Loading...
HomeMy WebLinkAboutExhibit ACity of Miami GESE Retirement Trust Budget Template FY 2021-22 Proposed Budget FY 2017-18 Actual FY 2018-19 Actual FY 2019-20 Actual FY 2020-21 Budget FY 2020-21 Projection FY 2021-22 Proposed Approved budget Number of Full -Time Positions 10 10 9 9 9 10 Approved budget $3,377,792.00 $3,274,749.00 $3,052,080.00 $3,068,775.00 $3,068,775.00 $3,201,413.00 Approved Budget Grand Total $3,377,792.00 $3,274,749.00 $3,052,080.00 $3,068,775.00 $3,068,775.00 Expenditures 9/30/2018 9/30/2019 9/30/2020 9/30/2021 I 9/30/2021 9/30/2022 Regular Salary and Wages $810,585 $735,044 $731,113 $758,750 $758,750 $795,845 Fringe Benefits $6,000 $6,023 $6,046 $6,000 $6,000 $6,000 FICA Taxes $54,380 $52,107 $52,096 $67,946 $67,946 $72,919 Retirement Contributions $276,246 $273,659 $261,237 $293,777 $293,777 $318,079 Life and Health Insurance $194,132 $191,153 $163,378 $224,871 $224,871 $247,121 Workers' Compensation $2,426 $2,012 $1,641 $3,500 $3,500 $3,200 Professional Services - Legal $147,342 $127,735 $160,058 $138,000 $138,000 $233,000 Professional Services $662,702 $536,795 $530,654 $608,655 $608,655 $618,255 Accounting and Auditing $74,515 $47,500 $74,538 $72,000 $72,000 $70,000 Other Contractual Services/ Medical advisors $218 $109 $0 $7,500 $7,500 $7,500 Travel and Per Diem $37,523 $45,720 $26,122 $25,000 $25,000 $25,000 Communications and Related Services $41,284 $29,081 $34,998 $33,846 $33,846 $42,222 Postage $14,376 $9,026 $8,281 $15,000 $15,000 $12,500 Utility $21,912 $23,412 $22,615 $30,157 $30,157 $28,757 Rentals and Leases $17,778 $20,428 $21,677 $26,700 $26,700 $26,500 Building Repair and Maintenance $136,038 $193,818 $182,880 $170,000 $170,000 $145,000 IT Maintenance $271,055 $203,297 $223,885 $333,711 $333,711 $295,965 Printing and Binding $1,343 $4,907 $405 $11,600 $11,600 $11,000 Advertising and Related Costs $4,148 $2,153 $406 $4,500 $4,500 $4,500 Office Supplies $92,483 $23,605 $18,047 $45,000 $45,000 $42,000 Operating Supplies $100 $653 $439 $500 $500 $600 Subscriptions, Memberships, and Licenses $3,313 $3,188 $2,417 $4,555 $4,555 $4,515 Insurance $155,960 $186,745 $17,172 $56,642 $56,642 $61,870 Insurance deductible In Case of loss/ ex: Hurricane - - - $41,065 $41,065 $41,065 Capital Projects and Purchases $47,610 $44,495 $39,425 $44,500 $44,500 $43,000 Depreciation / Use Allowance $44,054 $44,054 $44,054 $45,000 $45,000 $45,000 Budget Reserve - - - - - - Expenditure Grand Total $3,117,521 $2,806,718 $2,623,582 $3,068,775 $3,068,775 $3,201,413 Printed: 7/30/2021 3:57 PM Page 1 of 1 Difference 5% 0% 7% 8% 10% - 9% 69% 2% - 3% 0% 0% 25% - 17% - 5% - 1% - 15% - 5% 0% - 7% 20% - 1% 9% 0% - 3% 0% 4% CR Approved GESE Budget by the Board of Trustees on April 16, 2021 For the fiscal year ending September 30, 2022 �.,�FW1OYEES'&j , a MEM The following budget represents the fiscal year 2021-22 financial requirements necessary to support the approximately $779 2 million GESE Trust Fund, which serves 4,143 members as of Fiscal year 2020 Personnel Services Regular Salary & Wages Pension Administrator Treasurer Benefit/Accountant Administrative Assistant III Payroll Specialist II Benefits Specialist Data Benefit Analyst Fund Accountant Office/Facility Attendant Administrative Aide New Hire Total Salaries ORACLE 2020/2021 2021/2022 