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UNAUDITED STATEMENTS OF CHANGES IN FUND,:AlioCE,
EXPENDITURES AND COMPARISON OF EXPENDITURES,
BUDGETED TAXES AND MIDGE RATES OF THE
CITY OF MIAMI SPECIAL TAX LEVY PENSION FUND
FOR THE PERIOD DULY 1, 1939 TO SEPTEMBER 30 1975
AND
ACCOUNTANTS' DISCLAIMER OF: OPINION,
*********
HASKINS & SELLS:
CERTIFIED PUBLIC ACCOUNTANTS
CERTIFIED PUBLIC ACCOUNTANTS
FIRST FEDERAL BUILDING
FAIAMi. PL61(4ibA I3I
May 11, 1976
Senator Edmond J. Gong,
Attorney, The City of Miami Employees' Retirement System,
8585 Sunset Drive,
Miami, Florida 33143.
Dear Senator Gong:
In accordance with your instructions we have compiled the
information (listed .in the accompanying Table of Contents on the
following page) from the City of Miami Financial Reports which were
audited by other accountants or from accounting records, or copies
of such records, as provided us by Mr. Ir;in Mazin, Secretary of
the Retirement Board, and City of Miami accounting personnel. In-
cluded in the Unaudited Statement of Changes in Fund Balance are
the Special Pension 1iillage Rates, as indicated in copies of the
City Ordinances which were also provided us by the above -mentioned
personnel.
We were unable . to summarize the changes in fund balance
of the Special Tax Levy Pension Fund prior to July 1, 1946 because
the records necessary tc prepare such information were either in-
complete or the information could not be determined.
The comments relating to the above statements are based
on responses to our inquiries of various City of Miami employees.
The above -mentioned statements and comments were not
audited by us and, accordingly, we do not express any opinion on
them.
TABLE OF CONTENTS
UNAUDITED FINANCIAL STATEMENTS OF
THE CITY OF MIAMI SPECIAL TAX
LEVY PENSION FUND:
Statement of Changes in Fund Balance
for the Period. July 1, 1946 to
September 30, 1975
Statement of Expenditures for the Period
July 1, 1939 to September 30, 1975
Comparison of Expenditures, Budgeted Taxes
and Millage Rates for the Period. July 1, 1939
to September 30, 1975
UNAUDITED COMMENTS
Exhibit
**N"1„iTr--.14.7.•:iisr."44 r
A
B
■
1, MIAMI CITY EMPLOYEES 1
.U7 .iAUDITFJ) i'A`i EI 1ETIT OF CT -FANCIES CIES IN FUND BALANCE
FOR THE PERIOD JULY 1,
YEAR(B)
PE S 10i,t
i i"i IJ.A6T I3UTX:,ETEID
n r Iy�; rii!- XES
1947 2.000
1948 2.700
1949 2.200
1950 2.060
1951 2.080
1952 2.270
1953 2.72.7
1954 1.912
1955 3.012
1956 2.502
1357 3.070
1958 2.340
1959 2.083
1960 2.784
1961 3.266
1962 3.100
1963 3.300
1964 3.213
1965 3.088
1966 3.214
1967 2.258
1968 2.263
1969 2.460
1970 2.400
1971 2.482
1972 2 .661
1973 2.779
1974 2.892
1975 3.0C4
390, 994
605,255
665, 376
646,110
696, 204
830,425
1,070,778
782,775
1,286,132
1,143,099
1,461,268
1,759,655
1,619,284
2,232,254
3,304,096
2,605,116
2,826,942
2,820,236
2,798,223
2,980,396
2,875,538
3,113,946
3,558,146
3,544,704
4,489,359
5,257,249
5,868,089
6,878,026
9,734,901
ACTUAL RE`:TENUE
OVER
Fc;T.lviA`i'E[} REVENUE
5,037
6,228
43,375
159,136
TOTAL •77,844,579 $213,776
GENERAL FUND
CONTRIBUTIONS
204
20,000(C)
466, 930 (D)
1,439
88,573
See accompanying un
ZETIRLiVIENT SYSTEM AND PLAN (A)
OF THE CITY OF MIAMI SPECIAL 'fAX LE\TY PENSION PUND
.946 TO SEPTE II ER 30, 1975
NET CTHAI`ZGE II'
RESERVES ALLOCATED
TO FUND BALANCE(F)
j4
1, 739
(18,104)
(17,107)
24,472
33, 530
39, 759
47,991
37, 533
61,584
43,582
40,647
73,459
72,491
103,601
134, 638
108,554
107, 832
104,582
116,056
130, 286
16, 113
(31, 061)
40,298
(5, 812)
2,239
8, 643
28, 895
138,754
$1,445,194
audited comments.
