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Home My WebLink AboutDocumentation_Pension General_Tab 16_08/04/2008MEMO.~~~IVDLTM FINANCE DEPARTMENT DATE: JULY 28, 2008 TO: BOARD OF TRUSTEES, VILLAGE OF TEQUESTA GENERAL EMPLOYEES PENSION TRUST FROM: JOANN FORSYTHE, FINANCE DIRECTOR MONICA RAHIM, SENIOR ACCOUNTANT RE: 2008-2009 BUDGET WORKSHEET Attached please find the Budget Worksheet(s) for the 2008-2009 proposed budget(s) for your review. The following items should be considered as you review the budget: Revenues 1. The interest income and invesment income are not projected. a. We expect the investment advisor to project the expected return. b. Pension contributions were based upon current and projected payroll/personnel information Exj~enses L Legal services reflect an 18% increase in fees. 2. Recording secretary increase was projected by the Village Clerk based upon additional work that may be required. 3. Investment services have increased: • Bogdahn Group increased rates from $4,500 to 10,500 (up 133%) 4. Travel and per diem, membership and seminars were based upon one member attending the trustee school in February 2009. • 7/28/0812:47 PM BUDGET WORKSHEET Village of Tequesta Page: 1 7/28/2008 12:33 pm Prior --------------------------------Current Year ------------------------------ (6) h) 1$) Year Original Amended Actual Thru Estimated M 3112008 Actual Budget Budget July Total PROPOSED TRUSTEE FINAL 602 - VillageEmployee Pension-Gen Revenues Dept: 000 General Acct Class: 361 Unrestricted Investment Earnin 361.100 Interest Income 19,537 0 0 14,000 0 361.102 DividendlDistributions 10,593 0 0 9,438 0 361.103 Money funds Dividends 0 0 0 0 0 Unrestricted Investment Earnin 30,130 0 0 23,438 0 0 0 0 Acct Class: 367 Investment income 367.000 Gain/Loss-Sale of Investments 68 0 0 -16,474 0 367.100 Unrealized gainlloss on invest 67,123 0 0 -62,791 0 Investment income 67,191 0 0 -79,265 0 0 0 0 Acct Class: 368 Pension Contributions 368.001 Pension Fund Cont-Employer 122,449 0 0 104,759 124,000 133,000 368.002 Pension Fund Cont-Employee 76,014 0 0 64,987 77,000 82,500 Pension Contributions 198,463 0 0 169,746 201,000 215,500 0 0 Acct Class: MISC Miscellaneous Revenues 369.000 Other Miscellaneous Revenue 1,025 0 14,000 7 0 Miscellaneous Revenues 1,025 0 14,000 7 0 0 0 0 General ~ 296,809 296 809 0 0 14,000 14 000 113,926 113 926 201,000 201 000 215,500 215 500 0 0 0 0 otal Revenues , , , , , Expenditures Dept: 000 General Acct Class: 530 Operating Expenditures/Expense 531.301 Legal Services 3,815 4,500 4,500 3,153 4,400 5,000 531.304 Recording Secy Service 974 1,000 1,500 1,037 1,400 7,580 531.309 Actuarial Services 7,724 4,500 10,000 5,599 5,600 5,600 540.300 Travel & Per Diem 797 1,000 1,000 0 0 1,010 545.3001nsurance 839 1,000 1,000 801 801 1,000 549.300 Other Misc Chgs & Obligations 362 60 60 238 300 500 554.300 Books, Publ, Subs & Membership 557 500 500 0 0 600 554.600 Seminars & Training -Pensions 1,750 3,000 3,000 0 0 400 Operating Expenditures/Expense 16,818 15,560 21,560 10,828 12,501 21,690 0 0 Acct Class: 531 Investment Expense 531.307 Investment Services 12,694 7,000 15,000 7,948 14,800 23,000 Investment Expense 12,694 7,000 15,000 7,948 14,800 23,000 0 0 Acct Class: 590 Other Financing Sources & Uses 590.600 Excess of additions over deduc 0 0 0 0 173,699 170,810 ~ther Financing Sources & Uses 0 0 0 0 173,699 170,810 0 0 Acc lass: OU Other Uses 549.391 Bank Charges 0 0 0 80 0 BUDGET WORKSHEET Page: 2 7/28/2008 Village of Tequesta 12:33 pm Prior -------------------------------Current Year----------------------------- l6) C7) (8) Year Original Amended Actual Thru Estimated M~31/2008 Actual Budget Budget July Total PROPOSED TRUSTEE FINAL 602 -VillageEmployee Pension-Gen Expenditures Dept: 000 General Other Uses 0 0 0 80 0 0 0 General 29,512 22,560 36,560 18,856 201,000 215,500 0 Dept: 165 Pension Acct Class: 530 Operating Expenditures/Expense 531.300 Professional Services 0 0 0 0 0 536.300 Pension DistributionslRefunds 38,425 0 0 28,178 0 Operating Expenditures/Expense 38,425 0 0 28,178 0 0 0 Pension 38,425 0 0 28,178 0 0 0 Total Expenditures 67,937 22,560 36,560 47,034 201,000 215,500 0 VillageEmployee Pension-Gen 228,872 -22,560 -22,560 66,892 0 0 0 Grand Total: 228,872 -22,560 -22,560 66,892 0 0 0 i• 0 0 0 0 0 0 0 i• Account Current Year Changes that affect expense 2009 Number Estimated Description Amount Proposed 531-301 Legal Services first three quarters fourth quarter 18% increase for 4th qtr $ 3,153 $ 1,057 $ 190 18% fee increase $ 570 $ 4,400 $ 570 $ 5,000 531.304 Recording Secretary $ 1,400 Realocation of cost between VOT and Gen $ 6,180 $ 1,400 $ 6,180 $ 7,580 531.309 Actuarial Services $ 5,600 Waiting for response $ 5,600 from Gabriel Roeder 0 $ 5,600 540.300 Travel & Per Diem $ - Trustee School Feb 1-4 Hotel - 4 nights Travel 491.3 mile @.585 716 288 $ - 1004 $ 1,010 545.300 Insurance 801 Quote $4,137.97 Fiduciary Insurance Rates both funds increase 801 b 4% $ 29 $ 1,000 549.300 Other Misc Chgs & Obligations $ 238 $ 62 Increase in misc. chrgs & obligation $ 200 $ 300 Forei n Fees W/H $ 200 $ 500 554.300 Bks, Pub, Subs & Membership FPPTA Membership per board $ 500 Publication $ 100 $ 600 554.600 Seminars & Training -Pension Reg. to attend Trustee School er person $ 400 551.307 Investment Services First Two Quarters Second Two Quarters $ 7,948 $ 7,500 Bogdahn - 134% increase Dana Salem $ 6,000 $ 750 $ 750 $ 15,448 $ 7,500 $ 23,000 $ 44,690