HomeMy WebLinkAboutR-18-0422City of Miami
Resolution R-18-0422
Legislation
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.
City of Miami Page 1 of 2 File ID: 4593 (Revision: B) Printed On: 4/3/2025
File ID: 4593 Enactment Number: R-18-0422
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
APPROVED AS TO FORM AND CORRECTNESS:
ndez, ity ttor ey ) 3/12/2019
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: 4593 (Revision: B) Printed on: 4/3/2025