HomeMy WebLinkAboutComposite Exhibit AComposite Exhibit A:
Resolution of April 16, 2020 Board of Trustees Meeting authorizing Fiscal Year 2020-
2021 Budget,
All Budget Attachments thereto,
and Budget Form
MINUTES OF THE REGULAR MEETING OF
THE CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS'
RETIREMENT TRUST
Members Present
O. Cotera
N. Enriquez
M. Fernandez
T. Gabriel
S. MacDonald
T. Roell
R. Suarez
Also Present
R. Klausner
G. Bikkesbakker
A. Lally
H. Merlak
Members Absent
M. Fernandez-Stiers -
A. Valdivia
April 16, 2020
Appointed by the City Commission
Elected by the Fire Fighters
Appointed by the City Commission
Appointed by the City Commission
Elected by the Police Officers
Appointed by the City Commission
Elected by the Fire Fighters
Legal Advisor
Investment Consultant
Investment Consultant
Actuary
Appointed by the City Manager
Elected by the Police Officers
Chairman O. Cotera called the meeting to order at 9:00 a.m. with a quorum being present.
APPROVAL OF MINUTES
The minutes of the Regular meeting of March 11, 2020 were reviewed. Corrections were
called for typographical errors. The corrected minutes were approved by a motion from T
Gabriel, a second from M. Fernandez and a unanimous vote.
RATIFICATION OF PAYMENT
Payments for the period were reviewed. A motion was made by N. Enriquez and seconded
by T. Gabriel to ratify payments presented. The motion was approved unanimously.
RATIFICATION OF RETIREMENTS
A list of retirements for the period was reviewed. A motion was made by N. Enriquez and
seconded by R. Suarez to ratify the retirements. The motion was approved unanimously.
APPROVAL OF ADMINISTRATIVE BUDGET
Personnel Committee reported that they had met and reviewed at length the proposed
Administrative Budget for fiscal year 2020-2021. The Committee recommended that the
Board approve the budget as presented. Discussion followed. A motion was made by T.
Gabriel and seconded by N. Enriquez to ratify the retirements. The motion was approved
unanimously.
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI
FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
April 16, 2020 Page 2 of 3
ACTUARIAL VALUATION FY 2020-2021
H. Merlak represented Nyhart. An updated draft of the Actuarial Valuation report for fiscal
year 2020-2021 was reviewed. Discussion ensued. A motion was made by T. Roell and
seconded by T. Gabriel to approve the report as presented. The motion was approved
unanimously. Discussion ensued on the possible need to address funding issues that may
arise from the economic impact of the Covid-19 pandemic. A motion was made by T.
Roell and seconded by T. Gabriel to direct the Actuary to prepare a report on ways in which
to address the issue. Discussion resumed. The motion was approved unanimously.
INVESTMENT ISSUES
G. Bikkesbakker and A. Lally represented Meketa. They presented and economic and
market update report. A question and answer period followed the presentation. The
Consultants also reported that they were working with the Administrator on the rebalancing
of the portfolio to achieve the new asset allocation.
ATTORNEY'S REPORT
Securities Litigation — Spirit: Legal Counsel requested Board approval to move
forward in filing for lead plaintiff. T. Roell moved and was seconded by M.
Fernandez to approve the request. The motion was approved unanimously.
Securities Litigation — Occidental Petroleum: Legal Counsel requested the Board
approve the filing for lead plaintiff. Request was approved by a motion by T. Roell
a second by R. Suarez and a unanimous vote.
CONFERENCES DURING THE PERIOD
T. Gabriel made a motion and it was seconded by R. Suarez to approve the attendance of
any member interested in attending conferences listed for the period. The motion was
approved unanimously.
Being no further business, the meeting was adjourned at 11:00 a.m. by a motion by T.
Gabriel a second by T. Roell and a unanimous vote.
Attest:
Dania Orta, Administrator
el Cotera, Chairman
51-2000
51-5000
51-6000
52-1000
52-2000
52-3000
52-4000
53-1000
53-1010
2020-2021
Approved al meeting of April i8, 2020 6ebtleUEnrfque,?vUnanimous
LINE ITEMS
Salaries
Special Pay
Frin a Benefits
FICA Taxes
Retirement Contributions
Life & Health Insurance
Worker's Compensation
Professional Serv-Act,Cust,Cons,Spe
Professional Sery - Legal
53-1020 Professional Sery - Disability Med Advisor
53-2000 Accountinq/Auditinq
54-0000
54-1000
54-1100
54-3000
54-4000
54-5000
54-6000
55-1000
55-4000
66-4000
Travel/Education
Communications & Related Services
Postage (Courier, Federal Express)
Utility Services
Rentals & Leases
Insurance
2019/2020 `2020/202.1 Incr/Dec[
480,008.05 489,608 2.0% Increase per Administrator contract and 2% for Staff
3,150.00 2,200 -30.2%
36,145.17
39,485.72
47,400.00
48,877.43
1,900.00
811,100.00
142,000.00
3,000.00
48, 000.00
30,000.00
9,975.00
2,502.00
17,110.00
150,748.00
143,115.89
Repair/Maintenance/Cleaning Service 168,824.12
Office Supplies (Inc. Meeting Costs)
Books/Publications/Memberships
Equipment/Programs New
15,000.00
1,755.00.
