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HomeMy WebLinkAboutExhibitGESE Retirement Trust City of Miami, GESE Retirement Trust Approved budget Approved budget- 1 Y 201.3-14 Actual _ $2,894,169 FY 2014-15 Actual FY 2015-16 factual FY 2016-17 Budget FY 2017-18 Proposed Difference Budget vs Proposed $2,875,569 $3,300,000 $3,440,031 $3,377,792 -1.8% Approved Budget Grand Total $2,894,169 1 $3,255,936 1 $3,300,000 $3,440,031 1 $3,377,792 Expenditures Regular Salary and Wages 9/30/2014 $840,398 9130/2.015 $91.1,950 9/30/201.6 $921,990 9/30/701.? $805,784 9/30/2018 $752,756 -6.6% Fringe Benefits $5,977 $6,069 $6,046 $6,000 $6,000 0.0% FICA Taxes $62,946 $66,086 $63,488 $82,408 $76,441 -7.2% Retirement Contributions $291,968 $291,087 $289,890 $295,517 $279,608 -5.4% Life and Health Insurance $253,151 $234,917 $266,328 $288,652 $263,245 -8.8% Workers' Compensation $3,137 $2,981 $737 $6,000 $5,000 -16.7% Professional Services - Legal $117,971 $89,000 $143,123 $198,350 $146,000 -26.4% Professional Services $397,040 $530,461 $567,018 $582,046 $708,787 21.8% Accounting and Auditing $62,000 $70,000 $79,000 $67,100 $69,000 2.8% Other Contractual Services/ Medical advisors -$420 $2,432 $1,432 $10,000 $10,000 0.0% Travel and Per Diem $25,206 $27,846 $21,477 $30,000 $25,000 -16.7% Communications and Related Services $32,730 $35,546 $31,923 $30,000 $32,760 9.2% Postage $13,813 $15,289 $13 $15,000 $15,000 0.0% Utility $21,995 $21,493 $19,030 $23,000 $23,000 0.0% Rentals and Leases $19,680 $21,697 $20,157 $30,000 $30,000 0.0% Building Repair and Maintenance Services $180,812 $284,886 $292,096 $294,515 $266,515 -9.5% IT Maintenance $210,908 $209,725 $220,306 $347,248 $346,089 -0.3% Printing and Binding $6,557 $9,183 $1,770 $15,000 $13,000 -13.3% Advertising and Related Costs $0 $1,532 $2,077 $5,000 $5,000 0.0% Office Supplies $75,820 $69,760 $43,280 $60,000 $50,000 -16.7% Operating Supplies $350 $342 $63 $1,200 $700 -41.7% Subscriptions, Memberships, & Licenses $1,630 $2,380 $3,902 $3,500 $3,820 9.1% Insurance $151,846 $149,967 $143,477 $168,635 $175,571 4.1% insurance deductbile:(loss/Hurricane/other) $0 $0.00 $0.00 $0.00 $0 - Capital Projects and Purchases $53,500 $32,338 $39,197 $30,076 $29,500 -1.9% Depreciation/Use Allowance $41,961 $41,961 $41,961 $45,000 $45,000 0.0% Board Salaries $21,000 $21,000 $21,600 $0 $0 - Grand Total $2,891,974 $3,149,928 $3,241,381 $3,440,031 $3,377,792 -1.8% Commissioners $2,894,169 $3,220,000 $3,300,000 $3,300,000 difference $2,195 $70,072 $58,619 -$140,031 Explanations Under budget Under budget Under budget Expected to be Under budget GESE BUDGET 2:017-2018 7/2D/20174:27 PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Approved GESS Budget by the Board on March 17, 2017 For the fiscal year ending September 30, 2018 The following proposed budget represents the fiscal 2016 financial requirements necessary to support the approximately $621 million GESE Trust Fund, which serves 4,004 members. ORACLE 201612017 2017/2018 BOARD BOARD OBJECT APPROVED PROPOSED CODE BUDGET BUDGET Personnel Services Regular Salary & Wages 512000 1 Pension Administrator 1 Treasurer I Administrative Assistant III I Assistant to the Administrator I Payroll Specialist II 1 Chief Accountant I Facility Maintenance Manager I Accounting Clerk I Benefits Specialist I Receptionist/Administrative Aide Total Salaries Special Pay special Project Deferred Compensation Total Salaries & Wages ]cringe Benefits: 150,895 155.422 68,080 68,080 72,990 72,990 66,293 66,293 81,410 56,987 83,834 92,393 69.671 53,647 50,000 42489 40,511 47,906 33.600 