HomeMy WebLinkAboutComposite Exhibit AComposite Exhibit A
May 29, 2020 Board of Trustees Meeting Related Minutes Approving
Fiscal Year 2020-2021 Budget for GESE Excess Benefit Plan
And
Budget Forms for Fiscal Year 2020-2021 Budget
GESE Retirements and Deaths — Exhibit B - Mr. Hernandez stated
that there were 15 retirement checks with a total of $127,193.94. There
were 35 demises, 3 of which were Covid-19 related. Year to date there
have been 50 deaths, of which 38 were retirees and 12 were
beneficiaries. In addition, year to date there have been 21 retirements.
This number has increased slightly. Some discussion took place.
Vice -Chair Taylor moved to approve. Trustee Simmons seconded
the motion. The motion was unanimously approved.
ADMINISTRATOR'S REPORT:
Ratify Comprehensive Annual Financial Report for fiscal year ended
September 30, 2019 - Mr. Hernandez stated that the Board approved
the Financials back in January 31, 2020. It was to be approved by the
Board at the March meeting; however, that meeting was cancelled. The
CAFR has been submitted to GFOA and a motion to ratify is necessary.
Some discussion took place. Trustee Simmons moved to ratify the
CAFR with minor edits. Trustee Fernandez seconded the motion.
The motion was unanimously approved.
Proposed GESE Plan budget for fiscal year October 1, 2020, to
September 30, 2021 — Mr. Hernandez stated that the overall objective
was to keep the budget the same as last year. The total administrative
budget decreased from last year's budget. In the budget there were two
merit increases and one promotion due to the departure of the Chief
Accountant. A lengthy discussion took place. Mr. Hernandez stated that
health and dental insurance remained flat. Mr. Hernandez went over
each line item. Additional discussion on the budget took place, as well
as discussion regarding monies the Trust paid out to a deceased retiree
who may have passed away out of the country. Trustee Simmons
moved to authorize Ron Silver to take all necessary legal actions to
recoup our money and bring legal action to those involved. Trustee
Lugo seconded the motion. The motion was unanimously approved.
Mr. Hernandez informed the Board that Mr. Alcime, who we were
searching for to pay benefits due to him, was found. He passed away
January of this year. We are trying to contact his daughter, who was the
informant on the death certificate to pay out the monies in his estate.
Mr. Hernandez went back to discussing the budget. The Actuarial
3
Funding Requirement increased by approximately $2.6 million. Mr.
Hernandez asked for a motion to approve the GESE budget totaling
$3,050.77. Trustee Simmons moved to approve. Trustee Fernandez
seconded the motion. Some discussion took place. After a type-o on
the budget was noted, Trustee Fernandez moved to table the GESE
Budget. Trustee Simmons seconded the motion. The motion was
unanimously approved.
Proposed Excess Plan budget for fiscal year October 1, 2020, to
September 30, 2021 — Mr. Hernandez stated that the Excess Budget is
a percentage of the GESE Budget. We are not allowed to pay fees
incurred by the Excess Plan from the GESE Trust. The Total
Administrative Costs decreased by 2.5% from $113,712 to $110,903.
Trustee Fernandez moved to approve. Trustee Simmons seconded
the motion. Some discussion took place. A roll -call vote reflected
everyone voting "yes" except for Vice -Chair Taylor who was on
mute for the motion. The motion was unanimously approved.
Proposed Disaster Recovery Plan — Mr. Hernandez stated that this was
a disaster preparedness plan, typically in case of a hurricane. Planning
for a scenario like a hurricane allows us to continue services with the
least possible interruptions. There are minor updates throughout, where
we added wording regarding "emergency events" like the pandemic.
Mr. Hernandez went over the changes and asked for a motion to
approve. Trustee Fernandez moved to approve the Disaster
Recovery Plan with minor edits. Trustee Graves seconded the
motion. The motion was unanimously approved.
4
Proposed GESE Plan budget for fiscal year October 1, 2020, to
September 30, 2021 - (Continued)
Mr. Hernandez stated that the numbers on the budget have been
corrected and were online. Some discussion took place. Trustee
Simmons moved to approve the budget with corrections.
Chairman Moy seconded the motion. A brief discussion took place.
Trustee Simmons suggested placing a disclaimer/footnote regarding the
savings discussed and the steps. A roll -vote reflected trustees Lugo,
Torres and Sharpe voting "no" on the motion. Chairman Moy,
Vice -Chair Taylor, Trustees Graves, Jimenez, Simmons and
Fernandez voted "yes" on the motion. The motion passed 6 to 3.
BREAK.
MONEY MANAGERS' REPORT:
Barings presented by Ms. Ashley Hyotte and Mr. Jon Greenhill - Ms.
Hyotte reported that for the three month period ended on April your
portfolio outperformed the benchmark by 6.1% gross of fees. Year to
date through April, and the one year period, your portfolio has
outperformed by 4.7% gross of fees. For the 3 year period you had a
return close to 3%. For the 5 year period, you had a return of close to
3.4%. Mr. Greenhill went over Barings' strategy and holdings. Ms.
Thompson asked what was their month to date performance. Ms.
Hyotte responded they are up for the month but trailing on a relative
basis. Some discussion took place. This report concluded. No action
was taken.
8
MEMORANDUM
TO: Honorable Mayor and Members DATE: July 31, 2020
Of the City of Miami Commission
FROM: Mr.rnandez SUBJECT: City of Miami General
Pet sion dministrator Employees' & Sanitation
Employees' Excess Benefit
Plan FY 2020/2021
Budget Approval
Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees'
Excess Benefit Plan for Fiscal Year 2020/2021. The Board of Trustees at their Board Meeting of
May 29, 2020, approved this budget.