CHANGE IN
INSURANCE
RESERVE
$300, 000 (E)
`300,000
OTHER
NET (CHARGES)
OR CREDITS EXPENDITURES
C-1 )
1
(1)
1.
(6,568)
(4,733)
24,908
(5,946)
3
(1,165)
(1,841)
705
(17,128)
(3,209
(3,211
(14)
(12,539)
1
1
(313)
(729)
(504)
(4)
(233)
:* .(32,522)
3 36, 777
500, 767
586, 967
650, 083
692,714
833, 173
1,067,231
1,152,889
1,230,302
1,314,949
1,292,691
1,578,022
1,997,886
2,511,069
3,362,220
2,687,820
2,856,926
2,833,667
3,041,152
2,812,401
2,898,669
3,347,920
3,645,687
3,612,402
4,536,651
4,896,495
5,875,609
7,276,998
10,266,025
79,696,162
Ei'DING
FUND
EALANCE(I)
$151, 818
238,205
299, 507
320, 002
357, 023
394,033
445,571
112, 991
223, 837
90, 836
325,172
574,318
288, 210
111,831
186,504
213, 059
273,779
361,721
231, 637
529,904
510,347
251,541
204,299
130,476
84,694
920, 517
943,327
887,497
654,263
YEAR CB )
THE MIAMI CITY EMFIA 1
MIAMI-TM STATNEI'vT OF EXPENDITURES OF 1
FOR THE PERIOD JUL„._
CONrrRIL lnh10HIS
TO RETIREMENT
SYSTEM ANT) PLiJ
1940,
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968.
1969
1970
1971
1972
1973
1974
1975
TOTAL
54, 34 7
164,860
195,180
232,742
233,859
235, 165
297, 589
303, 128
462,404
551, 868
600, 744
640,197
765,544
996, 690
1,059,833
1,134,235
1,209,033
1,041,433
1,331,987
1, 619, 04 7
1,734,066
2,414,090
1,867,242
2,045,038
1,937,812
2,030,717
1,903,005
1,917,239
2, 3491005
2,482,917
2,416,896
2,875,734
3,091,410
3,647,084
4,764,694
7,319,652
57,926,486
GROUP
IiSURA ICE
4 32,223
14,037
104,970
230, 130
272,349
253, 554
280, 973
296, 576
410,032
257,774
275,395
2 73, 84 5
433,669
472,687
767,640
850,034
1,056,574
1,085,656
1,259,121
18 , 627 , 239
SOCIAL
SECURITY p-
v 82,514
110,438
123, 723
168, 562
247, 606
208, 401
234, 685
292, 061
284, 826
331,306
406, 816
411,418
505,359
542, 541
703, 815
752, 790
947,433
1,105,005
1,312,630
8,771 929
See accompanying 1
EXHIBIT B
RETIREMENT SYSTEM AND PLAN .(L\.)_
,HE CITY OF MIAM1 SPECIAL TAX LEVY PENSION
1939 TO SEPTEMBER 30, 1975
REIMBURSEMENTS
..TO THE CITY OF MIAMI, ,
JUDGMENTS FINANCE LAW
ND TOSSES (G) DEPARTMENT DEPARTMENT
20,233
226,354
252,268
210,187
148, 966
150, 735
152, 565
155, 894
149, 555
139,263
54,162
660 182
2,050
6, 870
6, 075
9,866
10, 197
9,518
12, 621
10, 904
12, 808
11, 751
28, 739
31, 910
36, 718
35, 015
47, 002
48, 056
55, 191
55,191
62, 619
62, (519
62, 619
78, 273
62, 619
62, 619
62, 619
62, 619
62, 619
62, 619
62, 619
62,619
62,619
62, 619
62,619
62, 619
62,619
62,619
1 573 278
naudited comments.
5,452
6,405
5,876
1,804
1, 680
6, 986
11,413
14,619
18,060
19,204
19,204
22,001
22,001
22,001
27, 501
22,201
22,001
22,001
22, 001
22,001
22, 001
22, 001
22, 001
22, 001
22, 001
22, 001
22, 001
22,001
22,001
i;512,421
Tr;
SALARIES
1,468
2,843
2,723
2,836
3,643
4, 381
5, 691
6,195
8, 095
6,775
5, 94 6
6, 312
6, 312
7, 852
8, 228
8, 444
8, 564
9,100
8, 585
8, 793
9,448
13, 007
9, 916
11,248
12, 070
11, 646
9, 661
9, 251
11, 506
12, 926
15, 886
17, 649
19, 406
21, 866
29,803
36,459
$374 , 5 34
OTHER (H)
TOTAL
6,230
6, 872
6,889
11, 730
10,824
13,129
12,807
11,098
11,055
10, 697
12,850
12,615
17, 613
16,261
23,207
21, 507
22,957
53,026
28,355
36,500
57,889(C)
57,126
53,700
51,396
59,793
66,746
70,141
55, 793
78,263
72,034
79,772
8 7,193
98,235
118,032
207,220
253,543
$1, 813,098
64,095
131,445
210,867
257,174
258,523
262,193
328,708
336, 777
500,767
586, 967
650,083
692, 714
833,173
1,067,231
1,152,889
1,230,302
1, 314,949
1,292, 691
1, 578, 022
1, 997,886
2, 511,069
3, 362,220
2, 687, 820
21856,926
2, 833, 667
3, 041,152
2, 812,401
2, 898, 669
3, 347, 920
3, 645, 687
3, 612,402
4, 536, 651
4, 896,495
5, 875, 609
7,276,998
10,266,025
81,259,167
THE MIAMI CITY EMPLOYEESRETIREMENT :5Y
UNAUDITED COMPARISON I;SON OF EXPENDITURES, BUDGETED TAXES AND MILLAGE RATES
FOR THE PERIOD JULY 1 1939 TO SEPI
............. EXPENDITURES........„„,
CONTHIBU-
YEAR(F) 'i'IO ": OTHER TOTAL
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
• t,
54,347
1664,860
195,180
232,742
233,859
235,165
297,589
303,128
462,404
551,868
600,744
640,197
765,544
996,690
1,059,833
1,134,235
1,209,033
1,041,433
1,331,987
1,619,047
1,734,066
2,414,090
1,867,242
2,045,038
1,937,812
2,030,717
1,903,005
1,917,239
2,349,005
2,482,917
2,416,896
2,375,734
3,091,410
3,647 ,084
4,764,694
7,319,652
TOTAL 357,926,486
9,748
16,585
15,687
24,432
24 , 664
27,028
31,119
33,649
38,363
35,099
49,339
52,517
67,629
70,541
93,056
96,067
105,916
251,258
246,035
378,839
777,003
948,130
820,578
811,888
895,855
1,010,435
909,396
981,430
998,915
1,162,770
1,195,506
1,660,917
1,805,085
2,228,525
2,512,304
2,946,373
.r 64,095
181,445
210,867
257,174
258,523
262,193
328,708
336,777
500,767
586,967
650,083
692,714
833,173
1,067,231
1,152,889
1,230,302
1,314,949
1,292,691
1,578,022
1.997,886
2,511,069
3,362,220
2,687,820
2,856,926
2,833,667
3,041,152
2,812,401
2,898,669
3,347.920
3,645,687
3,612,402
4,536,651
4,896,495
5,875,609
7,276,998
10,266,025
-....•
BUDGETED T.
