Loading...
HomeMy WebLinkAboutExhibit ACity of Miami GESE Retirement Trust Budget Template FY 2025-26 Proposed Budget FY 2022-23 Actual FY 2023-24 Actual FY 2024-25 Adopted FY 2024-25 Projection FY 2025-26 Proposed Difference Difference Notes Number of Full -Time Positions 10 10 10 10 10 0 0 Are any positions funded in other budgets? No No No No No Revenues Approved budget $3,053,661 $3,098,824 $3,247,608 $3,248,608 $3,345,018 +$97,410 3% Approved Budget Grand Total $3,053,661 $3,098,824 $3,247,608 $3,248,608 $3,345,018 $97,410 Expenditures ® M_ I Regular Salary and Wages $831,028 $856,295 $917,263 $917,263 $980,520 +$63,257 6.9% Fringe Benefits $6,000 $6,023 $6,000 $6,000 $6,000 $0 0.00% FICA Taxes $59,455 $61,868 $76,682 $76,682 $78,452 +$1,770 2.31% Retirement Contributions $284,993 $315,782 $388,536 $388,536 $424,456 +$35,920 9.24% Life and Health Insurance $111,502 $127,640 $169,752 $169,752 $175,872 +$6,120 3.61% Workers' Compensation $1,577 $1,557 $2,500 $2,500 $2,500 $0 0.00% Professional Services - Legal $108,620 $114,060 $144,750 $144,750 $151,988 +$7,238 5.00% Professional Services $532,119 $587,399 $615,743 $615,743 $638,895 +$23,152 3.76% Accounting and Auditing $68,980 $68,840 $74,500 $74,500 $74,500 $0 0.00% Other Contractual Services $746 $527 $6,500 $6,500 $6,000 -$500 -7.69% Travel and Per Diem $18,581 $37,340 $32,000 $32,000 $30,000 -$2,000 -6.25% Communications and Related Services $43,853 $38,251 $45,656 $45,656 $42,292 -$3,364 -7.37% Postage $11,557 $4,148 $10,000 $10,000 $9,000 -$1,000 -10.00% Utility $26,824 $25,653 $29,754 $29,754 $29,513 -$241 -0.81% Rentals and Leases $20,086 $24,114 $27,072 $27,072 $25,058 -$2,014 -7.44% Repair and Maintenance Services $181,930 $159,507 $135,000 $135,000 $122,000 -$13,000 -9.63% Maintenance -IT $197,434 $187,380 $294,773 $294,773 $282,354 -$12,419 -4.21% Printing and Binding Outsource $10,749 $759 $12,465 $12,465 $11,120 -$1,345 -10.79% Advertising and Related Costs $1,098 $1,292 $4,500 $4,500 $4,250 -$250 -5.56% Office Supplies $24,344 $33,224 $35,000 $35,000 $35,000 $0 0.00% Operating Supplies $644 $1,089 $500 $500 $600 +$100 20.00% Subscriptions, Memberships, and Licenses $5,127 $2,036 $5,142 $5,142 $5,158 +$16 0.31% Insurance $33,086 $80,594 $87,955 $87,955 $90,925 +$2,970 3.38% Capital Projects and Purchases $48,923 $53,468 $39,500 $39,500 $32,500 -$7,000 -17.72% Depreciation / Use Allowance $44,054 $44,054 $45,000 $45,000 $45,000 $0 0.00% Insurance deductible in case of loss/ ex: Hurricane $0 $0 $41,065 $41,065 $41,065 $0 0.00% Budget Reserve $0 $0 $0 $0 $0 $0 - Expenditure Grand Total $2,673,309 $2,832,896 $3,247,608 $3,247,608 $3,345,018 +$97,410 3.00% Commissioners 3,053,661 3,053,661 3,247,608 Approved GESE Trust Budget by the Board of Trustees on April 25, 2025 For the Fiscal Year ending September 30, 2026 cworEEs'a 4.4. *eNEN The following budget represents the Fiscal Year 2025-2026 financial requirements necessary to support approximately $1.067 Billion GESE Trust Fund, which serves 4,240 members as of fiscal year 2024 2024/2025 2025/2026 APPROVED APPROVED BOARD BOARD BUDGET BUDGET Diff. $ Personnel Services Regular Salary & Wages Pension Administrator 212,576 223,205 Administrative Assistant III 94,503 105,182 Senior Fund Accountant 86,644 91,843 Revenue Staff Accountant 74,202 79,441 Staff Accountant 77,834 82,504 Sr. Benefit Analyst 81,430 86,234 Payroll Analyst 70,404 78,286 Administrative