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Composite Exhibit A
COMPOSITE EXHIBIT A 1. GESE Excess Benefit Plan Budget Memo of July 25, 2019, 2. GESE Excess Benefit Plan Budget for FY 2019-2020; and 3. Budget Template for GESE Excess Benefit Plan FY 2019-2020 ��EE1Pl0YEFS'B,Pgyi a � 4 91NENt MEMORANDUM TO: Honorable Mayor and Members DATE: July 25, 2019 Of the City of Miami Commission FROM:Mr dg d He dez SUBJECT: City of Miami General Pension inistrator Employees' & Sanitation Employees' Excess Benefit Plan FY 2019/2020 Budget Approval Enclosed is the budget for the City of Miami General Employees' & Sanitation Employees' Excess Benefit Plan 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 ;our meeting scheduled for September 12, 2019. Enclosures c: Board of Trustees Ronald A. Silver, Legal Counsel Emilio T. Gonzalez, City Manager WROMMISC2018/MEMORANDUM FOR CITY APPROVAL OF BUDGET- PAGEE.DDC 2901 Bridgeport Avenue • Coconut Grove, Florida 33133-3607 • Telephone (305) 441-2300 • Fax (305) 441-2307 • www.gese,org Excess Benefit Budget Proposed At The Board of Trustees Meeting on March 22, 2019 For the fiscal year ending September 30, 2020 2018/2019 2019/2020 Board Approved Board Proposed Bud et Budeet Personnel Services 512000 Salaries & Fringe Benefits $35,045 $35,045 - Based on expected cost of excess benefit salaries (5% of GESE's Budget) 512000 Salaries (GESE-Staff Excess Plan) $1,000 $1,000 - Based on expected cost of excess benefit salaries (GESE's Budget) 521000 Payroll Tax Expense - Based on 10% of Excess Salary expenditure $3,067 $3,067 Professional Services 531000 Consulting Actuary 25,000 $37,000 $37,000 Fee per contract for Excess actuarial valuation 5,000 - Special Projects(Not based on GESE's Budget) 7,000 GASB 67 & 68 37,000 531000 Auditing Services 750 $1,500 $1,500 Financial Statements (2% of GESE's budget) 750 - Annual CAFR 1,500 531000 Other Services $1,985 $1,985 -Bank Service Fees 531000 Computer Specialists - 5% of GESE's budget $5,150 $5,150 53 10 10 Legal Fees - 5% RAS-Attorney's fees $5,000 $5,000 Office & Administrative 541000 Communications & related services - Local, long distance, internet and cell phone service - I% of GESE's budget $300 $330 541100 Postage - Based on estimated amount (I% of GESE's Budget) $150 $150 547100 Printing & Binding - Outsourcing - Based on 5% of GESE's Budget $750 $550 548100 Advertising & Related Costs - Based on 1% of GESE's Budget $50 $50 551000 Office Supplies & Meeting Expenses - Amount based on 1 % of GESE's budget $600 $600 Insurance & Occupancy 545000 Insurance - Commercial property & liability - Based on estimated amount and 1% of GESE's budget $550 $550 545000 Insurance - Fidelity & Fiduciary -Based on I% of GESE's Budget $1,250 $1,200 543000 Utility Services - Electricity, water, sewer & garbage based on 1% of GESE's Budget $230 $230 544000 Rentals & Leases - Based on estimated amount and I% of GESE's budget $300 $300 546000 Repair & Maintenence Services 10,600 - IT Repairs & Customizations (Pension-Accounting-Servers) 7,500 -Based on 3% of GESE's Building Maintenance& 18,100 $18,100 $18,100 559000 Bldg Use Allowance / Depreciation - Use of GESE building based on 1% of GESE's Budget $450 $450 664000 Machinery & Equipment - Use of GESE building based on I% of GESE's Budget $0 $1,455 TOTAL ADMINISTRATIVE COSTS $112,477 $113,712 Ett Budget 2018-19 EXCESS BUDGET - EH 3115120182:56 PM City of Miami GESE Retirement Trust FY 2015-16 Actual I FY 2016-17 Actuall FY 2017-18 Actuall FY 2018-19 Budgetj FY 2018-19 Projectionj FY 2019-20 Proposed Change Number of Full -Time Positions Approved budget $116,307 $116,307 $115,707 $112,477 $112,477 $113,712 1% Approved budget $116,307 $116,307 $115,707 $112,477 $112,477 $113,712 Approved Budget Grand Total $116,307 $116,307 $115,707 $112,477 $112,477 Expenditures 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2019 9/30/2020 Regular Salary and Wages $42,822 $36,865 $36,045 $36,045 $36,045 $36,045 0% Fringe Benefits $0 $0 $0 $0 $0 $0 - FICA Taxes $4,282 $3,820 $3,732 $3,067 $3,067 $3,067 0% Retirement Contributions $0 $0 $0 $0 $0 $0 - Life and Health Insurance $0 $0 $0 $0 $0 $0 Workers' Compensation $0 $0 $0 $0 $0 $0 Professional Services - Legal $0 $7,000 $5,000 $5,000 $5,000 $5,000 0% Professional Services $35,275 $25,048 $27,578 $44,135 $44,135 $44,135 0% Accounting and Auditing $0 $0 $1,500 $1,500 $1,500 $1,500 0% Other Contractual Services $0 $0 $0 $0 $0 $0 - Travel and Per Diem $0 $0 $0 $0 $0 $0 - Communications and Related Services $400 $300 $300 $300 $300 $330 10% Postage $250 $150 $150 $150 $150 $150 0% Utility $280 $280 $230 $230 $230 $230 0% Rentals and Leases $400 $300 $300 $300 $300 $300 0% Repair and Maintenance Services $16,824 $22,650 $22,650 $18,100 $18,100 $18,100 0% Printing and Binding $750 $750 $750 $750 $750 $550 -27% Advertising and Related Costs $0 $50 $50 $50 $50 $50 0% Office Supplies $450 $600 $600 $600 $600 $600 0% Operating Supplies 0 0 0 0 0 $0 Motor Fuel $0 $0 $0 $0 $0 $0 - Public Safety Supplies $0 $0 $0 $0 $0 $0 - Subscriptions, Memberships, and Licenses $0 $0 $0 $0 $0 $0 - Insurance $1,000 $1,700 $1,488 $1,800 $1,800 $1,750 -3% Machinery and Equipment $0 $0 $0 $0 $0 $1,455 - Insurance deductible in case of loss/ ex: Hurricane $0 $0 $0 $0 $0 $0 Depreciation $450 $450 $450 $450 $450 $450 0% Budget Reserve $0 $0 $0 $0 $0 $0 - Expenditure Grand Total 1 $103,1831 $99,9631 $100,8231 $112,4771 $112,4771 $113,712 1% Printed: 7/26/2019 6:26 PM Page 1 of 1