CONTRIBU-
TIONS OTHER _(.-
54) 347
164,860
195,180
232,742
233,859
235,165
297,589
303.128
462,404
551,868
600,744
640 ,197
765,544
996,690
1,059,833
1,134,235
1,209,033
1,041,433
1,331,987
1,619,047
1,734,066
2,414,090
1,867,242
2,045,038
1,937,812
2,030,717
1,903,005
1,917,239.
2,349,005
2,482,917
2,416,896
2,875,734
3,091,410
3,647,084
4,764,694
7,319,652
9,748.
16,585
15;687
24,432
24,664
27,028
31,119.
33,649
38,363
35,099
49,339
52,517
67,629
70,541
93,056
96,067
105,916
251,258
246,035
378,839
777,003
948,130
820,578
811,888
895,855
1,010,435
909,396
981,430
998,915
1,162,770
1,195,506.
1,660,917
1,805,085
2,228,525
2,512,304
2,946 373
$23,332,681 $81,259,167 $57,926,486 $23,332 681
See accompanying unaudited
.1.EM ANT PLAN (A)
OF TI;E CITY OF iIA iI SPECIAL TAX LEVY PENSION FUND
LIMBER 30, 1975
EXCESS
DEP'IC TEN CY)
12,256 8.
1,782
181
14,668
14,737
19,533
(9,493)
54,217
. 104,491
78,409
(3,973)
3,490
(2,748)
3,547
(370,114)
55,830
(171,850)
168,577
181,633
(378,602)
(278,815)
(58,124)
(82,704)
(29,984)
(13,431
(242,929)
167,995
(23,131)
(233,974
(87,541
(67,698)
(47,292)
360,754
(7,520)
(398,972)
(531,124)
TOTAL
EXHIBIT C
............MILEAGE RATES.............
CONTE IBU- EXCESS
TIOi1S OTHER(DEFICIENCY) TOTAL
76,351
183,227
211,048
271,842
273,260
281,726
319,215
390,994
605,258
665,376
646,110
696,204
830,425
1,070,778
782,775
1,286,132
1,143,099
1,461,268
1,759,655
1,619,284
2,232,254
3,304,096
2,605,116
2,826,942
2,820,236
2,798,223
2,980,396
2,875,538
3,113,946
3,558,146
3,544,704
4,489,359
5,257,249
5,868,089
6,878,026
9,734,901
(1 ,797,919) $79,461,248
Dmments .
