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HomeMy WebLinkAboutExhibit ACity of Miami GESE Retirement Trust Budget Template FY 2022-23 Proposed Budget FY 2017-18 Actual FY 2018-19 Actual FY 2019-20 Actual FY 2020-21 Actual FY 2021-22 Budget FY 2021-22 Projection FY 2022-23 Proposed Approved budget Number of Full -Time Positions 10 10 9 9 10 10 10 Approved budget $3,377,792.00 $3,274,749.00 $3,052,080.00 $2,676,520.59 $3,201,413.00 $3,201,413.00 $3,053,661.00 Approved Budget Grand Total $3,377,792.00 $3,274,749.00 $3,052,080.00 $2,676,520.59 $3,201,413.00 $3,201,413.00 $3,053,661.00 Expenditures 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2022 9/30/2023 Regular Salary and Wages $810,585 $735,044 $731,113 $775,013 $795,845 $795,845 $763,462 Fringe Benefits $6,000 $6,023 $6,046 $6,023 $6,000 $6,000 $6,000 FICA Taxes $54,380 $52,107 $52,096 $54,818 $72,919 $72,919 $68,890 Retirement Contributions $276,246 $273,659 $261,237 $294,083 $318,079 $318,079 $291,064 Life and Health Insurance $194,132 $191,153 $163,378 $215,536 $247,121 $247,121 $230,370 Workers' Compensation $2,426 $2,012 $1,641 $1,582 $3,200 $3,200 $3,000 Professional Services - Legal $147,342 $127,735 $160,058 $121,268 $233,000 $233,000 $143,000 Professional Services $662,702 $536,795 $530,654 $529,743 $618,255 $618,255 $585,471 Accounting and Auditing $74,515 $47,500 $74,538 $65,716 $70,000 $70,000 $72,000 Other Contractual Services/ Medical advisors $218 $109 $0 $0 $7,500 $7,500 $7,500 Travel and Per Diem $37,523 $45,720 $26,122 $5,742 $25,000 $25,000 $27,500 Communications and Related Services $41,284 $29,081 $34,998 $42,640 $42,222 $42,222 $45,057 Postage $14,376 $9,026 $8,281 $6,002 $12,500 $12,500 $12,500 Utility $21,912 $23,412 $22,615 $22,243 $28,757 $28,757 $29,600 Rentals and Leases $17,778 $20,428 $21,677 $19,974 $26,500 $26,500 $26,850 Building Repair and Maintenance $136,038 $193,818 $182,880 $110,107 $145,000 $145,000 $148,000 IT Maintenance $271,055 $203,297 $223,885 $235,128 $295,965 $295,965 $322,669 Printing and Binding $1,343 $4,907 $405 $5,303 $11,000 $11,000 $12,410 Advertising and Related Costs $4,148 $2,153 $406 $4,102 $4,500 $4,500 $5,000 Office Supplies $92,483 $23,605 $18,047 $16,663 $42,000 $42,000 $40,000 Operating Supplies $100 $653 $439 $126 $600 $600 $500 Subscriptions, Memberships, and Licenses $3,313 $3,188 $2,417 $2,109 $4,515 $4,515 $4,425 Insurance $155,960 $186,745 $17,172 $43,385 $61,870 $61,870 $76,828 Insurance deductible In Case of loss/ ex: Hurricane - - - $0 $41,065 $41,065 $41,065 Capital Projects and Purchases $47,610 $44,495 $39,425 $55,163 $43,000 $43,000 $45,500 Depreciation / Use Allowance $44,054 $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 $2,676,521 $3,201,413 $3,201,413 $3,053,661 Printed: 7/22/2022 2:48 PM Page 1 of 2 Difference -4% 0% -6% -8% -7% -6% -39% -5% 3% 0% 10% 7% 0% 3% 1% 2% 9% 13% 11% -5% -17% -2% 24% 0% 6% 0% -5% Approved GESE Budget by the Board of Trustees on March 18, 2022 For the fiscal year ending September 30, 2023 �A4E10.011EE5& , a The following budget represents the fiscal year 2022-23 financial requirements necessary to support the approximately $939 3 million GESE Trust Fund, which serves 4,113 members as of Fiscal Year 2021 ORACLE 