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HomeMy WebLinkAboutExhibitGESE Retirement Trust City of Miami, GESE Retirement Trust FY 2013-14 Actual FY 2014-15 Actual FY 2015-16 Actual FY 2016-17 Budget FY 2017-18 Proposed Difference Budget vs Proposed Approved budget Approved budget- $2,894,169 $2,875,569 $3,300,000 $3,440,031 $3,377,792 -1.8% Approved Budget Grand Total $2,894,169 $3,255,936 $3,300,000 $3,440,031 $3,377,792 Expenditures 9/30/2014 9/30/2015 9/30/2016 9/30/201? 9/30/2018 Regular Salary and Wages $840,398 $911,950 $921,990 $805,784 $752,756 -6.6% Fringe Benefits $5,977 $6,069 $6,046 $6,000 $6,000 0.0% FICA Taxes $62,946 $66,086 $63,488 $82,408 $76,441 -7.2% Retirement Contributions $291,968 $291,087 $289,890 $295,517 $279,608 -5.4% Life and Health Insurance $253,151 $234,917 $266,328 $288,652 $263,245 -8.8% Workers' Compensation $3,137 $2,981 $737 $6,000 $5,000 -16.7% Professional Services - Legal $117,971 $89,000 $143,123 $198,350 $146,000 -26.4% Professional Services $397,040 $530,461 $567,018 $582,046 $708,787 21.8% Accounting and Auditing $62,000 $70,000 $79,000 $67,100 $69,000 2.8% Other Contractual Services/ Medical advisors -$420 $2,432 $1,432 $10,000 $10,000 0.0% Travel and Per Diem $25,206 $27,846 $21,477 $30,000 $25,000 -16.7% Communications and Related Services $32,730 $35,546 $31,923 $30,000 $32,760 9.2% Postage $13,813 $15,289 $13 $15,000 $15,000 0.0% Utility $21,995 $21,493 $19,030 $23,000 $23,000 0.0% Rentals and Leases $19,680 $21,697 $20,157 $30,000 $30,000 0.0% Building Repair and Maintenance Services $180,812 $284,886 $292,096 $294,515 $266,515 -9.5% IT Maintenance $210,908 $209,725 $220,306 $347,248 $346,089 -0.3% Printing and Binding $6,557 $9,183 $1,770 $15,000 $13,000 -13.3% Advertising and Related Costs $0 $1,532 $2,077 $5,000 $5,000 0.0% Office Supplies $75,820 $69,760 $43,280 $60,000 $50,000 -16.7% Operating Supplies $350 $342 $63 $1,200 $700 -41.7% Subscriptions, Memberships, & Licenses $1,630 $2,380 $3,902 $3,500 $3,820 9.1% Insurance $151,846 $149,967 $143,477 $168,635 $175,571 4.1% Insurance deductbile:(Ioss/Hurricane/other) $0 $0.00 $0.00 $0.00 $0 - Capital Projects and Purchases $53,500 $32,338 $39,197 $30,076 $29,500 -1.9% Depreciation/Use Allowance $41,961 $41,961 $41,961 $45,000 $45,000 0.0% Board Salaries $21,000 $21,000 $21,600 $0 $0 - Grand Total $2,891,974 $3,149,928 $3,241,381 $3,440,031 $3,377,792 -1.8% Commissioners _ $2,894,169 $3,220,000 $3,300,000 $3,300,000 difference _ _ $2,195 $70,072 $58,619 -$140,031 Explanations Under budget Under budget Under budget Expected to be Under budget 7/20/20174:27 PM GESE BUDGET 2017-2018 CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESE Budget by the Board on March 17, 2017 For the fiscal year ending September 30, 2018 The following proposed budget represents the fiscal 2016 financial requirements necessary to support the approximately $621 million GESE Trust Fund, which serves 4,004 members. ORACLE 2016/2017 2017/2018 BOARD BOARD OBJECT APPROVED PROPOSED CODE BUDGET BUDGET Personnel Services Regular Salary & Wages 512000 1 Pension Administrator 1 Treasurer 1 Administrative Assistant III 1 Assistant to the Administrator I Payroll Specialist II 1 Chief Accountant 1 Facility Maintenance Manager 1 Accounting Clerk 1 Benefits Specialist 1 Receptionist/Administrative Aide Total Salaries Special Pay Special Project Deferred Compensation Total Salaries & Wages 512000 Fringe Benefits: Car Allowance 516000 Payroll Taxes (Includes FICA, SUTA. FUTA) 521000 Retirement Contributions 522000 