.427 .077 .096 .600
1.260 .127 .013 1.400
1.387 .111 .002 1.500
1.712 .180 .108 2.000
1.712 .180 .108 2.000
1. 669 .192 .139 2.000
1.864 .195 (.059) 2.000
1.550 .172 .278 2.000
2.063 .171 .466 2.700
1.825 .116 .259 2.200
1.915 .157 (.012) 2.060
1.913 .157 .010 2.080
2.092 .185 (.007) 2.270
2.538 .179 .010 2.727
2.589 .227 (.904) 1.912
2.656 .225 .131 3.012
2.646 .232 (.376) 2.502
2.188 .528 .354 3.070
1.771 .327 .242 2.340
2.083 .487 (.487) 2.083
2.163 .969 (.348) 2.784
2.386 .937 (.057) 3.266
2.222 .976 (.098) 3.100
2.387 .947 .034 3.300
2.208 1.020 (.015 3.213
2.241 1.115 (.268) 3.088
2.052 .981 .181 3.214
1.505 .771 (.018) 2.258
1.707 .726 (.170) 2.263
1.717 .804 (.061 2.460
1.636 .809 (.045) 2.400
1.590 .918 (.026) 2.482
1.565 .914 .182 2.661
1.727 1.055 (.003 2.779
2.003 1.056 (.167 2.892
2.304 .927 (.167) 3.064
•
THE i4L(JMI CITY EPiFIJJ ;S' RETIR=ETT SYSTEM AND PLAN
UNAUDITED CUMI'ILY 3
(A) The accompanying statements represent) on an accrual basis)
the activity of The Miami City Employees' Retirement System (the
"System'") through 19So and the combined activity of the System and
The " iami City General Employees' Plan (the "Plan") thereafter as
accounted for in the City of IViiarri Special Tax Levy Pension Fund.
(B) The years shown represent the following periods; 1940-1960;
the twelve months ended June 30 of each such year. 1961; the fifteen
months ended September 30, 1961. 1962-1975; the twelve months ended
on September 30 of each such year.
(C) This same amount is included in Other in the accompanying
unaudited statement of the expenditures of the City of Miami Special
Tax TPvy Pension Fund in 1960. The nature of such contribution and
expenditure has not been determined.
(D) This contribution represents a 4 salary increase granted to
all policemen and firemen. Such increase was agreed upon by their
representatives and passed by the City Commission on February 17,
1972 (City Ordinance No. 8037) to be included in the pension fund in
lieu of a salary increase.
(E) Represents a dividend received from the Metropolitan Life
Insurance Company relating; to the pendion fund's group insurance.
(F) Represents the net changes in the reserves for uncollectible
taxes and encumbran::es .
(G) Judgments and losses represent payments including interest
for the hall and Carter claims in accordance with the Circuit Court
0rderr .
Other expenditures include principally trustee service
i..tur is :_ and auditi! =; fees, and medical examination fees.
The City of iami maintains its accounts and prepares its
1 statements in accordance with the principles of fund
account
A fund is an accountiri entity ::ith a self -balancing, set
of accounts for recording assets, liabilities, a fund balance and
cha:i:es in the fund balance. Separate accounts are maintained for
Each fund to insure observation of limitations• and restructions
pia.:cd on the use of resources.
6
111110111� rOPErilrlfq
THE MIAMI CITY EMPLOYEES I RETIREMENT SYSTEM AND PLAN
UNAUDITED COMMENTS
The fund balance represents the accumulated excess of
revenues and other resources over expenditures.
•
AN
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ti Tie It i..:acicd)liitnc bruts', '('re of llrc St
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• IJA:WS OP FLORIDA
Ctla\1'T1. iSt S—(t o. 0$2).
ItOUSE t hl., NO, i "-tt
‘CT to Ft. the Comttr'nsatt rt to ile 1. i(1 to thr`
ini!..iorers of t ' City of ltiatni, loriart, a tunic
tiott, inrl An A litionat Stun to 'o ]'aid to
this,.,in:,v of Said 'tic of ,lfiami, 1.1 i(1a; 1'ro
- Conittr•tis\til!n Shan 'e Paid ])v the .ity o
vidiug for\c 1ic'fcrendt. ,t Thereon.
