Loading...
HomeMy WebLinkAboutComposite Exhibit AComposite Exhibit A 1. GESE Retirement Trust Budget Memo for Fiscal Year 2019-2020; and 2. GESE Retirement Trust Budget Form for Fiscal Year 2019-2020; and 3. GESE Retirement Trust Budget Template for Fiscal Year 2019-2020 MEMORANDUM TO: Honorable Mayor and Members DATE: July 25, 2019 Of the City of Miami Commission FROM: Mr. E andez Pension dministrator \v�a�� FMPLE(YEFS' & S Ni A qto � yF goo � g 9 h 9FMEN1 S SUBJECT: City of Miami General Employees' & Sanitation Employees' Retirement Trust FY 2019/2020 Budget Approval Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Retirement Trust Fund for Fiscal Year 2019/2020. The Board of Trustees at their Board Meeting of March 22, 2019, approved this budget. We respectfully request your approval of this budget at your meeting scheduled for September 12, 2019. Enclosures c: Board of Trustees Ronald A. Silver, Legal Counsel Emilio T. Gonzalez, City Manager WROMMISC2019/MEMORANDUM FUR CITY APPROVAL OF BUDGET-PAGE2.DOC 2901 Bridgeport Avenue • Coconut Grove, Florida 33133-3607 • Telephone (305) 441-2300 • Fax (305) 441-2307 • www.gese.org Approved GESE Budget by the Board of Trustees on March 22, 2019 #wtw mrrs r, ytiG For the fiscal year ending September 30, 2020 a The following budget represents the fiscal year 2019-20 financial requirements necessary to support the approximately $708.7 million GESE Trust Fund, which serves 4,181 members as of Fiscal year 2018 ORACLE 2018/2019 2019/2020 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Difference $ % Personnel Services Regular Salary & Wages 512000 25,000 0 Pension Administrator 176,000 160,085 164,887 Treasurer 103,510 68,080 68,080 Chief Accountant 18,994 64,676 64,675 Administrative Assistant III 7,500 72,990 72,990 Payroll Specialist II 5787,781 ($94,966) -11% 56,987 56,987 Benefits Specialist 56,745 58,447 Data Benefit Analyst 46,679 52,887 Staff Accountant 46,453 52,492 Office/Facility Attendant 53,647 37,706 Administrative Aide 38,070 36,678 New Hire 50,000 65,000 Total Salaries $714,412 $730,829 Special Pay (OT & Balance Payout) 512000 30,000 30,000 Deferred Compensation 31,650 26,280 Total Salaries & Wages $776,062 $787,109 Fringe Benefits: Car Allowance 516000 6,000 6,000 Payroll Taxes (Includes FICA, SUTA, FUTA) 521000 73,762 72,450 Retirement Contributions 522000 275,384 263,096 (Assumes one lump sum GESE Staff & Two Excess Payments) Life, Health & Dental Insurance 523000 274,277 226,782 Workers' Compensation 524000 4,000 3,500 Total Personnel Services $1,409,485 $1,358,937 ($50,548) -3.6% Professional Services Investment Consultant Special Investment Consultant Consulting Actuary Special Consulting Actuary Computer Specialists Pension Administration Consulting Other (Paychex, Bank Fees, Interpreter) Legal Fees Medical Advisors and Specialists Auditing Services Total Professional Services Budget Summary 2019-20 531000 265,777 247,777 25,000 0 166,000 176,000 0 20,000 103,510 103,510 75,600 0 18,860 18,994 531010 146,000 144,000 531020 10,000 7,500 532000 72,000 70,000 $882,747 5787,781 ($94,966) -11% EH 7/26/2019 6:04 PM Approved GESE Budget by the Board of Trustees on March 22, 2019 For the fiscal year ending September 30, 2020 ORACLE 2018/2019 2019/2020 BOARD BOARD OBJECT APPROVED APPROVED CODE BUDGET BUDGET Difference S Office & Administrative Travel and Training (Conference Per Diem) Communications & Related Services (Office phones, Cellphone allowances, and Internet) Postage & Courrier Printing and Binding (TAX forms, Retiree Payrolls, Annual Statement) Advertising & related costs Office Supplies+ Meeting Expenses Operating Supplies (Death Certificates & Notary) Subscriptions, Memberships, Licenses