HomeMy WebLinkAboutR-19-0356City of Miami
Legislation
Resolution: R-19-0356
File Number: 6297
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 9/12/2019
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI
GENERAL EMPLOYEES' & SANITATION EMPLOYEES' RETIREMENT TRUST
("GESE RETIREMENT TRUST FUND"), ATTACHED AND INCORPORATED AS
COMPOSITE EXHIBIT "A", IN THE AMOUNT OF $3,051,580.00, EXCLUDING
NORMAL COSTS OF $51,506,047.00 AS ACTUARIALLY DETERMINED FOR THE
PENSION FUNDING REQUIREMENT, TO PROVIDE FOR THE ADMINISTRATION
OF THE GESE RETIREMENT TRUST FUND FOR THE FISCAL YEAR
COMMENCING OCTOBER 1, 2019 AND ENDING SEPTEMBER 30, 2020.
WHEREAS, Section 40-243 of the Code of the City of Miami, Florida, as amended,
authorizes the Board of Trustees ("Trustees") to administer the City of Miami's General
Employees' and Sanitation Employees' Retirement Trust Fund ("GESE Retirement Trust Fund");
and
WHEREAS, an annual budget is required to properly administer the GESE Retirement
Trust Fund; and
WHEREAS, the Trustees reviewed and approved the GESE Retirement Trust Fund
budget for Fiscal Year 2019-2020 on March 22, 2019; and
WHEREAS, the Trustees request the approval of the GESE Retirement Trust Fund
budget for the Fiscal Year commencing October 1, 2019 and ending September 30, 2020 in the
amount of $3,051,580.00 excluding normal costs of $51,506,047.00 as actuarially determined,
attached and incorporated as Composite Exhibit "A;"
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as is fully set forth in this Section.
Section 2. The GESE Retirement Trust Fund budget, attached and incorporated as
Composite Exhibit "A", for the Fiscal Year commencing October 1, 2019 and ending September
30, 2020 in the amount of $3,051,580.00 excluding normal costs of $51.506.47.00 as actuarially
determined for the pension funding requirement, to provide for the administration of the GESE
Retirement Trust Fund is approved and adopted.
Section 3. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
' If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
City of Miami Page 1 of 2 File ID: 6297 (Revision:) Printed On: 9/26/2019
File ID: 6297
APPROVED AS TO FORM AND CORRECTNESS:
1
ria ndez, ity ttor ey 8130/2019
Enactment Number: R-19-0356
City of Miami Page 2 of 2 File ID: 6297 (Revision:) Printed on: 912612019