We respectfully request your approval of this budget at your meeting scheduled for
September 10, 2020.
Enclosures
c: Board of Trustees
Ronald A. Silver, Legal Counsel
Arthur Noriega, City Manager
WRD/R/MISC2020/MEMORANDUM FOR CITY APPROVAL OF BUDGET-PAGEB.DOC
2901 Bridgeport Avenue • Coconut Grove, Florida 33133-3607 • Telephone (305) 441-2300 • Fax (305) 441-2307 • www.gese,org
City of Miami GESE Retirement Trust
FY 2016-17 Actual
FY 2017-18 Actual
FY 2018-19 Actual
FY 2019-20 Budget
FY 2019-20 Projected
FY 2020-21 Proposed
Number of Full -Time Positions
Approved budget
$116,307
$115,707
$112,477
$113,712
$113,712
$110,903
Approved budget
$116,307
$115,707
$112,477
$113,712
$113,712
$110,903
Approved Budget Grand Total
$116,307
$115,707
$112,477
$113,712
Expenditures
9/30/2017
9/30/2018
9/30/2019
9/30/2020
9/30/2020
9/30/2020
Regular Salary and Wages
$36,865
$36,045
$36,045
$36,045
$36,045
$35,045
Fringe Benefits
$0
$0
$0
$0
$0
$0
FICA Taxes
$3,820
$3,732
$3,067
$3,067
$3,067
$3,278
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
$7,000
$5,000
$5,000
$5,000
$5,000
$5,000
Professional Services
$25,048
$27,578
$35,135
$44,135
$44,135
$44,335
Accounting and Auditing
$0
$1,500
$1,500
$1,500
$1,500
$1,440
Other Contractual Services
$0
$0
$0
$0
$0
$0
Travel and Per Diem
$0
$0
$0
$0
$0
$0
Communications and Related Services
$300
$300
$300
$330
$330
$310
Postage
$150
$150
$150
$150
$150
$150
Utility
$280
$230
$230
$230
$230
$230
Rentals and Leases
$300
$300
$300
$300
$300
$250
Repair and Maintenance Services
$22,650
$22,650
$18,100
$18,100
$18,100
$16,160
Printing and Binding
$750
$750
$750
$550
$550
$550
Advertising and Related Costs
$50
$50
$50
$50
$50
$50
Office Supplies
$600
$600
$600
$600
$600
$450
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
$1,700
$1,488
$1,800
$1,750
$1,750
$1,750
Machinery and Equipment
$0
$0
$0
$1,455
$1,455
$1,455
Insurance deductible in case of loss/ ex: Hurricane
$0
$0
$0
$0
$0
$0
Depreciation
$450
$450
$450
$450
$450
Budget Reserve
$0
$0
$0
$0
$0
$0
Expenditure Grand Total
$99,963
$100,823
$103,027
$113,712
$113,712
$110,903
Printed: 7/31/2020 1:16 PM
Change
- 2.5%
- 2.8%
6.9%
0.0%
0.5%
- 4.0%
- 6.1%
0.0%
0.0%
- 16.7%
- 10.7%
0.0%
0.0%
- 25.0%
0.0%
0.0%
0%
-2.5 %
Page 1 of 1
Excess Benefit Budget Approved At The Board of Trustees Meeting on May 29, 2020
For the fiscal year ending September 30, 2021
Personnel Services
512000 Salaries & Fringe Benefits
- Based on expected cost of excess benefit salaries (5% of GESE's Budget)
512000 Salaries (GESE-Staff Excess Plan)
- Based on expected cost of excess benefit salaries (GESE's Budget)
521000 Payroll Tax Expense
- Based on Percentage of Excess Salary expenditure
2019/2020 2020/2021
Board Approved Board Approved
Budget Budget
$35,045 $34,045
$1,000 $1,000
$3,067 $3,278
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 720 $1,500 $1,440
- Financial Statements (2% of GESE's budget) 720
- Comprehensive Annual Financial Report-CAFR 1,440
531000 Other Services $1,985 $1,985
- Bank Service Fees
531000 Computer Specialists
- Based on 5% of GESE's Budget $5,150 $5,350
531010 Legal Fees
- 5% Based on Attorney's fees $5,000 $5,000
Office & Administrative
541000 Communications & related services
- Local, long distance, internet and cell phone service - 1% of GESE's Budget $330 $310
541100 Postage
- Based on estimated amount (1% of GESE's Budget) $150 $150
547100 Printing & Binding - Outsourcing
- Based on 5% of GESE's Budget $550 $550
548100 Advertising & Related Costs
- Based on 1% of GESE's Budget $50 $50
551000 Office Supplies & Meeting Expenses
- Based on 1% of GESE's Budget $600 $450
Insurance & Occupancy
545000 Insurance - Commercial property & liability
- Based on estimated amount and 1% of GESE's Budget $550 $550
545000 Insurance - Fidelity & Fiduciary
- Based on 1% of GESE's Budget $1,200 $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 $250
546000 Repair & Maintenence Services
- IT Repairs & Customizations (Pension/Accounting/Servers) 11,000
- Based on 3% of GESE's Building Maintenance 5,160
16,160 $18,100 $16,160
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 3% of GESE's Budget $1,455 $1,455
TOTAL ADMINISTRATIVE COSTS
$113,712 $110,903 -2.5%
Excess Budget 2020-21
EXCESS BUDGET
- EH 7/16/2020 12:59 PM