APPROVED PROPOSED OBJECT BOARD BOARD CODE BUDGET BUDGET Diff. $ 512000 169,835 68,080 60,000 72,990 56,987 63,211 57,198 60,720 39,592 40,346 0 174,930 68,080 60,000 72,990 56,987 63,211 57,198 60,720 39,592 40,346 50,000 $688,959 $744,054 $55,095 8.0% Special Pay (OT & Balance Payout) 512000 30,000 30,000 Deferred Compensation 21,791 21,791 Total Salaries & Wages $740,750 $795,845 Board Members Salaries 511000 $18,000 $0 Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 521000 67,946 72,919 Retirement Contributions 522000 293,777 318,079 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 523000 224,871 247,121 Workers' Compensation 524000 3,500 3,200 Total Personnel Services $1,354,844 $1,443,164 $88,320 6.5% Professional Services Investment Consultant 531000 278,477 263,477 Consulting Actuary 177,500 193,500 Special Consulting Actuary 20,000 20,000 Computer Specialists 107,000 107,000 Other (Banking Fees, Paychex, Death Audit) 25,678 34,278 Total Professional Services 531000 608,655 618,255 Legal Fees 531010 138,000 133,000 Legal Fees -IRS Private Letter Ruling 531010 0 100,000 Medical Advisors and Specialists 531020 7,500 7,500 Auditing Services 532000 72,000 70,000 Total Professional Services $826,155 $928,755 $102,600 12.4% Budget Summary 2021-22 1 EH 5/25/2021 6:11 PM Approved GESE Budget by the Board of Trustees on April 16, 2021 For the fiscal year ending September 30, 2022 ORACLE 2020/2021 2021/2022 APPROVED PROPOSED OBJECT BOARD BOARD CODE BUDGET BUDGET Diff. $ Office & Administrative Travel and Training (Conference Per Diem) 540000 25,000 25,000 Communications & Related Services 541000 33,846 42,222 (Office phones, Cellphone allowances, and Internet) Postage & Courier 541100 15,000 12,500 Printing and Binding 547000 11,600 11,000 (TAX forms, Retiree Payrolls, Annual Statements) Advertising & related costs 551000 4,500 4,500 Office Supplies+ Meeting Expenses 552000 45,000 42,000 Operating Supplies (Death Certificates & Notary) 554000 500 600 Subscriptions, Memberships, Licenses 4,555 4,515 Total Office & Administrative $140,001 $142,337 $2,336 1.7% Insurance & Occupancy Insurance (Commercial Property & Liability) Total Insurance $56,642 $61,870 $5,228 9.2% Utility Services (Electricity, Water, Garbage) 543000 30,157 28,757 Rentals & Leases 544000 26,700 26,500 IT Repair & Maintenance Services 546001 333,711 295,965 Building Repair, Maintenance & Capital Outlays 546000 170,000 145,000 Building Insurance Ded (Hurricane repairs) 546000 41,065 41,065 Bldg Use Allowance /Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 44,500 43,000 Total Insurance & Occupancy $691,133 $625,287 ($65,846) -9.5% TOTAL ADMINISTRATIVE COSTS $3,068,775 $3,201,413 $132,638 4.3% (Detailed ofAdmin Budget Items on Exhibit A) ACTUARIAL FUNDING REQUIREMENT 522000 $54,121,724 $54,249,776 (Assumes one lump sum payment) Budget Summary 2021-22 2 EH 5/25/2021 6:11 PM Proposed GESE Budget by the Board of Trustees on April 16, 2021 For the fiscal year ending September 30, 2022 2020/2021 2020/2021 Board Approved Board Approved BUDGET BUDGET Regular Salaries $688,959 $744,054 8.0% - Based on current salaries. Special Pay $30,000 $30,000 0.0% - Over -Time /Temp - Accumulated Balances Payout Deferred Compensation $21,791 $21,791 0.0% Board Members Salaries $18,000 $0-100.0°A) - $300/month