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Composite Exhibit A
Composite Exhibit A 1. GESE Retirement Trust Budget Memo for Fiscal Year 2019-2020; and 2. GESE Retirement Trust Budget Form for Fiscal Year 2019-2020; and 3. GESE Retirement Trust Budget Template for Fiscal Year 2019-2020 v�a0FMP1OYEES'&j;4 ,o yF goo MEMORANDUM TO: Honorable Mayor and Members DATE: July 25, 2019 Of the City of Miami Commission FROM: Mr. Eandez SUBJECT: City of Miami General Pension dministrator Employees' & Sanitation Employees' Retirement Trust FY 2019/2020 Budget Approval Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Retirement Trust Fund for Fiscal Year 2019/2020. The Board of Trustees at their Board Meeting of March 22, 2019, approved this budget. We respectfully request your approval of this budget at your meeting scheduled for September 12, 2019. Enclosures c: Board of Trustees Ronald A. Silver, Legal Counsel Emilio T. Gonzalez, City Manager WRD/R/MISC2UI9/MEMDP,ANDUM FOR CITY APPROVAL OF 9UDGET-PAGE2.DDC 2901 Bridgeport Avenue • Coconut Grove, Florida 33133-3607 • Telephone (305) 441-2300 • Fax (305) 441-2307 • www.gese.org Approved GESE Budget by the Board of Trustees on March 22, 2019 For the fiscal year ending September 30, 2020 The following budget represents the fiscal year 2019-20 financial requirements necessary to support the approximately $708.7 million GESE Trust Fund, which serves 4,181 members as of Fiscal year 2018 ORACLE 2018/2019 2019/2020 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Difference $ Personnel Services Regular Salary & Wages 512000 Pension Administrator 160,085 164,887 Treasurer 68,080 68,080 Chief Accountant 64,676 64,675 Administrative Assistant III 72,990 72,990 Payroll Specialist II 56,987 56,987 Benefits Specialist 56,745 58,447 Data Benefit Analyst 46,679 52,887 Staff Accountant 46,453 52,492 Office/Facility Attendant 53,647 37,706 Administrative Aide 38,070 36,678 New Hire 50,000 65,000 Total Salaries $714,412 $730,829 Special Pay (OT & Balance Payout) 512000 30,000 30,000 Deferred Compensation 31,650 26,280 Total Salaries & Wages $776,062 $787,109 Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 521000 73,762 72,450 Retirement Contributions 522000 275,384 263,096 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 523000 274,277 226,782 Workers' Compensation 524000 4,000 3,500 Total Personnel Services $1,409,485 $1,358,937 ($50,548) -3.6% Professional Services Investment Consultant 531000 265,777 247,777 Special Investment Consultant 25,000 0 Consulting Actuary 166,000 176,000 Special Consulting Actuary 0 20,000 Computer Specialists 103,510 103,510 Pension Administration Consulting 75,600 0 Other (Paychex, Bank Fees, Interpreter) 18,860 18,994 Legal Fees 531010 146,000 144,000 Medical Advisors and Specialists 531020 10,000 7,500 Auditing Services 532000 72,000 70,000 Total Professional Services $882,747 S787,781 ($94,966) -11°A) Budget Summary 2019-20 1 EH 7/26/2019 6:04 PM Approved GESE Budget by the Board of Trustees on March 22, 2019 For the fiscal year ending September 30, 2020 ORACLE 2018/2019 2019/2020 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Difference S Office & Administrative Travel and Training (Conference Per Diem) 540000 25,000 25,000 Communications & Related Services 541000 32,760 33,708 (Office phones, Cellphone allowances, and Internet) 541100 Postage & Courrier 15,000 15,000 Printing and Binding 547000 13,000 11,000 (TAX forms, Retiree Payrolls, Annual Statement) Advertising & related costs 551000 5,000 4,500 Office Supplies+ Meeting Expenses 552000 45,000 45,000 Operating Supplies (Death Certificates & Notary) 554000 600 400 Subscriptions, Memberships, Licenses 4,650 4,650 Total Office & Administrative S141,010 S139,258 ($1,752) -1.2% Insurance & Occupancy Insurance (Commercial Property & Liability) Total Insurance S180,030 550,493 ($129,537) -72.0% Utility Services (Electricity, Water, Garbage) 543000 30,349 32,596 Rentals & Leases 544000 25,000 25,000 IT Repair & Maintenance Services 546001 303,723 350,950 Building Repair, Maintenance & Capital Outlays 546000 187,465 172,000 Building Insurance Ded (Hurricane repairs) 546000 41,065 41,065 Bldg Use Allowance /Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 28,500 48,500 Total Insurance & Occupancy $661,102 $715,111 S54,009 8.2% TOTAL ADMINISTRATIVE COSTS $3,274,374 S3,051,580 ($222,794) -6.8% (Detailed ofAdmin Budget Items on Exhibit A) ACTUARIAL FUNDING REQUIREMENT 522000 S43,375,047 S51,506,047 (Assumes one lump sum payment) Budget Summary 2019-20 2 EH 7/26/2019 6:04 PM City of Miami GESE Retirement Trust Budget Template FY 2019-20 Proposed Budget FY 2015-16 Actual FY 2016-17 Actual FY 2017-18 Actual FY 2018-19 Budget FY 2018-19 Projection FY 2019-20 Proposed Approved budget Number of Full -Time Positions 10 10 10 10 10 10 Approved budget $3,300,000.00 $3,440,031.00 $3,377,792.00 $3,274,749.00 $3,274,749.00 No Approved Budget Grand Total $3,300,000.00 $3,440,031.00 $3,377,792.00 $3,274,749.00 $3,274,749.00 $3,051,580 Expenditures 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2019 9/30/2020 Regular Salary and Wages $921,990 $731,658 $810,585 $776,062 $776,062 $787,109 Fringe Benefits $6,046 $6,000 $6,000 $6,000 $6,000 $6,000 FICA Taxes $63,488 $52,997 $54,380 $73,762 $73,762 $72,450 Retirement Contributions $289,890 $293,648 $276,246 $275,384 $275,384 $263,096 Life and Health Insurance $266,328 $217,514 $194,132 $274,277 $274,277 $226,782 Workers' Compensation $737 $2,153 $2,426 $4,000 $4,000 $3,500 Professional Services - Legal $143,123 $95,112 $147,342 $146,000 $146,000 $144,000 Professional Services $567,018 $617,314 $662,702 $654,747 $654,747 $566,281 Accounting and Auditing $79,000 $67,145 $74,515 $72,000 $72,000 $70,000 Other Contractual Services/ Medical advisors $1,432 $1,149 $218 $10,000 $10,000 $7,500 Travel and Per Diem $21,477 $29,292 $37,523 $25,000 $25,000 $25,000 Communications and Related Services $31,923 $25,416 $41,284 $32,760 $32,760 $33,708 Postage $13 $14,176 $14,376 $15,000 $15,000 $15,000 Utility $19,030 $20,497 $21,912 $30,349 $30,349 $32,596 Rentals and Leases $20,157 $16,942 $17,778 $25,000 $25,000 $25,000 Building Repair and Maintenance $292,096 $84,761 $136,038 $228,530 $228,530 $213,065 IT Maintenance $220,306 $228,987 $271,055 $303,723 $303,723 $350,950 Printing and Binding $1,770 $4,710 $1,343 $13,000 $13,000 $11,000 Advertising and Related Costs $2,077 $1,880 $4,148 $5,000 $5,000 $4,500 Office Supplies $43,280 $29,787 $92,483 $45,000 $45,000 $45,000 Operating Supplies $63 $361 $100 $600 $600 $400 Subscriptions, Memberships, and Licenses $3,902 $3,406 $3,313 $4,650 $4,650 $4,650 Insurance $143,477 $144,065 $155,960 $180,030 $180,030 $50,493 Insurance deductible In Case of loss/ ex: Hurricane $0 $0 $0 $0 $0 $0 Capital Projects and Purchases $39,197 $52,696 $47,610 $28,500 $28,500 $48,500 Depreciation / Use Allowance $41,961 $44,054 $44,054 $45,000 $45,000 $45,000 Budget Reserve $0 $0 $0 $0 $0 $0 Expenditure Grand Total $3,219,781 $2,785,717 $3,117,521 $3,274,374 $3,274,374 $3,051,580 Printed: 7/26/2019 5:56 PM ZiA O. 0 Difference 1% 0% -2% -4% -17% -13% - 1% -14% -3% - 25% 0% 3% 0% 7% 0% - 7% 16% - 15% -10% 0% -33% 0% - 72% 70% 0% - 7% Page 1 of 1