34.608 $717,284 $690,815 512000 30.000 30,000 32,000 0 26,00 31.941 $805,784 $752,756 -6.6% Car Allowance 516000 Payroll Taxes (Includes FICA, SUTA FUTA) 521000 Retirement Contributions 522000 (Assumes one lump sum GE,SE Staff 8c T%vo Excess Payments) Life, Health & Dental Insurance 523000 Workers' Compensation 524000 Total Personnel Services Professional Services Investment Consultant Special Investment Consultant Consulting Actuary Computer Specialists Pension Administration Consulting Other (Paychex, Bank Fees, Interpreter) Legal Fees Medical .Advisors and Specialists - As!Auditing Services Total Professional Services 6,000 6,000 82,408 76,442 295,517 279.608 288,652 263.245 6,000 5.000 $1,484,361 $1,383,051 -6.8% 531000 238,236 305,777 0 25,000 156,000 183,500 98,110 100,510 75,600 75,600 14,100 18,400 531010 198,350 146,000 531020 10,000 10,000 532000 67,100 69,000 $857,496 $933,787 8.9% Budget Summary 2011-18 [Page]1 FH 514/20174:48 PM CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RET1REi'vfE\"I' TRUST Approved GESS Budget by the Board on March 17. 2017 For the fisea] year ending September 30. 2018 ORACLE 2016/2017 201712018 BOARD BOARD OBJECT APPROVED PROPOSED CODE BUDGET BUDGET Office & Administrative Travel and Per Diem 540000 30.000 25,000 Communications & Related Services 541000 30.000 32,760 (Office phones. cell phones, and internet) 117,688 129,869 Postage & Courrier 541100 15,000 15,000 Printing and Binding 547000 15,000 13.000 (Retiree Payroll, Annual Statement, Tax Forms 1099-R) Rentals & Leases 544000 30,000 Advertising & related costs 548100 5.000 5.000 Office Supplies+ Meeting Expenses 551000 60,000 50.000 Operating Supplies (Death Certificates & ]Votary) 552000 1,200 700 Subscriptions. Memberships, Licenses 554000 3,500 3,820 Total Office & Administrative Machinery & Equipment $159,700 $145,280 -9.0% Insurance & Occupancy Insurance 545000 Commercial Property & Liability 50,947 45,702 Fiduciary & Fidelity 117,688 129,869 Total Insurance $168,635 $175,571 4.1% Utility Services (Electricity. Water. Garbage) 543000 23.000 23,000 Rentals & Leases 544000 30,000 30,000 IT Repair & Maintenance Services 546001 347,248 346.089 Building Repair, Maintenance & Capital Outlays 546000 253.450 225.450 Building Insurance Ded (Hurricane repairs) 546000 41,065 41.065 Bldg Use Allowance /Depreciation 559000 45,000 45.000 Machinery & Equipment 664000 30,076 29.500 Total Insurance & Occupancy $769,839 $740,104 -3.9% TOTAL ADMINISTRATIVE COSTS $3,377,792 -1.8% $3,440,031 ACTUARIAL FUNDING REQUIREMENT 522000 $34,355,719 $40,879,285 (Assumes one lump sum payment) TOTAL BUDGETARY COST $37,795,750 $44,257,077 Budget Summary 2017-18 [Page]2 EH 5/4/20174:48 PA? CITY OF MIAMI GESS RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESS Budget - Exhibit A For the fiscal year ending September 30, 2018 Personnel Services 512000 Regular Salaries - Based on current salaries. 512000 Special Pay Over -time & Temp Accumulated Balances Payout 512000 - Special Projects 5 i 2000 Deferred Compensation 516000 Car Allowance - Administrator ($500lmonth) 521000 Payroll Taxes -Based on 10% of salary expenditure 522000 Retirement Contributions - Actuarially determined cost for Staff Defined Benefit Plan+ Staff Excess 523000 Life & Health Insurance 524000 'Workers' Compensation - Based on salary expenditure Professional Services 531000 Investment Consultant Quarterly Performance Evaluation ($10,730/month) Qualitative Analysis {S5,000/Qtrly) Travel expenses (5700 x 8 trips) Comprehensive Financial Annual Report- Review& GASB 40 data Staff Pension