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HomeMy WebLinkAboutComposite Exhibit ACOMPOSITE EXHIBIT A 1. GESE Excess Benefit Plan Budget Memo of July 25, 2019, 2. GESE Excess Benefit Plan Budget for FY 2019-2020; and 3. Budget Template for GESE Excess Benefit Plan FY 2019-2020 MEMORANDUM TO: Honorable Mayor and Members DATE: July 25, 2019 Of the City of Miami Commission FROM: Mr Pension dez SUBJECT: City of Miami General inistrator Employees' & Sanitation Employees' Excess Benefit Plan FY 2019/2020 Budget Approval Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Excess Benefit Plan 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/MISC2018/MEMORANDUM FOR CITY APPROVAL OF BUDGET-PAGEE.DDC 2901 Bridgeport Avenue • Coconut Grove, Florida 33133-3607 • Telephone (305) 441-2300 • Fax (305) 441-2307 • www,gese,org Excess Benefit Budget Proposed At The Board of Trustees Meeting on March 22, 2019 For the fiscal year ending September 30, 2020 2018/2019 2019/2020 Board Approved Board Proposed Budget Budget Personnel Services 512000 Salaries & Fringe Benefits $35,045 $35,045 - Based on expected cost of excess benefit salaries (5% of GESE's Budget) 512000 Salaries (GESE-Staff Excess Plan) $1,000 $1,000 - Based on expected cost of excess benefit salaries (GESE's Budget) 521000 Payroll Tax Expense - Based on 10% of Excess Salary expenditure $3,067 $3,067 Professional Services 531000 Consulting Actuary 25,000 $37,000 $37,000 - Fee per contract for Excess actuarial valuation 5,000 - Special Projects(Not based on GESE's Budget) 7,000 - GASB 67 & 68 37,000 531000 Auditing Services 750 $1,500 $1,500 - Financial Statements (2% of GESE's budget) 750 - Annual CAFR 1,500 531000 Other Services $1,985 $1,985 -Bank Service Fees 531000 Computer Specialists - 5% of GESE's budget $5,150 $5,150 531010 Legal Fees - 5% RAS-Attorney's fees $5,000 $5,000 Office & Administrative 541000 Communications & related services - Local, long distance, interne and cell phone service - 1% of GESE's budget $300 $330 541100 Postage - Based on estimated amount (I % of GESE's Budget) $150 $150 547100 Printing & Binding - Outsourcing - Based on 5% of GESE's Budget $750 $550 548100 Advertising & Related Costs - Based on 1% of GESE's Budget $50 $50 551000 Office Supplies & Meeting Expenses - Amount based on 1% of GESE's budget $600 $600 Insurance & Occupancy 545000 Insurance - Commercial property & liability - Based on estimated amount and I% of GESE's budget $550 $550 545000 Insurance - Fidelity & Fiduciary - Based on 1% of GESE's Budget $1,250 $1,200 543000 Utility Services - Electricity, water, sewer & garbage based on 1% of GESE's Budget $230 $230 544000 Rentals & Leases - Based on estimated amount and 1% of GESE's budget $300 $300 546000 Repair & Maintenence Services 10,600 - IT Repairs & Customizations (Pension -Accounting -Servers) 7,500 - Based on 3% of GESE's Building Maintenance& 18,100 $18,100 $18,100 559000 Bldg Use Allowance / Depreciation - Use of GESE building based on 1% of GESE's Budget $450 $450 664000 Machinery & Equipment - Use of GESE building based on 1% of GESE's Budget $0 $1,455 TOTAL ADMINISTRATIVE COSTS $112,477 $113,712 Excess Budget2018-19 EXCESS BUDGET - EH 3115/2019 2:56 PM City of Miami GESE Retirement Trust FY 2015-16 Actual FY 2016-17 Actual FY 2017-18 Actual FY 2018-19 Budget FY 2018-19 Projection FY 2019-20 Proposed Change Number of Full -Time Positions Approved budget $116,307 $116,307 $115,707 $112,477 $112,477 $113,712 1% Approved budget $116,307 $116,307 $115,707 $112,477 $112,477 $113,712 Approved Budget Grand Total $116,307 $116,307 $115,707 $112,477 $112,477 Expenditures 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2019 9/30/2020 Regular Salary and Wages $42,822 $36,865 $36,045 $36,045 $36,045 $36,045 0% Fringe Benefits $0 $0 $0 $0 $0 $0 - FICA Taxes $4,282 $3,820 $3,732 $3,067 $3,067 $3,067 0% Retirement Contributions $0 $0 $0 $0 $0 $0 - Life and Health Insurance $0 $0 $0 $0 $0 $0 - Workers' Compensation $0 $0 $0 $0 $0 $0 - Professional Services - Legal $0 $7,000 $5,000 $5,000 $5,000 $5,000 0% Professional Services $35,275 $25,048 $27,578 $44,135 $44,135 $44,135 0% Accounting and Auditing $0 $0 $1,500 $1,500 $1,500 $1,500 0% Other Contractual Services $0 $0 $0 $0 $0 $0 - Travel and Per Diem $0 $0 $0 $0 $0 $0 - Communications and Related Services $400 $300 $300 $300 $300 $330 10% Postage $250 $150 $150 $150 $150 $150 0% Utility $280 $280 $230 $230 $230 $230 0% Rentals and Leases $400 $300 $300 $300 $300 $300 0% Repair and Maintenance Services $16,824 $22,650 $22,650 $18,100 $18,100 $18,100 0% Printing and Binding $750 $750 $750 $750 $750 $550 -27% Advertising and Related Costs $0 $50 $50 $50 $50 $50 0% Office Supplies $450 $600 $600 $600 $600 $600 0% Operating Supplies $0 $0 $0 $0 $0 $0 - Motor Fuel $0 $0 $0 $0 $0 $0 - Public Safety Supplies $0 $0 $0 $0 $0 $0 - Subscriptions, Memberships, and Licenses $0 $0 $0 $0 $0 $0 - Insurance $1,000 $1,700 $1,488 $1,800 $1,800 $1,750 -3% Machinery and Equipment $0 $0 $0 $0 $0 $1,455 - Insurance deductible in case of loss/ ex: Hurricane $0 $0 $0 $0 $0 $0 - Depreciation $450 $450 $450 $450 $450 $450 0% Budget Reserve $0 $0 $0 $0 $0 $0 - Expenditure Grand Total $103,183 $99,963 $100,823 $112,477 $112,477 $113,712 1% Printed: 7/26/2019 6:26 PM Page 1 of 1