Mayo
'ing That
i, al, and 1
its• (;n:n-
orl'r•r 1-
C om -
5;. icl
l :1 (tk i 1. '1'L;it• there slia]1 .t. Tr.ti( to tlli? 'c..nniis io!t r , n;'
the (tt• rif ?+11::),ti, ]�ltt...hitt, a lull •+'I' .I eorlioratl. .t of snit' :. .tr
t of 11t...41..1, 1, the i..:t 1\ City of 1•1: (C!1, as ro!tll1: 'Bill thr r., t
of 'f ItIet r1 i;otr ritlll ftii''itt1'.'!lrt't1 (lit no) ll(tli;(r: l ••r yA;tl• i:•t'
eat:h Co:.:irt' :,iorter, 11:1yaltle :aro :',• in t \\t'11.-t! ((le:tl in talir:l••! t't
'id i?tt•rc :-•!q•.1l ?;^ ti.tl(l l! t t.;lid (:it} if ltl:trni it1 O., . ! .-ir
C('t:: !:!i.;.:h•C' <•'iltt t!(l(iition : l `!it't lirA to rood 'i v,n ij Iit .'1
1'•j('t ii?i',(;..c(l (;:::aft9•fla) +:lAs to ire tIs(1 'tt t. • ;.1;:t' .t• t
t;11>>•( •f to cov4 any all t '!i'a ' of tlt_ n1i?, , . of :•:.,.:.
C.4tllr!t:. ..'r C•f 11.e ('.tlt. i•.•!1'+t?y 1'lit'i(11.
Sc(•;!on ". .\l1 1' 1'••i; , . ;', l,.!r` z l;tr,S 111 (•(**.ir 1;erri'• .tl:
he rtt;il tlic• .1;;o• ; . (• hrreb
Si•(_•1i n it. tl'; AC! riie�• !VI'
a naior;tj (.f ,it (Itt:ilt:i..d ?t.(•tt•.s of ttlt• (;1, (•f ?•il:!tiili 1•
ti•(i :.! <l,crt. 1 c'i•'(tr t \tJ!(e'i: shalt h: 1t •hd to t1t' C,.•or
1}lit;,•1, �' .1C1:1, (ill ill .�t.tll;12'.t, ltl.il, ll;`O:i t
tl.\itte.ti(nl of rat'`; ing thi.;
•
pprn•:tilt! Cove: : r June 2, ' rl'37.
Filet? iu Cl,icc F•tercta.ry tf f;tat(• ant. t 2., i 1 37.
011Al''I`i;lt 1St;ti9....(No.
)101.7F1; ]lift[' NO. 1511
A AC'•I' to ('ot::riti-•,ir,tt of th.' City of
Florid..., itt ]:>t;:}tli.?1 .a 1•'und or 1''ttn(1 ; for tht• li:•licf or
Uf l't•lsr'ni in tilt C'ia:,:itic'd ;ma 1.'ttt'l;t:.':tit•t1 f•t•• :ii't?
t lt� 1'ltividi:t., for the 1it'l•t•il'itt7tit (flit' Devi'."i ;oldl.t
'r
(tttcsts of '1urlt'y t r 1'rnli(•rt, for tlt.• 1i' tt('!it uE ::l(.•}1 1•'itt':i or
• 7t+}-1••."9\T ••:Ty.. •t (:•+••.,•,..i..�•. ��. ...�t ri at'y� ••^«��•tr�: •�n� .. �.`t".•r.r�.ar........rt.a'...••..•w•�..•�+r i.vr+r?'i ""r::}.. r,, ,..,.,
•
t r . •
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LAWS OIl` 1.7JOIt111.t`
thAti. ist i Funcls; Providing fur the Power to liaise I:ti•Taxation Atnolints•
1937 hot to Exceed Two Mills on the lfollnt• for Su':h Purpose; antl:.-.
to Provide'J'hat, Until the Cutntrtissiuti Shall Establisli a I uhd
or Funds for the 1lelit!f or Pension of Pc11,0r1H in the. Classi- �..
fled of Un(:1,Sificrl Service as I'rovidr'd in This Act, Existing
)taws and Existing Fund; for the Itclic!f nt• Pension of Persons :•
Employed 1,v the City of itiluni Shall Continue itt Full Forte. e.