X 5 board members Car Allowance $6,000 $6,000 0.0°A) - Administrator ($500/month) Payroll Taxes $67,946 $72,919 7.3% -Based on 10% of salary expenditure Retirement Contributions $293,777 $318,079 8.3% - Actuarially determined cost for Staff Defined Benefit Plan+ Staff Excess Health -Dental & Life A/D Insurance $224,871 $247,121 9.9°A) - Insurance Workers' Compensation $3,500 - Based on salary expenditure $3,200 -8.6% Investment Consultant $278,477 $263,477 -5.4% - Quarterly Performance Evaluation ($10,730/month) $151,177 $151,177 - Travel expenses ($900 x 7 trips) $6,300 $6,300 - Comprehensive Financial Annual Report - Review & GASB 40 data $26,000 $26,000 - Staff Pension Plan at $6,000 & Drop Plan at $32,000 $38,000 $38,000 - Security analysis and other $5,000 $5,000 - Proxy voting review $5,000 $5,000 - Money Manager Search $6,000 / Security Litigation $4,000 $10,000 $10,000 - Asset Liability Management Study (ALM)** Every 5 Years $0 $15,000 - 3 Year Experience Study **(Required by Ordinance) $30,000 $0 - GASB 67 &72 $7,000 $7,000 Consulting Actuary $177,500 $193,500 9.0% - Fee per contract for GESE & Staff actuarial valuations $121,000 $121,000 - Customization due to Ordinance changes $30,000 $25,000 - Additional actuarial expenditure estimate $25,000 $20,000 - Asset Liability Management Study (ALM) ** Every 5 Years $0 $27,500 - 3 Year Experience Study $1,500 $0 Special Consulting Actuary $20,000 $20,000 0.0% -Fase2 Exhibit -A FY 2022 3 EH 5/25/2021 6:11 PM Proposed GESE Budget by the Board of Trustees on April 16, 2021 For the fiscal year ending September 30, 2022 2020/2021 2020/2021 Board Approved Board Approved BUDGET BUDGET Computer Specialists $107,000 $107,000 0.0% - Data Analyst Consultant $60,000 $60,000 - Computer Service Consultant $47,000 $47,000 Other professional services $25,678 $34,278 33.5% - Paychex payroll services + Quarterly Reports $5,662 $5,808 - Pension Death Audit $2,616 $6,762 - Other professional services including bank fees $17,400 $21,708 Legal Fees - Ronald Silver's fees - Peter Schwedock (Disabilty Attorney) - Other legal (Lawsuit; Ordinances; Case Contingency) Legal Fees - IRS Private Letter Ruling $138,000 $133,000 -3.6% $100,000 $100,000 $8,000 $8,000 $30,000 $25,000 $0 $100,000 $0 $100,000 Medical Advisors & Specialists $7,500 $7,500 0.0% - Estimated amount based on current trend Auditing Services & Others - Anthony Brunson, P.A. based on historical fees - Audit Equity Manager (Historical fees ) Travel and Training (Conference Per Diem) - Trustees Educational Seminars & Conferences (IFEBP & FPPTA) - Staff Educational Training, Travel & Tuition Reimbursement $72,000 $70,000 -2.8% $67,000 $67,000 $5,000 $3,000 $25,000 $25,000 0.0% $20,000 $20,000 $5,000 $5,000 Communications & related services $33,846 $42,222 24.7% - 2 Cellular phone allowance ($100/month) $2,400 $2,400 - Phone service including local, long distance and intemet $31,446 $39,822 Postage& Courier $15,000 - Postage machine & courier - based on estimated amount Printing & Binding - Retiree checks, Annual SSTS, 1099-R Tax FORMS - Annual Report - Summary Plan Description - Stationary $12,500 -16.7% $11,600 $11,000 -5.2% $4,600 $1,500 $3,000 $2,500 $4,800 $2,000 $2,000 $2,200 Exhibit -A FY 2022 4 EH 5/25/2021 6,11 PM Proposed GESE Budget by the Board of