Records Assistant I 60,316 67,158 Office/Building Coordinator 64,713 72,026 Benefit Analyst 64,641 64,641 Total Salaries 887,263 Accrued Payout (Sick/Vac Balances) Pay (Over -Time) Total Salaries & Wages Fringe Benefits: 950,520 $63,257 7.1% 20,000 20,000 10,000 10,000 917,263 980,520 Car Allowance 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 76,682 78,452 Retirement Contributions 388,536 424,456 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 169,752 175,872 Workers' Compensation 2,500 2,500 Total Personnel Services 1,560,733 1,667,800 $107,067 6.9% Professional Services Investment Consultant Consulting Actuary Special Consulting Actuary Computer Specialists Other (Banking Fees, Paychex, Death Audit) Total Professional Services 531000 Legal Fees Medical Advisors and Specialists Auditing Services Total Professional Services 266,136 171,000 20,000 125,000 33,607 289,136 178,500 20,000 121,000 30,259 615,743 638,895 144,750 6,500 74,500 841,493 151,988 6,000 74,500 871,383 $29,890 3.6% Budget Summary 2025-26 EH 5/20/2025 Approved GESE Trust Budget by the Board of Trustees on April 25, 2025 For the Fiscal Year ending September 30, 2026 2024/2025 2025/2026 APPROVED APPROVED BOARD BOARD BUDGET BUDGET Diff. $ Office & Administrative OtPLOYEES'844./4. *eNEN Travel and Training (Conference Per Diem) 32,000 30,000 Communications & Related Services 45,656 42,292 (Office phones, Cellphone allowances, and Internet) Postage & Courier 10,000 9,000 Printing and Binding 12,465 11,120 (Tax forms, Retiree Payrolls, Annual Statements) Advertising & related costs 4,500 4,250 Office Supplies + Meeting Expenses 35,000 35,000 Operating Supplies (Death Certificates & Notary) 500 600 Subscriptions, Memberships, Licenses 5,142 5,158 Total Office & Administrative 145,263 137,420 ($7,843) -5.4% Insurance & Occupancy Insurance (Commercial Property & Liability) Commercial Property & Liability 87,955 90,925 Total Insurance 87,955 90,925 $2,970 3.4% Utility Services (Electricity, Water, Garbage) Rentals & Leases IT Repair & Maintenance Services Building Repair, Maintenance & Capital Outlays Building Insurance Ded (Hurricane repairs) Bldg Use Allowance / Depreciation Machinery & Equipment Total Occupancy TOTAL ADMINISTRATIVE COSTS (DetailedAdmin Budget Items on Exhibit A) ACTUARIAL FUNDING REQUIREMENT (Assumes one lump sum payment on 10/01/2025) (Excludes Max Limit Cost ) TOTAL BUDGETARY COST 29,754 27,072 294,773 135,000 41,065 45,000 39,500 29,513 25,058 282,354 122,000 41,065 45,000 32,500 612,164 577,490 ($34,674) -5.7% 3,247,608 3,345,018 $97,410 3.0% 54,856,035 57,464,659 $2,608,624 4.8% 58,103,643 60,809,677 $2,706,034 4.7% Budget Summary 2025-26 2 EH 5/20/2025 Personnel Services Approved GESE Trust Budget by the Board of Trustees on April 25, 2025 ��WP10EFs84oy For the fiscal year ending September 30, 2026 2024/2025 2025/2026 Board Approved Board Approved BUDGET BUDGET 512000 Regular Salaries $887,263 $950,520 7.1% - Based on current salaries. 