And Effect. �(
1te 11 Enacted by tlle. Lcgt'slalure of the S'ule of Ploridq•:•
Section 1.. 'l'hc Conttr,is':ion of the City of 11.fiatni, a rlttnicij s1
corporaliori organized and existing under the laws of 'the State •''
• of 1''lorida,•sl�I c :tfilish a ft!I!d or funds for the' relief zr pot-
.
Elfin of person!; in the classified and unr:la�;ttu u sore tce of ::i
t y, ,t,i, �yctl.•r tit'; at money o:• pro;-'
crty for the i'eucflt of stu:!•t funs] or funds; itu.y trlake rrtitiii.u.•: •
tiolis of Public o•rll;+'t':; thereto otl suc!t tcrrt ,lull co:tcli: (1n;;:::;
it may set! fit ; and shall rn:tt,c tiny', and • :illat it:hs f(•, li.e n': tt-
ei:C:lrient, in..t•:.ttl:l•Ilt allrl :Uit!Illli:aritl(!1t of sty): fund of f:itid.i;.•
• and F11;111 lta'rc' the ri;;ht to taxali•itI such a;uottrit a:; may
lie IICUe`+ti.'ry for `iluciI nlll'1"'•'ti'', not to ext.r.edr tnilis en t}+e del-
+•••• iii
far of the t,,••••?sseirrilue or.all property- in said City, Loth rr:t1
and ]lcl'sot:::l•
cc.,e irtt 2• The Cniltr! it.,tnn of Kar �' y .,�= have to • -
mats _'�I:tr'ar'il of it:,tt:I': tt�'t• �vjtlt aft i:1-,1tr:'I!t'et eentt +al.0 lll-
t1lC'; l; ''! s?�tr:ttl -'r.•: l)ti!'Itte lrl th !ital.. 1!ISIIS'1:1t: itslr, S
or al:}' cl::, of l'l i,t s t11e1'f+•f uucic•t' a 1+.'i:t•t' or j t lli•iu•; G!. '.t .l'p •
II1KI:t..!: •' C'f any tt'o (ir-S ''rr• of st!!'ll citt •1!'i of in.tlr::!tee
111^'• (.'"'' •.`t with :trly Cns"'ll:l!'y l:i'atltlll,; ..!ltltI:tif•`; or 1'.csin1;Y'
to trail:..:I:t .tilt' St::t4 or 1•'1..r cLt
�fot 1t.. "I111?;: of 5.aclt C'!I11+1o1'' c' Or any ekt.s:i. Ol'
then::_'; .:a for any and all such Burlos.•..4 may approl. t:rts1 ,nt
Of its t'.•, "l• tuff• nuincl' tt+•ces.:ll'l' to pay premiums or c,:.tier:. •
r:,lrryln;; of :Itcll policies or contracts.
'1'11a1, until tit+'. (_!milli join of tit!' Chit:- of �•!1•^.i:71
a fund or funds for t1;t• relief or 1''Ctlt•ir+tt of 1+C!'•
so:.. i:. tL . elas:.ifii(1 told nisei:::;,iticd srrv'ieo of the said City as '
lies,, .l in t11is Ar't, the exi;tit: laws .:Itrl the exi,tin"' fund:; s.
for t••'.t lelt'•r of 1"2ISiivii of persons employed by the of ;.
1li:,t:li shall continue itt full force and e!eet.
S;:r'ttr'tt 4.• 'l'hat this Act shall br'cotne effective ir.onediatrly
on 1!i rrrl::ii:;: a law.
,/lr;'ro'retl 1,y t11e: Clos't'rl:r'r June 2, i9.7.
Filed in Glace F•lcor't:,ry of State Juti't ft, 1937.
89 \Ti.1M1 CITY Cn;n
1)('r U1 CO 17.l;1':i ;l:i 1110 Cl11111111«It?tl 11i;1Y deem
in an ;lliYi-( r} c;ti,(eily in crlrijlulctil,ll \vial any ono or
of ill,- d!'lr;:l•tln('nis created or authorized hereby, The •
hors of ail such boards and cullnnissions shall sore v.
