and Leases $29,365 $19, $21,697 $40,000 $30,000 Building Repair and Maintenance Services $373,205 $,:1,812 $284,886 $163,450 $253,450 IT Maintenance 210,908 $209,725 $347,247 $347,248 Printing and Binding $14,317 $6,557 $9,183 $15,000 $15,000 Advertising and Related Costs $443 $0 $1,532 $5,000 $5,000 Office Supplies $81,. '1 $75,820 $69,760 $60,000 $60,000 Operating Supplies 49 $350 $342 $1,200 $1,200 Motor Fuel $0 $0.00 $0.00 $0.00 Public Safety Supplies $0 $0.00 $0.00 $0.00 Subscriptions, Memberships, and Licenses $1,078 $1,630 $2,380 $3,500 $3,500 Insurance $146,330 $151,846 $149,967 $160,605 $168,635 Insurance deductbile incase of loss/ ex: ricane $41,065 $41,065 Capital Projects and Purchases $53,285 $53,500 $32,338 $18,731 $30,076 Depreciation/Use Allowance $41,961 $41,961 $41,961 $45,000 $45,000 Budget Reserve $0 $0 $0 $0 Board Salaries $21,600 $0 $0 $21,600.00 $0.00 Grand Total $2,842,097 $2,870,974 $3,128,928 $3,300,000 $3,440,031 difference $7,602.55 $23,195.31 -$253,359.02 R:\NewEd rd\GESE\BUDGET\Commissioners Version\City of Miami Outside Agency Budget Fiscal 16-17.xlsx 7/28/20166:55 PM