HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #7727
Date: 08/03/2020
Commission Meeting Date: 09/10/2020
Requesting Department: General
Employees' and Sanitation Employees'
Retirement Trust
Sponsored By:
District Impacted: All
Type: Resolution
Subject: Approve Annual Budget FY '21 - 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 2020/2021, in the amount not to
exceed $3,068,775, excluding normal cost of $54,121,724, 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 May 29, 2020, Board Meeting,
The Board of Trustees approved this budget, and amended it at the July 24, 2020,
Board Meeting.
Budget Impact Analysis
Item has NOT an Expenditure
Item is an Expenditure
Item is NOT Related to Revenue
Total Fiscal Impact:
$3,068,775
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
City Commission
Office of the Mayor
Office of the City Clerk
Office of the City Attorney
Office of the City Clerk
Reviewed B
Employees' Retirement Trust
08/12/2020 10:52 AM
Fred Pericles
Christopher M Rose
Fernando Casamayor
Arthur Noriega V
Valentin J Alvarez
Barnaby L. Min
Nicole Ewan
Mayor's Office
City Clerk's Office
Victoria Mendez
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
Meeting
Unsigned by the Mayor
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Signed and Attested by the City Clerk Completed
Approved Form and Correctness Completed
Rendered Completed
08/23/2020 11:36 AM
08/25/2020 6:00 AM
08/25/2020 11:30 AM
08/25/2020 1:29 PM
08/26/2020 3:42 PM
08/26/2020 6:15 PM
09/10/2020 5:05 PM
09/11/2020 7:16 PM
09/11/2020 7:31 PM
10/21/2020 2:58 PM
10/21/2020 4:02 PM
City of Miami
Legislation
Resolution
Enactment Number: R-20-0277
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 7727 Final Action Date:9/10/2020
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI
GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST
("GESE RETIREMENT TRUST FUND"), ATTACHED AND INCORPORATED AS
COMPOSITE EXHIBIT "A", IN THE AMOUNT OF $3,068,775, EXCLUDING NORMAL
COSTS OF $54,121,724 AS ACTUARIALLY DETERMINED, TO PROVIDE FOR THE
ADMINISTRATION OF THE GESE RETIREMENT TRUST FUND FOR THE FISCAL
YEAR COMMENCING OCTOBER 1, 2020 AND ENDING SEPTEMBER 30, 2021.
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 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 2020-2021 on May 29, 2020 and July 24, 2020, as set forth in Composite
Exhibit "A," attached and incorporated; and
WHEREAS, the Trustees request the approval of the GESE Retirement Trust Fund
budget for Fiscal Year 2020-2021 in the amount of $3,068,775, excluding normal costs of
$54,121,724 as actuarially determined, as set forth in Composite Exhibit "A," attached and
incorporated;
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 2020-2021 budget, attached
and incorporated as Composite Exhibit "A", in the amount of $3,068,775, excluding normal costs
of $54,121,724 as actuarially determined, 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: