HomeMy WebLinkAboutExhibit A4�0 EMP L0V EES' $
CEMENT
MEMORANDUM
TO:
Honorable Mayor and Members DATE:
of the City of Miami Commission
# -t- r4uZy
FROM: Edgard Hernandez �/!
Pension Administrator
SUBJECT:
July 11, 2024
City of Miami General
Employees' & Sanitation
Employees' Excess Benefit
Plan FY 2024/2025
Budget Approval
Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Excess
Benefit Plan for Fiscal Year 2024/2025. The Board of Trustees approved this budget at the Board
Meeting of March 22, 2024.
We respectfully request your approval of this budget at your meeting scheduled for September 12,
2024.
Enclosures
CC: Board of Trustees
Ronald A. Silver, Legal Counsel
Arthur Noriega, City Manager
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
Budget Template FY 2024-25 Proposed Budget
FY 2021-22 Actual
FY 2022-23 Actual
FY 2023-24 Adopted
FY 2023-24 Projection
FY 2024-25 Proposed
Difference %
Notes
Number of Full -Time Positions
9
10
10
10
10
Are any positions funded in other budgets?
No
No
No
No
No
Revenues
Approved budget
$110,991
$106,363
$108,105
$108,105
$113,649
5%
Approved Budget Grand Total
$110,991
$106,363
$108,105
$108,105
$113,649
Expenditures
Regular Salary and Wages
35,045
35,000
37,000
37,000
40,500
9%
Fringe Benefits
-
-
-
-
-
-
FICA Taxes
3,278
2,957
3,150
3,150
3,096
-2%
Professional Services - Legal
10,000
5,000
5,000
5,000
6,000
20%
Professional Services
37,335
38,050
43,150
43,150
45,350
5%
Accounting and Auditing
1,440
1,440
1,510
1,510
1,600
6%
Travel and Per Diem
-
-
-
-
-
-
Communications and Related Services
400
1,300
1,350
1,350
1,418
5%
Postage
150
150
150
150
100
-33%
Utility
288
296
350
350
410
17%
Rentals and Leases
265
265
265
265
275
4%
Repair and Maintenance Services
13,050
12,050
11,300
11,300
10,000
-12%
Maintenance -IT
-
-
-
-
-
-
Printing and Binding Outsource
550
620
620
620
620
0%
Advertising and Related Costs
50
60
60
60
60
0%
Office Supplies
425
400
400
400
400
0%
Subscriptions, Memberships, and
Licenses
-
-
-
-
-
-
Insurance
1.975
1.975
2.000
2.000
2.170
9%
Machinery and Equipment
1,290
1,350
1,350
1,350
1,200
-11%
Depreciation / Use Allowance
450
450
450
450
450
0%
Insurance deductible in case of loss/ ex:
Hurricane
-
-
-
-
-
-
Budget Reserve
-
-
-
-
-
-
Expenditure Grand Total
105,991
101,363
108,105
108,105
113,649
5%
Commissioners
110,991
106,363
108,105
108,105
113,649
5%
Difference
5,000
5,000
Excess Benefit Budget Approved At The Board of Trustees Meeting on March 22, 2024
For the fiscal year ending September 30, 2024
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
Professional Services
531000 Consulting Actuary
- Fee per contract for Excess actuarial valuation
- Special Projects (Not based on GESE's Budget)
- GASB 67 & 68
25,000
6,000
5,000
36.000
531000 Auditing Services
- Financial Statements (2% of GESE's budget) 800
- Annual Comprehensive Financial Report-ACFR 800
1,600
531000 Other Services
- Bank Service Fees/Paychex
531000 Computer Specialists
- Based on 5% of GESE's Budget
531010 Legal Fees
- 5% Based on Attorney's fees
Office & Administrative
541000 Communications & related services
- Local, long distance, Internet and cell phone service - 3% of GESE's Budgel
541100 Postage
- Based on estimated amount (1% of GESE's Budget)
547100 Printing & Binding - Outsourcing
- Based on 5% of GESE's Budget
548100 Advertising Sr Related Costs
- Based on 1% of GESE's Budget
551000 Office Supplies & Meeting Expenses
- Based on 1% of GESE's Budget
Insurance & Occupancy
545000 Insurance - Commercial property & liability
- Based on estimated amount and 1% of GESE's Budget
545000 Insurance - Fidelity & Fiduciary
- Based on 1% of GESE's Budget
543000 Utility Services
- Electricity, water, sewer & garbage based on 1% of GESE's Budget
544000 Rentals & Leases
- Based on estimated amount and 1% of GESE's Budget
546000 Repair & Maintenence Services
- IT Repairs & Customizations (Pension/Accounting/Servers)
-Based on 3% of GESE's Building Maintenance
559000 Bldg Use Allowance / Depreciation
- Use of GESE building based on 1% of GESE's Budgel
664000 Machinery & Equipment
- Use of GESE building based on 3% of GESE's Budgel
TOTAL ADMINISTRATIVE COSTS
6.000
4.000
10.000
2023/2024 2024/2025
Board Approved Board Approved
Budget Budget
$36,000 $39,000
$1,000 $1,500
$3,150 $3,096
$35,000 $36,000
$1,510 $1,600
$2,300 $3,000
$5,850 $6,350
$5,000 $6,000
$1,350 $1,418
$150 $100
$620 $620
$60 $60
$400 $400
$700 $770
$1,300 $1,400
$350 $410
$265 $275
$11,300 $10,000
$450 $450
$1,350 $1,200
$108,105 $113,649 5.1%
Excess Budget 2024-2025
EXCESS BUDGET
- EH 5/28/2024 4:11 PM