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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #6297 Date: 08/08/2019 Commission Meeting Date: 09/12/2019 Type: Subject: Requesting Department: General Employees' and Sanitation Employees' Retirement Trust Sponsored By: District Impacted: Various Resolution Approve Annual Budget FY '20 - 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 2019/2020, in the amount not to exceed $3,051,580, excluding normal cost of $51,506.47, 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 22, 2019, The Board of Trustees approved this budget. Budqet Impact Analysis Item is NOT Related to Revenue Item is an Expenditure Total Fiscal Impact: $3,051,580 General Employees' and Sanitation Review Completed Office of Management and Budget Office of Management and Budget City Manager's Office City Manager's Office Legislative Division Office of the City Attorney Office of the City Attorney City Commission Office of the Mayor Office of the City Clerk Office of the City Clerk Reviewed B Employees' Retirement Trust 08/13/2019 10:00 AM Fred Pericles Christopher M Rose Fernando Casamayor Nikolas Pascual Valentin J Alvarez Barnaby L. Min Victoria Mendez Maricarmen Lopez Mayor's Office City Clerk's Office City Clerk's Office Edgard Hernandez Department Head Budget Analyst Review Budget Review Assistant City Manager Review City Manager Review Legislative Division Review Deputy City Attorney Review Approved Form and Correctness Meeting Signed by the Mayor Completed Completed Completed Completed Completed Completed Completed Completed Completed Signed and Attested by the City Clerk Completed Rendered Completed 08/13/2019 10:25 AM 08/22/2019 6:24 AM 08/22/2019 5:21 PM 08/23/2019 11:42 AM 08/26/2019 1:44 PM 08/26/2019 2:08 PM 08/30/2019 3:49 PM 09/12/2019 5:05 PM 09/16/2019 4:33 PM 09/16/2019 4:49 PM 09/16/2019 4:49 PM City of Miami Legislation Resolution Enactment Number: R-19-0356 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 6297 Final Action Date:9/12/2019 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 AS COMPOSITE EXHIBIT "A", IN THE AMOUNT OF $3,051,580.00, EXCLUDING NORMAL COSTS OF $51,506,047.00 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, 2019 AND ENDING SEPTEMBER 30, 2020. WHEREAS, Section 40-243 of the Code of the City of Miami, Florida, as amended, authorizes the Board of Trustees ("Trustees") to administer the City of Miami's General Employees' and Sanitation Employees' Retirement Trust Fund ("GESE Retirement Trust Fund"); and WHEREAS, 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 2019-2020 on March 22, 2019; and WHEREAS, the Trustees request the approval of the GESE Retirement Trust Fund budget for the Fiscal Year commencing October 1, 2019 and ending September 30, 2020 in the amount of $3,051,580.00 excluding normal costs of $51,506,047.00 as actuarially determined, attached and incorporated as Composite Exhibit "A;" 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 budget, attached and incorporated as Composite Exhibit "A", for the Fiscal Year commencing October 1, 2019 and ending September 30, 2020 in the amount of $3,051,580.00 excluding normal costs of $51.506.47.00 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. 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. APPROVED AS TO FORM AND CORRECTNESS: ndez, City Httor 8/30/2019