011111n'11z;i1i(_t11, and lll;ty be renluced at city time by ;t 111;;;.
voie (!f the ctimmi:zsion.
Sec. '•9. Pension ftntd•,
(a) 'fhe commission of said city shall establi sh a fat.
fund for the relief or pension of persons in the cla,>::,•
service of said city; may receive gifts, devises, befit.••:.
money or property for the benefit of such fund or fumy;
make contributions of public moneys thereto on such t(.:
and conditions ;is it may see tit; and shall make rule -
regulations for the management, investment and
tirni of such fund or funds.
(b) The city commission shall have power to in;dt'
tracts of insurance with any insurance company awl:.
to trans:tet business in this state, insuring its enllllo;.t, -
any class or classes thereof under a 1'J11cy or policies .4
insurance covering life or health or accident insurar.(•
any two or more of such classes of insurance and tray
tract with ally company gralititlg annuities or pensio!:-
authorized to transact business within the state for th! ;••
sioning of such employees or any class or classes the
and for any and all such purposes may appropriate a:;•. -
it s treasury any money necessary to pay premiums or ch;.:; ••
incident to the carrying on of such policies or contr:.• :
(C. 13098, Acts 1927.)
ElTt:ct of Antendntcnt.—The amendment of 1927 added parac!;.;
as set out above.
Sec. 90. Compensation of officers and employees.
The commission shall fix by ordinance the compens
5. Special Act, —For Special Act authorizing city to levy a.!'� •
millage fur pension funds, see Sp. Acts 1047, C. 24096 (ApPt-':
of this Charter).
Annotation. —For case holding valid city pension ordinance
various contentions of illegality, see Voorhees v. City of 7%fi4 :-
Fla. 102, 1i09 So. 313.
178
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r+t�rxvGS;`"�rr.3Y �if-4Y
APPENDIX II
City Emp!o ee's Pensions,
L.\\\*.S OF FLORIDA 19.17, CI[APTER 2.1ti;lt;
Scc. 1. Authority to create fund; receipt of gifts, etc.:
trilluiion of public funds; rules and re?,ulati",i.
management of fund, taxation for benefit of ILr_
The commission of the City of Miami, a municipal
tion organized and existln4; under the laws of the
Florida, shall establish ;l fiend or funds for the relief
•ion of hersulls in the classified and unclassified st•+'ti:
said city; may receive gifts, devises and bequests of m.4..
property for the benefit of such fume or funds: may
c(n►tribul ions or public Moneys theFe'o ,)?t such terms al..:
ditinns as it may ee tit ; and shall make rules and
for the management, investment and t:.dmlinistl'al ion
fund or funds; and shall have the right to raise by : + •
such amount as may be necessary for such purpose, not
ceed four mills on the dollar of the assessed value of ::;I ; •
erty in said city, moth real and personal.
3. Editor's note. —This =(Ction, enacted ' y Special Ac't,
is an amendment to section 1 of Special Acts 1t'37, C. 161.5
206
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CITY OF' MIAMi, PLORIDA
INTER-OFFICLZ MEMORANDUM
to.
FROId•
P. W. Andrews
City(Manage r.
Irwin Mazin, Secretary
Miami City Employees' Retirement
System
U W E.
SUBJECT
F2EfERENCES
May 3 1976 FILE
Re; Custodialof
Portfolio
ENCLOSURES
The Board of Trustees of the Miami City Employees' Retirement
System has engaged Bankers Trust Company to provide custodial
services for their security portfolio.
Proposals were received from six banks, including the present
custodian, Southeast First National Rank of Miami. The bids
were based on the investment transactions of the third quarter
of 1975. The cost saving to the City of Miami and the Board
of Trustees will be approximately $1. 4, 000 annually.
Please place this item on the May 13, 1976 Commission Agenda for
ratification.