HomeMy WebLinkAboutDocumentation_Regular_Tab 03_6/8/2023Agenda Item #3.
Regular Council
STAFF MEMO
Meeting: Regular Council - Jun 08 2023
Staff Contact: Department:
General Employee Pension Board Presentation - Member Ben Ward
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PROJECT NAME: BUDGET: N/A ENCUMBERED: N/A
Proposed: Projected Remaining:
N/A Imcwilliams@tequesta.org
summary of actions presented June 2023 (00236818xBC171) (002)
Teguesta General Employees Expense Report 2020-22
Page 8 of 768
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Tequesta General Employees' Pension Plan
Historical Expense Report
FYE 2020 Actual FYE 2021 Actual FYE 2022 Actual FY22
Account Description Expense Expense Expense % Total
Plan Expense:
Investment Expenses:
General
25,642.00
31,812.00
34,488.00
38.3%
Subtotal (Investment Expense)
25,642.00
31,812.00
34,488.00
38.3%
Admnistrative Expense:
Service Providers:
Actuary
14,265.00
18,576.00
17,537.00
19.5%
Administrator
9,661.00
9,700.00
12,807.00
14.2%
Auditor/ Accounting
0.00
0.00
0.00
0.0%
Attorney/ Legal
14,782.00
10,520.00
9,543.00
10.6%
Investment Consultant
12,500.00
12,500.00
12,500.00
13.9%
Subtotal (Administrative Expense)
51,208.00
51,296.00
52,387.00
58.21%
Other Plan Expenses:
Dues and Subscriptions
620.00
620.00
750.00
0.8%
Insurance
1,824.00
1,088.00
1,796.00
2.0%
Miscellaneous Expenses
13,500.00
22.00
571.00
0.6%
Travel & Education
0.00
0.00
0.00
0.00/0
Subtotal (Other Expense)
15,944.00
1,730.00
3,117.00
3.5%
TOTAL EXPENSE:
92,794.00
84,838.00
89,992.00
100.0%
Plan Fiduciary Net Position:
General 7,129,156 7,621,215 7,721,729 100.0%
TOTAL: 7,129,156.00 7,621,215.00 7,721,729.00 100.0%
Expense Ratio
Investment Expense 0.36% 0.42% 0.45%
Administrative Expense 0.94% 0.70% 0.72%
TOTAL EXPENSE 1.30% 1.110/0 1.17%
Note: Expense totals agree to amounts reported in ACFR, with differences in classification between investment
and administrative expenses. Investment expenses do not include internal mutual fund expenses.
Page 35 of 768