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HomeMy WebLinkAboutExhibitGESE Retirement Trust City of Miami, GESE Retirement Trust FY 2014-15 Actual FY 2015-16 Actual FY 2016-17 Actual FY 2017-18 Budget FY 2017-18 Projection FY 2018-19 Proposed Difference Approved budget Number of Full Time Positions 10 10 10 10 10 11 Approved budget- $2,875,569 $3,300,000 $3,440,031 $3,377,792 $3,377,792 $3,274,749 Approved Budget Grand Total $2,875,569 $3,300,000 $3,440,031 $3,377,792 $3,377,792 $3,274,749 -3.05% Expenditures 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2018 9/30/2019 Regular Salary and Wages $911,950 $921,990 $730,611 $752,756 $752,756 $776,062 3.10% Fringe Benefits $6,069 $6,046 $6,000 $6,000 $6,000 $6,000 0.00% FICA, Unemployment Taxes $66,086 $63,488 $52,997 $76,442 $76,442 $73,762 -3.51% Retirement Contributions $291,087 $289,890 $293,648 $279,608 $279,608 $275,384 -1.51% Life and Health Insurance $234,917 $266,328 $217,514 $263,245 $263,245 $274,352 4.22% Workers' Compensation $2,981 $737 $2,153 $5,000 $5,000 $4,000 -20.00% Professional Services - Legal $89,000 $143,123 $95,112 $146,000 $146,000 $146,000 0.00% Professional Services $530,461 $567,018 $617,314 $708,786 $708,786 $654,747 -7.62% Accounting and Auditing $70,000 $79,000 $67,145 $69,000 $69,000 $72,000 4.35% Other Contractual Services/ Medical advisors $2,432 $1,432 $1,149 $10,000 $10,000 $10,000 0.00% Travel and Per Diem $27,846 $21,477 $29,292 $25,000 $25,000 $25,000 0.00% Communications and Related Services $35,546 $31,923 $25,416 $32,760 $32,760 $32,760 0.00% Postage $15,289 $13 $14,176 $15,000 $15,000 $15,000 0.00% Utility $21,493 $19,030 $20,497 $23,000 $23,000 $30,349 31.95% Rentals and Leases $21,697 $20,157 $16,942 $30,000 $30,000 $25,000 -16.67% Building Repair and Maintenance Services $284,886 $292,096 $113,277 $266,515 $266,515 $228,530 -14.25% IT Maintenance $209,725 $220,306 $239,323 $346,089 $346,089 $303,723 -12.24% Printing and Binding $9,183 $1,770 $4,710 $13,000 $13,000 $13,000 0.00% Advertising and Related Costs $1,532 $2,077 $1,880 $5,000 $5,000 $5,000 0.00% Office Supplies $69,760 $43,280 $29,787 $50,000 $50,000 $45,000 -10.00% Operating Supplies $342 $53 $361 $700 $700 $600 -14.29% Motor Fuel $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Public Safety Supplies $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Subscriptions, Memberships, and Licenses $2,380 $3,902 $3,406 $3,820 $3,820 54,650 21.73% Insurance $149,967 $143,477 $144,065 $175,571 $175,571 $180,030 2.54% Insurance deductbile incase of loss/ ex: Hurricane Capital Projects and Purchases $32,338 $39,197 $52,477 $29,500 $29,500 $28,500 -3.39% Depreciation/Use Allowance $41,961 $41,961 $44,054 $45,000 $45,000 $45,000 0.00% Budget Reserve Board Salaries $0 $0.00 $0.00 $0.00 $0,00 Grand Total $3,128,928 $3,219,781 $2,823,303 $3,377,792 $3,377,792 $3,274,449 -3.06% GESE BUDGET 2018-19 Prepared by EH 7/31/2018 Approved GESE Budget by the Board on March 23, 2018 For the fiscal year ending September 30, 2019 The following budget represents the fiscal year 2018-19 financial requirements necessary to support the approximately $667.8 million GESE Trust Fund, which serves 4,170 members as of Fiscal year 2017 ORACLE 2017/2018 2018/2019 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Personnel Services Regular Salary & Wages 512000 Pension Administrator 155,422 160,085 Treasurer 68,080 68,080 Administrative Assistant I11 72,990 72,990 Assistant to the Administrator 66,293 0 Payroll Specialist 1t 56,987 56,987 Chief Accountant 92,393 64,676 Facility Maintenance Manager 53,647 53,647 Staff Accountant 0 46,453 Accounting Clerk Benefit Analyst 42,489 46,679 Benefits Specialist 47,906 56,745 Receptionist/Administrative Aide 34,608 38,070 New Hire 0 50,000 Difference % Total Salaries $690,815 $714,412 3.42% Special Pay Deferred Compensation Total Salaries & Wages 512000 30,000 30,000 31,941 31,650 $752,756 $776,062 3.I0% Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 521000 76,442 73,762 Retirement Contributions 522000 279,608 275,384 (Assumes one lump sun GESE Staff & Two Excess Payments) Life, Health & Dental insurance 523000 263.245 274,352 Workers' Compensation 524000 5,000 4,000 Total Personnel Services 51,383,051 $1,409,560 1.92% Professional Services Investment Consultant 531000 305,777 265,777 Special Investment Consultant 25,000 25,000 Consulting Actuary 183,500 166,000 Computer Specialists 100,510 103,510 Pension Administration Consulting 75,600 75,600 Other (Paychex, Bank Fees, Interpreter) 18,400 18,860 Legal Fees 531010 146,000 146,000 Medical Advisors and Specialists 531020 10,000 10,000 Auditing Services 532000 69,000 72,000 Total Professional Services $933,787 $882,747 -5.47% Budget Summary 2018-19 EH 5/17/2013 2:35 PM Approved GESE Budget by the Board on March 23, 2018 For the fiscal year ending September 30, 2019 ORACLE 2017/2018 2018/2019 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Office & Administrative Travel and Per Diem 540000 25,000 25,000 Communications & Related Services 541000 32,760 32,760 (Office phones, Bell phones, and intemet) 541100 Postage & Courier 15,000 15,000 Difference % Printing and Binding 547000 13,000 13,000 (Retiree Payroll, Annual Statement, Tax Forms 1099-R) Advertising & related costs 551000 5,000 5,000 Office Supplies+ Meeting Expenses 552000 50,000 45,000 Operating Supplies (Death Certificates & Notary) 554000 700 600 Subscriptions, Memberships, Licenses 3,820 4,650 Total Office & Administrative $145,280 5141,010-2.94% Insurance & Occupancy Insurance Commercial Property & Liability Fiduciary & Fidelity Total Insurance 545000 45,702 48,266 129,869 131,764 $175,572 $180,030 2.54% Utility Services (Electricity, Water, Garbage) 543000 23,000 30,349 Rentals & Leases 544000 30,000 25,000 IT Repair & Maintenance Services 546001 346,089 303,723 Building Repair, Maintenance & Capital Outlays 546000 225,450 187,465 Building Insurance Ded (Hurricane repairs) 546000 41,065 41,065 Bldg Use Allowance /Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 29,500 28,500 Total Insurance & Occupancy 5740,104 $661,102 -11% TOTAL ADMINISTRATIVE COSTS (Detailed of Adman Budget Items on Exhibit A) $3,377,794 53,274,449 -3.1% ACTUARIAL FUNDING REQUIREMENT 522000 $40,879,285 543,375,047 (Assumes one lump sum payment) Budget Summary 2018-19 2 EH 5 17/201 B 2:35 PM