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HomeMy WebLinkAboutExhibitCITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Excess Benefit Budget Approved At The Board of Trustees Meeting on March 16,.2016 For the fiscal year ending September 30, 2017 2015/2016 2016/2017 Board Board Personnel Services Approved APPROVE 512000 Salaries & Fringe Benefits Budget Budget - Based on expected cost of excess benefit salaries (5% of GESE's Budget) $42,822 $35,865 512000 Salaries (GESE-Staff Excess Plan) - Based on expected cost of excess benefit salaries (GESE's Budget) 521000 Payroll Tax Expense - Based on 10% of Excess Salary expenditure (Nothing to do with GESE) Professional Services 531000 Consulting Actuary - Fee per contract for Excess actuarial valuation 25,000 - Special Projects(Not based on GESE Budget) 5,000 - GASB 67 7,000 531000 Computer Specialists 5% of GESE's budget 531010 Legal Fees - 6% Ronald Silver attorney fees 6,000 - 5% IRS Determination Letter 1,000 Office & Administrative 541000 Communications & related services - Local, long distance, internet and cell phone service - 1 % of GESE's budget 541100 Postage - Based on estimated amount (I % of GESE's Budget) 547100 Printing & Binding - Outsourcing - Based on 5% of GESE's Budget 548100 Advertising & Related Costs - Based on 1 % of GESE Budget 551000 Office Supplies & Meeting Expenses - Amount based on 1% of GESE budget Insurance & Occunancv 545000 Insurance - Commercial property & liability - Based on estimated amount and 1% of GESE budget 545000 Insurance - Fidelity & Fiduciary - Based on 1% of GESE Budget 543000 Utility Services - Electricity, water, sewer & garbage based on 1% of GESE Budget 544000 Rentals & Leases - Based on estimated amount and 1% of GESE budget 546000 Repair & Maintenence Services - Customizations to PensionGold - Based on 3% ofGESE 'Building Maintenance 559000 Bldg Use Allowance / Depreciation - Use of GESE building based on 1% of GESE Budget 15,000 7,650 $0 $1,000 4,282 3,820 37,000 37,000 5,350 4,392 6,000 7,000 400 300 250 150 750 750 50 50 450 600 400 500 600 1,200 280 280 400 300 16,824 22,650 450 450 TOTAL ADMINISTRATIVE COSTS $116,307 $116,307 0.0% Exhibit A 1 Excess I2:\NewEdgnrd\OESE3UDOO I\B OARD BUDGET \2016-2017\Excess_Budgcl_Pi senl 2016-2017 APPRO VED.xl sx - EH 5/12/2016 10:37 AM City of Miami GESE Retirement Trust Excess Budget Budget Hearing September 2016 FY 2012-13 Actual FY 2013-14 Actual FY 2014-15 Actual FY 2015-16 Budget FY 2016-17 Proposed Approved budget Approved budget $109,307 $109,307 $109,307 $116,307 $116,307 Approved Budget Grand Total $109,307 $109,307 $109,307 $116,307 $116,307 �xpera+ditul a 9/30/2013 9/ 0/2014 , :9/$0/20.15 9/$0/2016_ , 9/39/Z017 Regular Salary and Wages $42,822 $42,822 $42,822 $42,822 $36,865 Fringe Benefits FICA Taxes $4,282 $4,282 $4,282 $4,282 $3,820 Retirement Contributions Life and Health Insurance Workers' Compensation Professional Services - Legal $6,000 $0 $6,000 $7,000 Professional Services $26,315 $35,350 $30,620 $42,350 $41,392 Accounting and Auditing Other Contractual Services/ Medical advisors Travel and Per Diem Communications & Related Services $400 $400 $400 $300 Postage $250 $250 $250 $150 Utility $280 $280 $280 $280 $280 Rentals and Leases $400 $400 $400 $300 Repair and Maintenance Services $16,824 $16,824 $16,824 $16,824 $22,650 Printing and Binding $450 $750 $750 $750 $750 Advertising and Related Costs $400 $50 $0 $50 $50 Office Supplies $400 $450 $450 $450 $600 Operating Supplies $1,600 Motor Fuel Public Safety Supplies Subscriptions, Memberships, and Licenses Insurance $250 $1,000 $1,000 $1,000 $1,700 Machineray and Equipment Insurance deductbile incase of Toss/ ex:Hurricane Depreciation $450 $450 $450 $450 $450 Budget Reserve Grand Total $94,073 $109,307 $98,528 $116,307 $116,307 Difference $15,234.00 $0.00 $10,779.00 $0.00 $0 R;\NewEdgard\GESE\BUDGET\Commissioners Version\City of Miami Outside Agency Budget Fiscal 16-17.xlsx 7/28/20164:57 PM