Plan at 56,000 & Drop Plan at $32,000 Security analysis and other Proxy voting review Money Manager Search $6,000 / Security Litigation $4,000 Asset Liability Management Study (ALM)" Every 5 Years 3 Year Experience Study **(Required by Ordinance) GASB 67 531000 Special Investment Consultant - Quarterly Quantitative Evaluation ($6250./Qtrly) Total 531000 Consulting Actuary Fee per contract for GESE & Staff actuarial valuations Customization due to Ordinance changes Additional actuarial expenditure estimate Asset Liability ;Management Study (ALM) xF Every 5 Years 2016/2017 2017/2018 Board Approved Board Proposed 5717,284 5690,815 530,000 530,000 532,000 SO 526,500 531,941 56,000 56,000 582,408 576,442 5295,517 5279,608 $288,652 5263,245 56,000 55,000 5238,236 $305,777 141,636 145,177 0 24,000 5,600 5,600 26,000 26,000 38,000 38,000 5,000 5,000 5,000 5,000 10,000 10,000 0 15,000 0 25,000 7,000 7,000 238,236 305,777 0 25.000 SO $25,000 $156,000 5183,500 96,000 96,000 30,000 30,000 30,000 30,000 0 27,500 156,000 183,500 App -d GESE BJdget 207 7-207 S,xlsx Exhibit A 3 EH 8F4/207 4:48 PM CITY OF MIAMI GESS RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2018 Cont'd Professional Services 531000 Computer Specialists Data Analyst Consultant (Kruzware, Inc.) Computer Sen ice Consultant - (Kaman, file) Total 531000 Pension Benefits Consulting - Elenberg Consulting Inc Total 531000 Other professional serviees Paychex payroll services (5306/month) Other professional services (Bank tees, Smith Engineer/FPL) 53 10 10 Legal Fees Ronald Silver's fees Peter Sclnvedock (Disabilty Attorney) Other legal (I.atesuit: Ordinanccs; Case Contingency) IRS - GESF Determination Letter 531020 Medical Advisors & Specialists - Estimated amount based on current trend 532000 Auditing services Anthony Brunson, P.A. based on historical fees International Equity Manager Audit (Historical fees ) office & Administrative 540000 Travel and Per Diem Trustecs Educational Seminars & Conferences (IFEBP & FPPTA) Stat1 Educational Training, Travel & Tuition Reimbursement 541000 Communications & related services I Cellular phone allowance for Administrator ($100/month) I Cellular phone for Facility Maintenance Manager ($10011'nonth) Phone service including local, long distance and internet 541100 Postage - Postage ctlachine & courier - based on estimated amounr 547000 Printing & Binding Retiree checks, Retiree CKS Annual Repon Summary Plan Description Stationary Annual SSTS, 1099-R Tax FORMS 2016/2017 2017/2018 Board Approved Board Proposed BUDGET BUDGET 14,100 18,400 598,110 51001510 60,000 60.000 38,110 40,510 98,110 100,510 S75,600 575,600 75,600 75,600 75,600 75,600 514,100 S18,400 4,000 4.000 10,100 14,400 14,100 18,400 5198,350 5146,000 100,000 100,000 12,000 12,000 66,350 34,000 20,000 0 198,350 146,000 510,000 5101000 $67,100 5691000 65,100 67,000 2,000 2,000 67,100 69,000 530,000 S25,000 25,000 20,000 5,000 5,000 30,000 25,000 530,000 532,760 1,200 1,200 1,200 1,200 27,600 30,360 30,000 32,760 515,000 515,000 515,000 513,000 3,500 4,500 4,000 3,000 2,500 2,500 5,000 3,000 15,000 13,000 Approved GESE Budget 2617-2018.idsx Exhibit A 4 EH 5/4/20174:48 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESE Budget - Exhibit A For the fiscal year ending September 30, 2018 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 551000 Office Supplies + Meeting Expenses - Amount based on past and current expenditure 552000 Operating Supplies - Death Certificates K Renewal of Notary (3 staff } 554000 Subscriptions, Memberships, Licenses FPPTA membership fees IFEBP membership