512000 Special Pay $30,000 $30,000 0.0% Accrued Payout (Sick/ Vac Balance Balance) $20,000 $20,000 Pay (Over -Time) $10,000 $10,000 516000 Car Allowance $6,000 $6,000 0.0% - Administrator ($500/month) 521000 Payroll Taxes $76,682 $78,452 2.3% -Based on 10% of salary expenditure 522000 Retirement Contributions $388,536 $424,456 9.2% - Actuarially determined cost for Staff Defined Benefit Plan+ Staff Excess 523000 Health -Dental & Life A/D Insurance $169,752 $175,872 3.6% - Health Insurance ($12,400/Mthly) - Dental Insurance ($318/Mthly) - Life & Disability Insurance ($1,288/Mthly) - Bridge Insurance ($140/Mthly) 524000 Workers' Compensation $2,500 - Based on salary expenditure Professional Services $2,500 0.0% 531000 Investment Consultant $266,136 $289,136 8.6% - Quarterly Performance Evaluation ($13,653/month) $160,836 $163,836 - Travel expenses ($900 x 7 trips) $6,300 $6,300 - Annual Comprehensive Financial Report - Review & GASB 40 data $29,000 $29,000 - Drop Plans Performance review at $35,000 + Investment Policy $4000 $35,000 $39,000 - Staff Pension Plan at $7,000 + Staff Investment Policy $4000 + Asset Allocation $5000 $7,000 $16,000 - Mutual fund DROP Plan and other $5,000 $5,000 - Proxy voting review $5,000 $5,000 - Money Manager Search $7,000 / Security Litigation $10,000 $10,000 $17,000 - Asset Liability Management Study (ALM)** Every 5 Years $0 $0 - 3 Year Experience Study **(Required by Ordinance) $0 $0 - GASB 67 & 72 $8,000 $8,000 531000 Consulting Actuary $171,000 $178,500 4.4% - Fee per contract for GESE & Staff actuarial valuations $121,000 $128,500 - Customization due to Ordinance changes $25,000 $25,000 - Additional BOARD actuarial expenditure (estimated) $25,000 $25,000 - Asset Liability Management Study (ALM) * * Every 5 Years $0 $0 - 3 Year Experience Study (Required by Ordinances) $0 $0 Special Consulting Actuary $20,000 $20,000 0.0% -Fase2 Exhibit -A FY 2026 3 EH 5/20/2025 Approved GESE Trust Budget by the Board of Trustees on April 25, 2025 ��WP10EFs8�oy For the fiscal year ending September 30, 2026 BEMFNI 2024/2025 2025/2026 Board Approved Board Approved BUDGET BUDGET Cont'd Professional Services 531000 Computer Specialists $125,000 531000 Other professional services - Paychex payroll services + Quarterly Reports - Pension Death Audit - Other professional services including bank fees 531010 Legal Fees - Ronald Silver's Contractual fees - Peter Schwedock (Disabilty Attorney) - Other legal - Klausner (Lawsuit, Ordinances, Case Contingency) $33,607 $12,814 $3,573 $17,220 $144,750 $110,250 $8,000 $26,500 $121,000 -3.2% $30,259 -10.0% $7,475 $3,564 $19,220 $151,988 5.0% $115,763 $8,400 $27,825 531020 Medical Advisors & Specialists $6,500 $6,000 -7.7% - Estimated amount based on current trend 532000 Auditing Services & Others - Anthony Brunson, P.A. based on historical fees - Audit Equity Manager (Historical fees ) Office & Administrative $74,500 $74,500 0.0% $72,500 $72,500 $2,000 $2,000 540000 Travel and Training (Conference I (Excludes Max Limit Cost) $32,000 $30,000 -6.3% - Trustees Educational Seminars & Conferences (IFEBP & FPPTA) $24,000 $23,000 - Staff Educational Training, Travel & Tuition Reimbursement $8,000 $7,000 541000 Conununications & related services - 2 Cellular phone allowance ($100/month) - Phone service including local, long distance and intemet $45,656 $42,292 -7.4% $2,400 $2,880 $43,256 $39,412 541100 Postage & Courier $10,000 $9,000 -10.0% - Postage machine & courier - based on estimated amount 547000 Printing & Binding - Retiree checks, Annual Stmts, 1099-R Tax FORMS - Annual Report - Summary Plan Description - Stationary $12,465 $4,650 $1,495 $4,725 $1,595 $11,120 -10.8% $3,650 $1,260 $4,635 $1,575 Exhibit -A FY 2026 4 EH 5/20/2025 Approved GESE Trust Budget by the Board of Trustees on April 25, 2025 ��WP10EFs8�oy For the fiscal year ending September 30, 2026 