16,000.00
TOTALS! 2,210,096
37,0431 2.5%
40,289 2.00%0
62,401 31.6%
39,784 -18.6%
1,400 -26.3%
788,600 -2.8%
NOTES
Present liability has now been mostly covered by reserves
To include salary increase and the max accumulated leave pay
Based on 7.65%
Based actuarial report of 10/1/2019
Changed Pan and one employee went to Medicare
Reduction based on audit conducted
Based on negotiated contractual changes
92,000 -35.2%
2,000 -33.3%
44,034, -8.3% Based on actual fees for new Firm
30,000 0.0%
Reduced amount - no pending litigation
Less disability applications then expected
10,132 1.6% Provider increase
4,790 91.4%
15,600 -8.8%
150,015 -0.5%
151,500i
188,608
5.9%
11.7%
10,000 -33.3%
Postage rate increase not budgeted for last year and number of members that have requested mailed statements
Based on present billing average
Equipment leasing was reduced
Increase recommended by agent as per trend they are seeing
Increase in some of the maintenance agreements
Reduced based on expenses seen to date
1,630 -7.1% Subscription cost renewal was discounted
20,000 100.0%
2,181,634 -1.3%
To update accounting reporting module that has not been upgraded in 8 years
CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
Budget Template FY 2020-21 Proposed Budget
Number of Full -Time Positions
Are any positions funded in other budgets?
Revenues
CITY OF MIAMI
Revenue Grand Total
Expenditures
Regular Salary and Wages
Special Pay (severance pay)
Fringe Benefits
FICA Taxes
Retirement Contributions
Life and Health Insurance
_ Workers' Compensation
Professional Services - Legal
Professional Services
Accounting and Auditing
Other Contractual Services
Travel and Per Diem
Communications and Related Services
Postage
Utility
Rentals and Leases
Repair and Maintenance Services
Printing and Binding
Advertising and Related Costs
Office Supplies
Subscriptions, Memberships, and Licenses
interfund Transfer
FY 2016-17 Actual + FY 2017-18 Actual
FY 2018-19 Actual
FY 2019-20 Budget
FY 2019-20 Projected
FY 2020-21 Proposed
no no
no
r
$2,058.798
$2,058,798
$431,719
$21,703
$27,616
$32,614
$58, 542
$53,846
$1,573
$53,315
$713,949
$44,847
$0
$23,231
$6,456
$14,957
$17,006
$144,438
$111,956
$0
$0
$9,641
$2,952
$2,086,709
$2,086,709
$452,059
$18,270
$33,001
$34,698
$58,542
$48,224
$1,385
$188,171
$671,670
$46,672
$6,254
$31,023
$8,368
$9,813
$13,338
$149,021
$165,713
$0
$0
$7,280
$2,000
5
5
5
no
no
no
$2,128,469
$2,128,469
$2,210,096 $2,210,096
$2,210,096 $2,210,096
$2,181,634
$2,181,634
$465,766
$4,000
$480,008
$35,092
$35,255
$49,957
$50,466
$1,296
$71,238
$778,576
$47,614
$200
$68,761
$9,374
$2,419
$15,939
$150,667
$128,390
$0
$0
$6,012
$3,610
$3,150
$36,145
$39,486
$47,400
$48,877
$1,900
$142,000
$811,100
$48,000
$3,000
$30,000
$9,975
$2;502
$17,110
$150,748
$168,824
$0
$0
$15,000
$1,755
$480,008
$3,150
$36,145
$39,486
$47,400
$48,877
$1,900
$142,000
$811,100
$48,000
$3,000
$30,000
$9,975
$2,502
$17,110
$150,748
$489,608
$168,824
$0
$2 200
$37,043
$40,289
$62,401
$39, 784
$1,400
$92,000
$788,600
$44,034
$2, 000
$30,000
$10,132
$4,790
$15,600
$150,015
[ Difference]
0
+$53,165
$53,165
$23.842
-$1,800
+$1.951
+$5,034
+$12,444
-$10,682
$104
+$20,762
+$10,024
-$3,580
+$1,800
-$38,761
+$758
$2,37
- $33
$188,608.
$0
- $652
+$60,218
$0
$15,000
$1,755
$0
$ 1 0,000
$1,630
$0
$0
+$3,988
-$1,980
Capital Projects and Purchases
$0
$51,155
$0
$11,142
$0
$15,533
$0
$10,000
$0 $o
$10,000r $20,000
$0
+$4,467