Total Office & Administrative Insurance & Occupancy Insurance (Commercial Property & Liability) Total Insurance Utility Services (Electricity, Water, Garbage) Rentals & Leases IT Repair & Maintenance Services Building Repair, Maintenance & Capital Outlays Building Insurance Ded (Hurricane repairs) Bldg Use Allowance /Depreciation Machinery & Equipment Total Insurance & Occupancy TOTAL ADMINISTRATIVE COSTS (Detailed ofAdmin Budget Items on Exhibit A) ACTUARIAL FUNDING REQUIREMENT (Assumes one lump sum payment) 540000 25,000 25,000 541000 32,760 33,708 541100 15,000 15,000 547000 13,000 11,000 551000 5,000 4,500 552000 45,000 45,000 554000 600 400 4,650 4,650 $141,010 $139,258 ($1,752) -1.2% 543000 544000 546001 546000 546000 559000 664000 522000 5180,030 550,493 ($129,537) -72.0% 30,349 32,596 25,000 25,000 303,723 350,950 187,465 172,000 41,065 41,065 45,000 45,000 28,500 48,500 $661,102 $715,111 $54,009 8.2% $3,274,374 $3,051,580 ($222,794) -6.8% $43,375,047 $51,506,047 s7a Budget Summary 2019-20 2 EH 712612019 6:04 PM City of Miami GESE Retirement Trust Budget Template FY 2019-20 Proposed Budget FY 2015-16 Actual I FY 2016-17 Actual I FY 2017-18 Actual FY 2018-19 Budget FY 2018-19 Projection I FY 2019-20 Proposed kpproved budget lumber of Full -Time Positions 10 10 10 10 10 10 \pproved budget $3,300,000.00 $3,440,031.00 $3,377,792.00 $3,274,749.00 $3,274,749.00 No \pproved Budget Grand Total $3,300,000.00 $3,440,031.00 $3,377,792.00 $3,274,749.00 $3,274,749.00 $3,051,581 Expenditures 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2019 9/30/2020 Regular Salary and Wages $921,990 $731,658 $810,585 $776,062 $776,062 $787,109 Fringe Benefits $6,046 $6,000 $6,000 $6,000 $6,000 $6,000 FICA Taxes $63,488 $52,997 $54,380 $73,762 $73,762 $72,450 Retirement Contributions $289,890 $293,648 $276,246 $275,384 $275,384 $263,096 Life and Health Insurance $266,328 $217,514 $194,132 $274,277 $274,277 $226,782 Workers' Compensation $737 $2,153 $2,426 $4,000 $4,000 $3,500 Professional Services - Legal $143,123 $95,112 $147,342 $146,000 $146,000 $144,000 Professional Services $567,018 $617,314 $662,702 $654,747 $654,747 $566,281 Accounting and Auditing $79,000 $67,145 $74,515 $72,000 $72,000 $70,000 Other Contractual Services/ Medical advisors $1,432 $1,149 $218 $10,000 $10,000 $7,500 Travel and Per Diem $21,477 $29,292 $37,523 $25,000 $25,000 $25,000 Communications and Related Services $31,923 $25,416 $41,284 $32,760 $32,760 $33,708 Postage $13 $14,176 $14,376 $15,000 $15,000 $15,000 Utility $19,030 $20,497 $21,912 $30,349 $30,349 $32,596 Rentals and Leases $20,157 $16,942 $17,778 $25,000 $25,000 $25,000 Building Repair and Maintenance $292,096 $84,761 $136,038 $228,530 $228,530 $213,065 IT Maintenance $220,306 $228,987 $271,055 $303,723 $303,723 $350,950 Printing and Binding $1,770 $4,710 $1,343 $13,000 $13,000 $11,000 Advertising and Related Costs $2,077 $1,880 $4,148 $5,000 $5,000 $4,500 Office Supplies $43,280 $29,787 $92,483 $45,000 $45,000 $45,000 O er ting Supplies 63 361 100 600 600 400 Subscriptions, Memberships, and Licenses $3,902 $3,406 $3,313 $4,650 $4,650 $4,650 Insurance $143,477 $144,065 $155,960 $180,030 $180,030 $50,493 Insurance deductible In Case of loss/ ex: Hurricane $0 $0 $0 $0 $0 $0 Capital Projects and Purchases $39,197 $52,696 $47,610 $28,500 $28,500 $48,500 Depreciation / Use Allowance $41,961 $44,054 $44,054 $45,000 $45,000 $45,000 Budget Reserve $0 $0 $0 $0 $0 $0 Expenditure Grand Total $3,219,7811 $2,785,7171 $3,117,5211 $3,274,3741 $3,274,374i $3,051,580 r o. Difference 1% 0% -2% -4% -17% -13% -1% -14% -3% -25% 0% 3% 0% 7% 0% -7% 16% -15% -10% 0% -33% 0% -72% 70% 0% 0 - -7% Printed: 7/26/2019 5:56 PM Page 1 of 1