HomeMy WebLinkAboutAgenda Item Summary Form�1TY OF "V
AGENDA ITEM SUMMARY FORM
* """ """ File ID: #6297
L O R 19
Date: 08/08/2019 Requesting Department: General
Employees' and Sanitation Employees'
Retirement Trust
Commission Meeting Date: 09/12/2019 Sponsored By:
District Impacted: Various
Type: Resolution
Subject: Approve Annual Budget FY'20 - GESE Retirement Trust Fund
Purpose of Item:
To approve the budget for the City of Miami General Employees' & Sanitation
Employees' Retirement Trust Fund for Fiscal Year 2019/2020, in the amount not to
exceed $3,051,580, excluding normal cost of $51,506.47, as actuarially determined, to
provide for the administration of the GESE Retirement Trust Fund.
Background of Item:
Ordinance No. 10002, adopted on June 13, 1985, authorized the Board of Trustees to
administer the City of Miami General Employees' & Sanitation Employees' Retirement
Trust (GESE Retirement Trust Fund"); and as such, a budget is required to properly
administer the GESE Retirement Trust Fund, and at the March 22, 2019, The Board of
Trustees approved this budget.
Budget Impact Analysis
Item is NOT Related to Revenue
Item is an Expenditure
Total Fiscal Impact:
$3,051,580
Reviewed By
General Employees' and Sanitation Employees' Retirement Trust
Review Completed
08/13/2019 10:00 AM
Office of Management and Budget
Fred Pericles
Office of Management and Budget
Christopher M Rose
City Manager's Office
Fernando Casamayor
City Manager's Office
Nikolas Pascual
Legislative Division
Valentin J Alvarez
Office of the City Attorney
Barnaby L. Min
Office of the City Attorney
Victoria Mendez
City Commission
Maricarmen Lopez
Office of the Mayor
Mayor's Office
Office of the City Clerk
City Clerk's Office
Office of the City Clerk
City Clerk's Office
Edgard Hernandez Department Head
Budget Analyst Review
Completed
08/13/2019 10:25
AM
Budget Review
Completed
08/22/2019 6:24
AM
Assistant City Manager Review
Completed
08/22/2019 5:21
PM
City Manager Review
Completed
08/23/2019 11:42
AM
Legislative Division Review
Completed
08/26/2019 1:44
PM
Deputy City Attorney Review
Completed
08/26/2019 2:08
PM
Approved Form and Correctness
Completed
08/30/2019 3:49
PM
Meeting
Completed
09/12/2019 5:05
PM
Signed by the Mayor
Completed
09/16/2019 4:33
PM
Signed and Attested by the City Clerk
Completed
09/16/2019 4:49
PM
Rendered
Completed
09/16/2019 4:49
PM
File Number: 6297
City of Miami
Legislation
Resolution
Enactment Number: R-19-0356
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.
APPROVED AS TO FORM AND CORRECTNESS:
1
i ria i �-ndez, City Httor iey 8/30/2019