fees GFO.A membership - CAFR fees Pension & CCH Tax Guide The Miami Herald Pension Benefit Information (Death Audit Search) Insurance & Occupanev 545000 Insurance - Commercial property & liability Based on current premium from Marsh & McLennan Agency (Approximate 5 % y Commercial Package Policy - Primary Umbrella $ I OM Limit Primary Crime - $53\4 Limit Cyber Liability Wind Insurance Liability 2016/2017 2017/2018 Board Approved Board Proposed BUDGET BUDGET S5,000 S5,000 S60,000 S50,000 S1,200 5700 53,500 53,820 1-000 1,000 850 1,300 550 720 550 350 250 250 300 200 3,500 3.820 $50,947 545,702 17,019 19,230 8,749 4,389 21,000 16,170 4,179 5,913 50,947 45,702 545000 Insurance - Fidelity & Fiduciary 5117,688 5129,869 Based on current premium from Marsh & McLennan Agency (Approximate 7% } 33,427 36,770 Primary D&O - Employment Practices Liability43M Combined 22,285 24,514 Excess D&O - Employment Prac.Liability-$2Mxs$3M Primary 61,976 68,585 Primary Fiduciary Liabiiity - S I OM Limit 117,688 129,869 543000 utility Services 523,000 $23,000 - Electricity based on estimated amount 17,000 17,000 - Water & Sewer based on estimated amount 4,000 4,000 - Garbage based on estimated amount 2,000 2,000 23,000 23,000 544000 Rentals & Leases - Etluipmem rental based on last year expenditure. $30,000 5301000 Approved GESE Budget 2017-2018.xiss Exhibit A 5 EH 51412017 4,48 PM CITY OF MIAMI GESE RETIREMENT TRUST Approved on March 17, 2017, Board Meeting GESE Budget- Exhibit A For the fiscal year ending September 30, 2018 2016/2017 2017/2018 Board Approved Board Proposed B17DCET BUDGET Cont°d_Insurance & Occupancy Repair & Maintenance Services (Based on Historical Cost) 546001 IT Repair & Maintenance 5347,248 5346,089 PENSION (Ordinance change & Onime Member Semite) 125,000 125,000 PGold additional maintenance (Ordinance Change ) 22,500 22-500 Support, software & customization maintenance (5% annual increase) 106,822 112,163 - CnstonllzatYon 11,661 12,000 Imaging software maintenance & support fee (5% annual increase) 6,836 7-178 IQ software maintenance & support fee (5% annual increase) 3,195 3-355 Business continuity plan maintenance & support fee 13,230 12,842 File backup fee 3,000 3.000 Payroll processing fee 5.500 6,500 Oracle licences (5% annual increase) 9;429 9,901 BIS digital recording maintenance 2,500 2,500 Smead software maintenance (5% annual increase) 3,000 3.150 IT/Audit penetration testing I,575 1,000 Acct}ac accounting software maintenance 6,000 7,000 Daily monitoring of firewall 12,000 8,000 Website maintenance /Logmeln 15,000 10,000 Total Software Annual Repair & Maintenance 347,248 346,089 546000 Buildine Repair & Maintenance S253,450 5225,450 Office building maintenance 87,000 87,000 Building repairs & capital Outlays (Historical) 166,450 138,450 Total Building Repair & Maintenance 251.45:1 225,450 546000 Building Insurance Deductibles S41,065 541,065 - Building insurance deductible (Wind+Flood) 559000 Bldg Use Allowance/ Depreciation 545,000 S45,000 - Depreciation. GESE building based on 39 yr straight-line 664000 Machinery & Equipment 530,076 S29,500 Historical purchases per Market Prices Computer Equipment & Office furniture (Historical purchases per market prices) 10,531 9,500 - Computer SOftWftte (.Microsoft Office/ Sage) 2.400 2.500 Capital Equipment outlay (A/C tntrts,condenscrelectrical panel i 17,145 17,500 30,076 29,500 531000 Additional Expense Professional Service Data Lcss-Mid year Appropiation 5o So TOTAL ADMINISTRATIVE COSTS 53,440,031 $3,377,792 Approved GESE Elicget 2057-203 8.xisx Exhibit A 6 EH 514120174:48 PM