HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #4593
Date: 08/02/2018
Commission Meeting Date: 09/27/2018
Requesting Department: General
Employees' and Sanitation Employees'
Retirement Trust
Sponsored By:
District Impacted: All
Type: Resolution
Subject: Approve Annual Budget FY '19 - GESE Retirement Trust Fund
Purpose of Item:
To approve the budget for the City of Miami General Employees' & Sanitation
Employees' Retirement Trust Fund for Fiscal Year 2018/2019, in the amount not to
exceed $3,274,449, excluding normal cost of $43,526,929, as actuarially determined, to
provide for the administration of the GESE Retirement Trust Fund.
Background of Item:
Ordinance No. 10002, adopted on June 13, 1985, authorized the Board of Trustees to
administer the City of Miami General Employees' & Sanitation Employees' Retirement
Trust (GESE Retirement Trust Fund"); and as such, a budget is required to properly
administer the GESE Retirement Trust Fund, and at the March 23, 2018, The Board of
Trustees approved this budget.
Budqet Impact Analysis
Item is an Expenditure
Item is NOT Related to Revenue
Total Fiscal Impact:
$3,274,449
General Employees' and Sanitation
Review Completed
Office of Management and Budget
Office of Management and Budget
City Manager's Office
Legislative Division
City Manager's Office
Office of the City Attorney
Office of the City Attorney
City Commission
Legislative Division
Office of the City Attorney
City Commission
Office of the Mayor
Office of the City Clerk
Legislative Division
Reviewed B
Employees' Retirement Trust
08/08/2018 5:10 PM
Fred Pericles
Christopher M Rose
Fernando Casamayor
Valentin J Alvarez
Nikolas Pascual
Barnaby L. Min
Victoria Mendez
Nicole Ewan
Valentin J Alvarez
Valentin J Alvarez
Nicole Ewan
Mayor's Office
City Clerk's Office
Valentin J Alvarez
Edgard Hernandez
Department Head
Budget Analyst Review Completed
Budget Review Completed
Assistant City Manager Review Completed
Legislative Division Review Completed
City Manager Review Completed
Deputy City Attorney Review Completed
Approved Form and Correctness Completed
Meeting Completed
Legislative Division Review Completed
Deputy Attorney Review Skipped
Meeting Completed
Signed by the Mayor Completed
Signed and Attested by the City Clerk Completed
Legislative Division Review Completed
08/08/2018 5:23 PM
08/24/2018 11:46 AM
08/24/2018 2:19 PM
08/27/2018 9:19 AM
08/27/2018 11:05 AM
08/27/2018 11:20 AM
08/29/2018 2:40 PM
09/13/2018 5:05 PM
09/18/2018 8:58 AM
09/18/2018 8:57 AM
09/27/2018 5:05 PM
10/09/2018 4:09 PM
10/09/2018 4:13 PM
03/07/2019 10:50 AM
Office of the City Attorney Barnaby L. Min Deputy Attorney Review Completed 03/07/2019 4:43 PM
Office of the City Attorney Victoria Mendez Approved Form and Correctness with Modification(s) Completed
Office of the City Clerk City Clerk's Office Rendered Completed 03/13/2019 9:49 AM
City of Miami
Legislation
Resolution
Enactment Number: R-18-0422
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 4593 Final Action Date:9/27/2018
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI
GENERAL EMPLOYEES' & SANITATION EMPLOYEES' RETIREMENT TRUST
("GESE RETIREMENT TRUST FUND"), ATTACHED AND INCORPORATED, IN THE
AMOUNT OF $3,274,449.00, EXCLUDING NORMAL COSTS OF $43,526,929.00 AS
ACTUARIALLY DETERMINED FOR THE PENSION FUNDING REQUIREMENT, TO
PROVIDE FOR THE ADMINISTRATION OF THE GESE RETIREMENT TRUST FUND
FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2018, AND ENDING
SEPTEMBER 30, 2019.
WHEREAS, Section 40-243 of the Code of the City of Miami, Florida, as amended ("City
Code"), 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, in accordance with Sections 40-244 and 40-246 of the City Code, an annual
budget is required to properly administer the GESE Retirement Trust Fund; and
WHEREAS, the Trustees reviewed and approved the GESE Retirement Trust Fund
budget for Fiscal Year 2018-2019 on March 23, 2018; and
WHEREAS, the Trustees requested the approval of the GESE Retirement Trust Fund
budget for the Fiscal Year commencing October 1, 2018 and ending September 30, 2019 in the
amount of $3,274,449.00, excluding normal costs of $43,526,929.00 as actuarially determined
for the pension funding requirement; and
WHEREAS, the Miami City Commission reduced the GESE Retirement Trust Fund
budget by $450,000.00 to the amount of $2,824,449.00, excluding normal costs of
$43,536,929.00 as actuarially determined for the pension funding requirement, which will be
reconsidered by the Trustees;
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 is fully set forth in this Section.
Section 2. The GESE Retirement Trust Fund Fiscal Year 2018-2019 budget, attached
and incorporated, for the Fiscal Year commencing October 1, 2018 and ending September 30,
2019 in the reduced amount of $2,824,449.00, excluding normal costs of $43,526,929.00 as
actuarially determined for the pension funding requirement, 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.'
APPROVED AS TO FORM AND CORRECTNESS:
ndez, City Attor ey 8/2972018
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.