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 523000 Workers' Compensation 524000 Total Personnel Services Professional Services 150,895 68,080 72,990 66,293 81,410 83,834 69.671 50,000 40,511 33.600 155.422 68,080 72,990 66,293 56,987 92,393 53.647 42.489 47,906 34.608 $717,284 $690,815 30.000 32.000 26,500 30,000 0 31.941 $805,784 S752,756 -6.6% 6,000 82,408 295,517 288,652 6,000 6,000 76,442 279.608 263.245 5.000 $1,484,361 S1,383,051 -6.8% Investment Consultant 531000 238.236 305,777 Special investment Consultant 0 25,000 Consulting Actuary 156.000 183,500 Computer Specialists 98,110 100.510 Pension Administration Consulting 75,600 75,600 Other (Paychex, Bank Fees, Interpreter) 14,100 18,400 Legal Fees 531010 198,350 146.000 Medical Advisors and Specialists 531020 10,000 10,000 - AstAuditing Services 532000 67,100 69,000 Total Professional Services $857,496 $933,787 8.9% Budget Summary 2011-18 [Page]? EH 514/20174:48PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESE Budget by the Board on March 17. 2017 For the fiscal year ending September 30.2018 ORACLE 2016/2017 2017/2018 BOARD BOARD OBJECT APPROVED PROPOSED CODE BUDGET BUDGET Office & Administrative Travel and Per Diem 540000 30,000 25,000 Communications & Related Services 541000 30.000 32,760 (Office phones_ cell phones, and internet) Postage & Courrier 541100 15.000 15.000 Printing and Binding 547000 15,000 13.000 (Retiree Payroll, Annual Statefnent, Tax Forms 1099-R) Advertising & related costs 548100 5,000 5.000 Office Supplies+ Meeting Expenses 551000 60.000 50.000 Operating Supplies (Death Certificates & Notary) 552000 1.200 700 Subscriptions. Memberships, Licenses 554000 3,500 3,820 Total Office & Administrative $159,700 $145,280 -9.0% Insurance & Occupancy Insurance 545000 Commercial Property & Liability 50,947 45,702 Fiduciary & Fidelity 117,688 129.869 Total Insurance $168,635 $175,571 4.1% Utility Services (Electricity. Water. Garbage) 543000 Rentals & Leases 544000 IT Repair & Maintenance Services 546001 Building Repair, Maintenance & Capital Outlays 546000 Building Insurance Ded (Hurricane repairs) 546000 Bldg Use Allowance /Depreciation 559000 Machinery & Equipment 664000 Total Insurance &.Occupancy TOTAL ADMINISTRATIVE COSTS 23.000 30,000 347,248 253.450 41,065 45,000 30,076 23,000 30,000 346,089 225.450 41.065 45.000 29.500 $769,839 $740,104 -3.9% $3,440,031 $3,377,792 -1.8% ACTUARIAL FUNDING REQUIREMENT 522000 $34,355,719 S40,879,285 (Assumes one lump sum payment) TOTAL BUDGETARY COST $37,795,750 $44,257,077 Budget Summary 2017-18 [Pagej2 EH 5/4/2017 4:48 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2018 2016/2017 2017/2018 Board Approved Board Proposed BUDGET BUDGET Personnel Services 512000 Regular Salaries S7I7,284 S690,815 - Based on current salaries. 512000 Special Pay S30,000 S30,000 - Over -time & Temp - Accumulated Balances Payout 512000 - Special Projects S32,000 SO 5 i 2000 Deferred Compensation S26,500 S31,941 516000 Car Allowance S6,000 S6,000 - Administrator ($5001month) 521000 Payroll Taxes S82,408 S76,442 -Based on 10% of salary expenditure 522000 Retirement Contributions S295,517 S279,608 - Actuarially determined cost for Staff Defined Benefit Plan+ Staff Excess 523000 Life & Health Insurance S288,652 S263,245 524000 'Workers' Compensation S6,000 S5,000 - Based on salary expenditure Professional Services 531000 Investment Consultant S238,236 $305,777 - Quarterly Performance Evaluation ($10,730/rnonth) 141,636 145,177 - Qualitative Analysis {35,000fQtrly) 0 24,000 - Travel expenses ($700 x 8 trips) 5,600 5,600 - Comprehensive