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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 % Notes Number of Full -Time Positions 10 10 10 10 10 Are any positions funded in other budgets? No No No No No Revenues Approved budget $106,363 $108,105 $113,649 $113,649 $120,154 5.7% Approved Budget Grand Total $106,363 $108,105 $113,649 $113,649 $120,154 Expenditures Regular Salary and Wages 35,000 37,000 40,500 40,500 41,170 2% Fringe Benefits - - - - - - FICA Taxes 2,957 3,150 3,096 3,096 3,149 2% Professional Services - Legal 5,000 5,000 6,000 6,000 7,550 26% Professional Services 38,050 38,150 45,350 45,350 45,850 1% Accounting and Auditing 1,440 1,510 1,600 1,600 2,600 63% Travel and Per Diem - - - - - - Communications and Related Services 1,300 1,350 1,418 1,418 1,290 -9% Postage 150 150 100 100 270 170% Utility 296 350 410 410 580 41% Rentals and Leases 265 265 275 275 500 82% Repair and Maintenance Services 12,050 11,300 10,000 10,000 12,000 20% Maintenance -IT - - - - - - Printing and Binding Outsource 620 620 620 620 335 -46% Advertising and Related Costs 60 60 60 60 60 0% Office Supplies 400 400 400 400 1,050 163% Subscriptions, Memberships, and Licenses - - - - - - Insurance 1.975 2.000 2.170 2.170 2.300 6% Machinery and Equipment 1,350 1,350 1,200 1,200 1,000 -17% Depreciation / Use Allowance 450 450 450 450 450 0% Insurance deductible in case of loss/ ex: Hurricane - - - - - - Budget Reserve - - - - - - Expenditure Grand Total 101,363 103,105 113,649 113,649 120,154 5.7% Commissioners 110,991 108,105 113,649 113,649 -100% Approved Excess Budget at The Board of Trustees Meeting on April 25, 2025 For the fiscal year ending September 30, 2026 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 25,750 - Special Projects (Not based on GESE's Budget) 6,000 - GASB 67 & 68 5,000 36,750 2024/2025 2025/2026 Approved Approved Budget Budget $39,000 $40,170 $1,500 $1,000 $3,096 $3,149 $36,000 $36,750 531000 Auditing Services $1,600 $2,600 - Financial Statements (2% of GESE's budget) 1,300 - Annual Comprehensive Financial Report-ACFR 1,300 2,600 531000 Other Services $3,000 $3,000 - Bank Service Fees/Paychex 531000 Computer Specialists - Based on 5% of GESE's Budget $6,350 $6,100 531010 Legal Fees - 5% Based on Attorney's fees $6,000 $7,550 Office & Administrative 541000 Communications & related services - Local, long distance, internet and cell phone service - 3% of GESE's Budget $1,418 $1,290 541100 Postage - Based on estimated amount (3% of GESE's Budget) $100 $270 547100 Printing & Binding - Outsourcing - Based on 3% of GESE's Budget $620 $335 548100 Advertising & Related Costs - Based on 3% of GESE's Budget $60 $60 551000 Office Supplies & Meeting Expenses - Based on 3% of GESE's Budget $400 $1,050 Insurance & Occupancy 545000 Insurance - Commercial property & liability - Based on estimated amount and 1% of GESE's Budget $770 $900 545000 Insurance - Fidelity & Fiduciary - Based on1%of GESE's Budget $1,400 $1,400 543000 Utility Services - Electricity, water, sewer & garbage based on 3% of GESE's Budget $410 $580 544000 Rentals & Leases - Based on estimated amount and 3% of GESE's Budget $275 $500 546000 Repair & Maintenence Services - IT Repairs & Customizations (Pension/Accounting/Servers) 6,000 -Based on 3% of GESE's Building Maintenance 6,000 12,000 $10,000 $12,000 559000 Bldg Use Allowance / Depreciation - Use of GESE building based on 1% of GESE's Budget $450 $450 664000 Machinery & Equipment - Use of GESE building based on 3% of GESE's Budget $1,200 $1,000 TOTAL ADMINISTRATIVE COSTS $ 113,649.00 $ 120,154 5.7% Excess Budget 2025-2026 EXCESS BUDGET - EH 5/18/2025 8:56 PM