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HomeMy WebLinkAboutExhibit Az, EMPLOYEES' g_y� 4.FMENt MEMORANDUM ti TO: Honorable Mayor and Members DATE: July 31, 2023 of the City of Miami Commission e•ff-aA-d14/QA-e-a-ii-dej FROM: Mr. Edgard Hernandez Pension Administrator SUBJECT: City of Miami General Employees' & Sanitation Employees' Retirement Trust FY 2023/2024 Budget Approval Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Retirement Trust Fund for Fiscal Year 2023/2024. The Board of Trustees at their Board Meeting of March 17, 2023, approved this budget. We respectfully request your approval of this budget at your meeting scheduled for September 9, 2023. Enclosures c: Board of Trustees Ronald A. Silver, Legal Counsel Arthur Noriega, City Manager N:\MISC2G2\MEMGNANGNM FOR CITY APPROVAL OF EUDGET.000X City of Miami GESE Retirement Trust Budget Template FY 2023-24 Proposed Budget FY 2018-19 Actual FY 2019-20 Actual FY 2020-21 Actual FY 2021-22 Actual FY 2022-23 Budget FY 2022-23 Projection FY 2023-24 Proposed Difference Approved budget Number of Full -Time Positions 10 10 9 9 10 10 10 Approved budget $3,274,749 $3,052,080 $2,676,521 $286,702 $3,053,661 $3,053,661 $3,098,824 Approved Budget Grand Total $3,274,749 $3,052,080 $2,676,521 $2,867,072 $3,053,661 $3,053,661 $3,098,824 Expenditures 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2023 9/30/2024 Regular Salary and Wages $735,044 $731,113 $758,750 $848,786 $763,462 $763,462 $792,609 4% Fringe Benefits $6,023 $6,046 $6,000 $6,023 $6,000 $6,000 $6,000 0% FICA Taxes $52,107 $52,096 $67,946 $60,577 $68,890 $68,890 $71,731 4% Retirement Contributions $273,659 $261,237 $293,777 $311,855 $291,064 $291,064 $321,853 11% Life and Health Insurance $191,153 $163,378 $224,871 $165,162 $230,370 $230,370 $174,816 -24% Workers' Compensation $2,012 $1,641 $3,500 $1,760 $3,000 $3,000 $3,000 0% Professional Services - Legal $127,735 $160,058 $138,000 $93,367 $143,000 $143,000 $138,000 -3% Professional Services $536,795 $530,654 $608,655 $562,301 $585,471 $585,471 $625,923 7% Accounting and Auditing $47,500 $74,538 $72,000 $66,260 $72,000 $72,000 $75,500 5% Other Contractual Services/ Medical advisors $109 $0 $7,500 $1,260 $7,500 $7,500 $7,500 0% Travel and Per Diem $45,720 $26,122 $25,000 $30,832 $27,500 $27,500 $31,000 13% Communications and Related Services $29,081 $34,998 $33,846 $43,255 $45,057 $45,057 $45,269 0% Postage $9,026 $8,281 $15,000 $6,478 $12,500 $12,500 $10,500 -16% Utility $23,412 $22,615 $30,157 $24,020 $29,600 $29,600 $29,565 0% Rentals and Leases $20,428 $21,677 $26,700 $21,592 $26,850 $26,850 $26,644 -1% Building Repair and Maintenance $193,818 $182,880 $170,000 $79,946 $148,000 $148,000 $153,000 3% IT Maintenance $203,297 $223,885 $333,711 $207,274 $322,669 $322,669 $311,902 -3% Printing and Binding $4,907 $405 $11,600 $1,245 $12,410 $12,410 $12,360 0% Advertising and Related Costs $2,153 $406 $4,500 $4,888 $5,000 $5,000 $5,000 0% Office Supplies $23,605 $18,047 $45,000 $23,329 $40,000 $40,000 $40,000 0% Operating Supplies $653 $439 $500 $501 $500 $500 $500 0% Subscriptions, Memberships, and Licenses $3,188 $2,417 $4,555 $2,105 $4,425 $4,425 $4,775 8% Insurance $186,745 $17,172 $56,642 $192,245 $76,828 $76,828 $80,312 5% Insurance deductible In Case of loss/ ex: Hurricane - - 41,065.00 - $41,065 $41,065 $41,065 0% Capital Projects and Purchases $44,495 $39,425 $44,500 $67,957 $45,500 $45,500 $45,000 -1% Depreciation / Use Allowance $44,054 $44,054 $45,000 $44,054 $45,000 $45,000 $45,000 0% Budget Reserve - - - - - - - - Expenditure Grand Total $2,806,718 $2,623,582 $3,068,775 $2,867,072 $3,053,661 $3,053,661 $3,098,824 1.5% Difference $633,313 $754,210 -$244,326 -$42,623 -$3,053,661 -$3,053,661 -$3,098,824 Printed: 8/17/2023 11:24 AM Page 1 of 1 CR Approved GESE Budget by the Board of Trustees on March 17, 2023 For the fiscal year ending September 30, 2024 CMPLOYEE3,3 g��v�u•- '�4Yi4 *FM EX1 The following budget represents the fiscal year 2023-24 financial requirements necessary to support the approximately $786.8 million GESE Trust Fund, which serves 4,163 members as of Fiscal year 2022 ORACLE 2022/2023 2023/2024 APPROVED APPROVED OBJECT BOARD BOARD CODE BUDGET BUDGET Diff. $ Personnel Services Regular Salary & Wages 512000 Pension Administrator 180,180 189,191 Administrative Assistant/Benefits Specialist 76,485 80,318 Senior Fund Accountant 70,131 73,639 Benefit Staff Accountant 63,000 66,151 Staff Accountant 60,060 63,064 Benefi Information Analyst 69,208 69,208 Payroll Specialist II 56,987 0 Benefit Analyst 0 59,837 Administrative Aide III 48,819 51,262 Office/Building Attendant 50,000 55,000 Benefit Analyst 52,322 54,939 Total Salaries $727,192 $762,609 $35,417 4.87% Special Pay (Sick / Vac Balance Payout - OT) 512000 30,000 30,000 Deferred Compensation 6,270 0 - Total Salaries & Wages $763,462 $792,609 Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 521000 68,890 71,731 Retirement Contributions 522000 291,064 321,853 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 523000 230,370 174,816 Workers' Compensation 524000 3,000 3,000 Total Personnel Services $1,362,786 $1,370,009 $7,223 0.53% Professional Services Investment Consultant 531000 248,477 291,936 Consulting Actuary 166,000 171,000 Special Consulting Actuary 20,000 20,000 Computer Specialists 112,000 117,000 Other (Banking Fees, Paychex, Death Audit) 38,994 25,987 Total Professional Services 531000 585,471 625,923 Legal Fees 531010 143,000 138,000 Medical Advisors and Specialists 531020 7,500 7,500 Auditing Services 532000 72,000 75,500 Total Professional Services $807,971 $846,923 $38,952 4.82% Budget Summary 2023-24 EH 5/15/2023 12:02 PM Approved GESE Budget by the Board of Trustees on March 17, 2023 For the fiscal year ending September 30, 2024 ORACLE 2022/2023 2023/2024 APPROVED APPROVED OBJECT BOARD BOARD CODE BUDGET BUDGET Diff. S Office & Administrative Travel and Training (Conference Per Diem) 540000 27,500 31,000 Communications & Related Services 541000 45,057 45,269 (Office phones, Cellphone allowances, and Internet) Postage & Courier 12,500 10,500 Printing and Binding 547000 12,410 12,360 (Tax forms, Retiree Payrolls, Annual Statements) Advertising & related costs 551000 5,000 5,000 Office Supplies + Meeting Expenses 552000 40,000 40,000 Operating Supplies (Death Certificates & Notary) 554000 500 500 Subscriptions, Memberships, Licenses 4,425 4,775 Total Office & Administrative $147,392 $149,404 $2,012 1.37% Insurance & Occupancy Insurance (Commercial Property & Liability) Total Insurance $76,828 $80,312 $3,484 4.53% Utility Services (Electricity, Water, Garbage) 543000 29,600 29,565 Rentals & Leases 544000 26,850 26,644 IT Repair & Maintenance Services 546001 322,669 311,902 Building Repair, Maintenance & Capital Outlays 546000 148,000 153,000 Building Insurance Ded (Hurricane repairs) 546000 41,065 41,065 Bldg Use Allowance / Depreciation 559000 45,000 45,000 Machinery & Equipment 664000 45,500 45,000 Total Occupancy $658,684 $652,176 ($6,508) -0.99% TOTAL ADMINISTRATIVE COSTS $3,053,661 $3,098,824 $45,163 1.48% (Detailed ofAdmin Budget Items on Exhibit A) ACTUARIAL FUNDING REQUIREMENT 522000 $55,325,610 $53,457,831 ($1,867,779) -3.38% (Assumes one lump sum payment) TOTAL BUDGETARY COST $58,379,271 $56,556,655 Budget Summary 2023-24 2 EH 5/15/2023 12:02 PM