2021/2022 2022/2023 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Diff. $ Personnel Services MEN Regular Salary & Wages 512000 Pension Administrator 174,930 180,180 Treasurer 68,080 0 Administrative Assistant III 72,990 0 Benefit/Accountant 60,000 63,000 Payroll Specialist II 56,987 56,987 Administrative Assistant/Benefits Specialist 63,211 76,485 Senior Fund Accountant 60,720 70,131 Payroll Benefit Assistant 57,198 69,208 Administrative Aide III 40,346 48,819 Office/Facility Attendant 39,592 50,000 Staff Accountant 50,000 60,060 Benefit Analyst 0 52,322 Total Salaries S744,054 $727,192 ($16,862) -2.27% Special Pay (OT & Balance Payout) 512000 30,000 30,000 Deferred Compensation 21,791 6,270 Total Salaries & Wages S795,845 S763,462 Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 521000 72,919 68,890 Retirement Contributions 522000 318,079 291,064 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 523000 247,124 230,370 Workers' Compensation 524000 3,200 3,000 Total Personnel Services $1,443,167 $1,362,786 ($80,381) -5.57% Professional Services Investment Consultant Consulting Actuary Special Consulting Actuary Computer Specialists Other (Banking Fees, Paychex, Death Audit) Total Professional Services 531000 531000 263,477 248,477 193,500 166,000 20,000 20,000 107,000 112,000 34,278 38,994 618,255 585,471 Legal Fees 531010 133,000 143,000 Legal Fees -IRS Private Letter Ruling 531010 100,000 0 Medical Advisors and Specialists 531020 7,500 7,500 Auditing Services 532000 70,000 72,000 Total Professional Services $928,755 $807,971 ($120,784) -13.00% Budget Summary FY 2022-23 1 EH 4/19/2022 1:51 PM Approved GESE Budget by the Board of Trustees on March 18, 2022 For the fiscal year ending September 30, 2023 ����tatPEOYEES&4, 44 ORACLE 2021/2022 2022/2023 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Diff. $ Office & Administrative Travel and Training (Conference Per Diem) 540000 25,000 27,500 Communications & Related Services 541000 42,222 45,057 (Office phones, Cellphone allowances, and Internet) 541100 Postage & Courier 12,500 12,500 MEN Printing and Binding 547000 11,000 12,410 (TAX forms, Retiree Payrolls, Annual Statements) Advertising & related costs 551000 4,500 5,000 Office Supplies+ Meeting Expenses 552000 42,000 40,000 Operating Supplies (Death Certificates & Notary) 554000 600 500 Subscriptions, Memberships, Licenses 4,515 4,425 Total Office & Administrative $142,337 $147,392 $5,055 3.55% Insurance & Occupancy Insurance (Commercial Property & Liability) Total Insurance $61,870 $76,828 $14,958 24.18% Utility Services (Electricity, Water, Garbage) 543000 28,757 29,600 Rentals & Leases 544000 26,500 26,850 IT Repair & Maintenance Services 546001 295,965 322,669 Building Repair, Maintenance & Capital Outlays 546000 145,000 148,000 Building Insurance Ded (Hurricane repairs) 546000 41,065 41,065 Bldg Use Allowance /Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 43,000 45,500 Total Occupancy $625,287 $658,684 $33,397 5.34% TOTAL ADMINISTRATIVE COSTS $3,201,416 $3,053,661 ($147,755) -4.62% (Detailed ofAdmin Budget Items on Exhibit A) ACTUARIAL FUNDING REQUIREMENT 522000 $54,249,776 $55,325,610 (Assumes one lump sum payment) Budget Summary FY 2022-23 2 EH 4/19/2022 1:51 PM