Cont'd Office & Administrative 548100 Advertising & Related Costs - Estimated based on past experience of each Miami Herald display advertisement cost approx. $650 & Others $250-$400 BEMFNI 2024/2025 2025/2026 Board Approved Board Approved BUDGET BUDGET $4,500 $4,250 -5.6% 551000 Office Supplies + Meeting Expenses $35,000 $35,000 0.0% - Amount based on past and current expenditure 552000 Operating Supplies $500 $600 20.0% - Death Certificates & Renewal of Notary (4 staff ) 554000 Subscriptions, Memberships, Licenses $5,142 $5,158 0.3% - FPPTA membership fees $788 $788 - IFEBP membership fees $1,770 $1,770 - GFOA membership + ACFR fees $1,305 $1,105 - IRS-PWC Guide & AMEX $400 $625 - The Miami Herald +WSJ $590 $570 - H.R. DIRECT + Pension Investment (P&I) $289 $300 Insurance & Occupancy 545000 Insurance - Conunercial Property & Liability Based on current premium from Marsh & McLennan Agency (Approx. 10 % ) - Commercial Package Policy - Primary Umbrella $10M Limit - Primary Crime - $5M Limit - Cyber Liability - Wind Insurance Liability 543000 Utility Services - Electricity based on estimated amount - Water & Sewer based on estimated amount - Garbage based on estimated amount $87,955 $35,603 $4,652 $33,986 $13,714 $29,754 $15,000 $1,650 $13,104 $90,925 3.4% $34,691 $4,896 $35,006 $16,332 $29,513 -0.8% $14,700 $1,650 $13,163 544000 Rentals & Leases $27,072 $25,058 - Equipment rental based on last year expenditure. Exhibit -A FY 2026 5 EH 5/20/2025 Approved GESE Trust Budget by the Board of Trustees on April 25, 2025 Cont'd Insurance & Occupancy For the fiscal year ending September 30, 2026 j wine FFS'gx04 BEMFNI 2024/2025 2025/2026 Board Approved Board Approved BUDGET BUDGET 54600 IT Repair & Maintenance- (Pension -Accounting & Financial System -Others) $294,773 $282,354 -4.2% - Pension System -(ORDINANCE CHANGES) $65,000 50,000.00 - Support & Software maintenance $141,033 143,854.00 - Imaging software maintenance & support fee $7,404 7,404.00 - IQ software maintenance & support fee $2,898 2,898.00 - PCX Licences + Kofax Software Lic $9,267 9,267.00 - Customization $10,000 10,000.00 - Business Continuity Plan maintenance (BCP) $15,078 15,530.00 - Payroll backup fee -Event Response $3,000 3,000.00 - Data Cloud Center- Processing Fee (ACCESS) $11,418 6,300.00 - BIS digital recording maintenance $2,569 2,569.00 - Tab/Smead Filing software maintenance $3,645 4,633.00 - IT -Audit & Accounting Server $3,500 3,675.00 - SAGE Accounting & Fix Asset Software & Maintenance/Support $11,500 15,454.00 - IT Monitoring of Firewall & Malware $3,200 4,465.00 - Website / LogmeIn / Email-VPS $5,261 3,305.00 546002 Building Repairs & Maintenance - Office building maintenance - Building repairs & Capital Outlays (Historical) $135,000 $122,000 -9.6% $70,000 $62,000 $65,000 $60,000 546003 Building Insurance Deductibles $41,065 $41,065 0.0% - Building insurance deductible (Wind+Flood) 559000 Bldg Use Allowance / Depreciation $45,000 $45,000 0.0% - Depreciation: GESE building based on 39 yr straight-line 664000 Machinery & Equipment - (Historical purchases per Market Prices) $39,500 $32,500 -17.7% - Server & Computer Equipment $16,000 $14,000 - Computer & Server Software (Anti-virus/Microsoft Office/ GHA) $3,500 $3,500 Capital Equipment outlay (A/C units, condenser, Computer Servers, Phone System) $20,000 $15,000 TOTAL ADMINISTRATIVE COSTS $3,247,608 $3,345,018 3.0% Exhibit -A FY 2026 6 EH 5/20/2025