Trustees on April 16, 2021 For the fiscal year ending September 30, 2022 Advertising & Related Costs - Estimated based on past experience of each Miami Herald display (advertisement cost approx. $650 & Others $250-$400) 2020/2021 2020/2021 Board Approved Board Approved BUDGET BUDGET $4,500 $4,500 0.0% Office Supplies + Meeting Expenses $45,000 $42,000 -6.7% - Amount based on past and current expenditure Operating Supplies $500 $600 20.0% - Death Certificates & Renewal of Notary (4 staff ) Subscriptions, Memberships, Licenses $4,555 $4,515 -0.9% - FPPTA membership fees $1,100 $1,000 - IFEBP membership fees $1,400 $1,455 - GFOA membership + CAFR fees $1,380 $1,410 - Pension & CCH Tax Guide $225 $200 - The Miami Herald & The Wall Street $250 $450 - Pension Investment (P&I) $200 $0 Insurance - Commercial Property & Liability Based on current premium from Marsh & McLennan Agency (Approx. 10 %) $56,642 $61,870 9.2% - Commercial Package Policy - Primary Umbrella $10M Limit $25,072 $29,550 - Primary Crime - $5M Limit $6,699 $7,705 - Cyber Liability $18,577 $18,115 - Wind Insurance Liability $6,294 $6,500 Utility Services - Electricity based on estimated amount - Water & Sewer based on estimated amount - Garbage based on estimated amount $30,157 $28,757 -4.6% $16,350 $1,900 $11,907 $15,000 $1,850 $11,907 Rentals & Leases $26,700 - Equipment rental based on last year expenditure. $26,500 -0.7% Exhibit -A FY 2022 5 EH 5/25/2021 6:11 PM Proposed GESE Budget by the Board of Trustees on April 16, 2021 For the fiscal year ending September 30, 2022 Repair & Maintenance Services (Based on Historical Cost) 2020/2021 2020/2021 Board Approved Board Approved BUDGET BUDGET IT Repair & Maintenance $333,711 $295,965 -11.3% Pension System -Accounting Financial System -Others - PENSION SYSTEM CHANGES ( WEB -Member Services) $115,000 $80,000 - Support & Software maintenance $127,797 $130,331 - Imaging software maintenance & support fee $7,259 $7,259 - IQ software maintenance & support fee $3,355 $3,355 - PCX Imaging licences $9,035 $9,035 - Customization $20,000 $15,000 - Business Continuity plan maintenance & support fee $13,530 $13,500 - Payroll backup fee -Event Response $3,000 $3,000 - Payroll Processing Fee & Pension Benefit Audit Search $7,000 $7,000 - BIS digital recording maintenance $2,485 $2,485 - Tab/Smead Filing software maintenance $3,250 $3,000 - IT -Audit & Accounting Server $4,500 $3,500 - AccPac SAGE Accounting Software & Maintenance/Support $8,000 $9,500 - IT Monitoring of Firewall & Malware $5,000 $4,500 - Website / Logmeln / $4,500 $4,500 Building Repairs & Maintenance - Office building maintenance - Building repairs & Capital Outlays (Historical) Building Insurance Deductibles - Building insurance deductible (Wind+Flood) Bldg Use Allowance/ Depreciation - Depreciation: GESE building based on 39 yr straight-line $170,000 $145,000 -14.7% $70,000 $75,000 $100,000 $70,000 $41,065 $41,065 $45,000 $45,000 Machinery & Equipment - (Historical purchases per Market Prices) $44,500 $43,000 -3.4% - Server Equipment $16,500 $16,500 - Computers (Archiving/Microsoft Office/Sage) $2,500 $2,500 - Capital Equipment outlay (A/C condenser, DATA Cent Equiment & E chage syste) $25,500 $24,000 TOTAL ADMINISTRATIVE COSTS $3,068,775 $3,201,413 4.3% Exhibit -A FY 2022 6 EH 5/25/2021 6:11 PM