Financial Annual Report - Review & GASB 40 data 26,000 26,000 - Staff Pension Plan at S6,000 & Drop Plan at S32,000 38,000 38,000 - Security analysis and other 5,000 5,000 - Proxy voting review 5,000 5,000 - Money Manager Search $6,000 / Security Litigation $4,000 10,000 10,000 - Asset Liability Management Study (ALM)" Every 5 Years 0 15,000 - 3 Year Experience Study "(Required by Ordinance) 0 25,000 - GASB 67 7,000 7,000 238,236 303,777 531000 Special Investment Consultant - Quarterly Quantitative Evaluation (56250./Qtrly) 0 25.000 Total S0 S25,000 531000 Consulting Actuary $156,000 S183,500 - Fee per contract for GESE & Staff actuarial valuations 96,000 96,000 - Customization due to Ordinance changes 30,000 30,000 - Additional actuarial expenditure estimate 30,000 30,000 - Asset Liability Management Study{ALM) xF Every 5 Years 0 27,500 156,000 183,500 Approved GESE Badger 2017-2018 Niex Exhibit A 3 EH 5/4/2017 4:48 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2018 21)16/2017 2017/2018 Board Approved Board Proposed BUDGET BUDGET Cont'd Professional Services 531000 Computer Specialists S98,110 S100,510 - Data Analyst Consultant (Kruzware, Inc.) 60,000 60,000 - Computer Service Consultant - (Kamau, Inc) 38,110 40,510 Total 98,1 10 100,510 531000 Pension Benefits Consulting 575,600 S75,600 - Elenbere Consulting Inc 75,600 75,600 Total 75,600 75,600 531000 Other professional services S14,100 S18,400 - Paychex payroll services (5306/month) 4,000 4.000 - Other professional services (Bank tees, Smith Engineer/FPL) 10,100 14,400 14,100 18,400 531010 Legal Fees S198,350 S146,000 - Ronald Silver's fees 100,000 100,000 Peter Sclnvedock (Disabilty Attorney) 12,000 12,000 - Other legal (Lawsuit: Ordinances; Case Contingency) 66,350 34.000 _ IRS - CsESE Determination Letter 20,000 0 531020 Medical Advisors & Specialists - Estimated amount based on current trend 198,350 146,000 S10,000 S10,000 532000 Auditing services 867,100 S69,000 - Anthony Brunson, P.A. based on historical fees 65,100 67,000 - International Equity Manager Audit (Historical fees ) 2,000 2,000 67,100 69,000 Office & Administrative 540000 Travel and Per Diem S30,000 S25,000 - Trustees Educational Seminars & Conferences (IFEBP & FPPTA) 25,000 20,000 - Staff Educational Training, Travel & Tuition Reimbursement 5,000 5,000 30,000 25,000 541000 Communications & related services S30,000 S32,760 - 1 Cellular phone allowance for Administrator ($100/month) 1,200 1.200 - 1 Cellular phone for Facility Maintenance Manager ($100/month) 1,200 1,200 - Phone service including local, long distance and Internet 27,600 30,360 541100 Postage - Postage machine & courier - based on estimated amount 30,000 32,760 S15,000 S15,000 547000 Printing & Binding S15,000 S13,000 - Retiree checks, Retiree CKS, Annual SSTS, 1099-R Tax FORMS 3,500 4,500 - Annual Report 4,000 3,000 - Summary Plan Description 2,500 2,500 - Stationary 5,000 3,000 15,000 13,000 Approved GESE Budget 2617-2018.idsx Exhibit A 4 EH 5/4/2017 4:48 PM CITY OF MLAMI GESE RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2018 2016/2017 2017/2018 Board Approved Board Proposed BUDGET BUDGET Cont'd Office & _Administrative 548100 Advertising & Related Costs S5,000 S5,000 - Estimated based on past experience of each Miami Herald display advertisement cost approx_ $650 & Others $250-$400 551000 Office Supplies + Meeting Expenses S60,000 S50,000 - Amount based on past and current expenditure 552000 Operating Supplies - Death Certificates & Renewal of Notary (3 staff ) SI,200 S700 554000 Subscriptions, Memberships, Licenses