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