S3,S00 53,820 - FPPTA membership fees 1.000 ! ,000 - IFEBP membership fees 850 1,300 - GFO.A membership - CAFR fees 550 720 - Pension & CCH Tax Guide 550 350 - The Miami Herald 250 250 - Pension Benefit Information (Death Audit Search) 300 200 3,500 3.820 Insurance & Occupancy 545000 Insurance - Commercial property & liability' Based on current premium from Marsh & McLennan Agency (Approximate 5 % ) S50,947 S45,702 - Commercial Package Policy - Primary Umbrella $10M Limit 17,019 19,230 - Primary Crime - $5M Limit 8,749 4,389 - Cyber Liability 21,000 16,170 - Wind Insurance Liability 4,179 5,913 50,947 45,702 545000 insurance - Fidelity & Fiduciary S117,688 S129,869 Based on current premium from Marsh & McLennan Agency (Approximate 7% ) 33,427 36,770 - Primary D&O - Employment Practices Liability-$3M Combined 22,285 24,514 - Excess D&O - Employment Prac.Liability-$2Mxs$3M Primary 61,976 68,585 - Primary Fiduciary Liability - S I OM Limit 117,688 129,869 543000 Utility Services S23,000 S23,000 - Electricity based on estimated amount 17,000 17,000 - Water & Sewer based on estimated amount 4,000 4,000 - Garbage based on estimated amount 2,000 2,000 544000 Rentals Sr Leases - Equipment rental based on last year expenditure. 23,000 23,000 S30,000 S30,000 Approved GESE Budget 2017-2018.xisx Exhibit A 5 EH S/4/2017 4,48 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESE Budget- Exhibit A For the fiscal year ending September 30, 2018 2016/2017 2017/2018 Board Approved Board Proposed BUDGET BUDGET Cont°d Insurance & Occupancy Repair & Maintenance Services (Based on Historical Cost) 546001 IT Repair & Maintenance S347,248 S346,089 - PENSION (Ordinance change & Oniine Member Service} 125,000 125,000 - PGold additional maintenance (Ordinance Change) 22,500 22.500 - Support, software & customization maintenance (5% annual increase) 106,822 112,163 - Customization 11,661 12,000 - Imaging software maintenance & support fee (5% annual increase) 6,836 7.178 - IQ software maintenance & support fee (5% annual increase) 3,195 3.355 - Business continuity plan maintenance & support fee 13,230 12,842 - File backup fee 3,000 3.000 - Payroll processing fee 5.500 6,500 - Oracle licences (5% annual increase) 9,429 9,901 - BIS digital recording maintenance 2,500 2,500 - Smead software maintenance (5% annual increase) 3,000 3.150 - IT/Audit penetration testing I,575 1,000 - AccPac accounting software maintenance 6,000 7,000 - Daily monitoring of firewall 12,000 8,000 - Website maintenance /Logmeln 15,000 10,000 Total Software Annual Repair & Maintenance 347,248 346,089 546000Building Repair &Maintenance S253,450 S225,450 - Office building maintenance 87,000 87.000 - Building repairs & capital Outlays (Historical) 166,450 138.450 Total Building Repair & ivlainte'nance 251.450 225,450 546000 Building Insurance Deductibles S41,065 S41,065 - Building insurance deductible (Wind+Flood) 559000 Bldg Use Allowance/ Depreciation S45,000 S45,000 - Depreciation: GESE building based on 39 yr straight-line 664000 Machinery & Equipment S30,076 S29,500 Historical purchases per Market Prices - Computer Equipment & Office furniture (Historical purchases per market prices) 10,531 9,500 - Computer Software (Microsoft Office/ Sage) 2.400 2.500 - Capital Equipment outlay (A/C to its,condenscr. electr-icaI panel ) 17,145 17,500 531000 Additional Expense Professional Service Data Loss -Mid year Appropiation TOTAL ADMINISTRATIVE COSTS 30,076 29,500 SO SO 83,440,031 $3,377,792 Approved GESE eacget 2057-2018.xisx Exhibit A 6 EH 514/2017 4:48 PM