BH.8 - Approve Gese Retirement Fund Budget
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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 EXHIBIT "A," IN THE AMOUNT OF THREE MILLION, FOUR HUNDRED FIFTY-SEVEN THOUSAND, TWO HUNDRED SEVEN AND 00/100 DOLLARS ($3,457,207.00), EXCLUDING NORMAL COSTS, AS ACTUARIALLY DETERMINED, TO PROVIDE FOR THE ADMINISTRATION OF THE GESE RETIREMENT TRUST FUND FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027.
September 10, 2026
Department: General Employees' and Sanitation Employees' Retirement Trust
Category: Other
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 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 2026-2027 on March 20, 2026; and
WHEREAS, the Trustees request the approval of the GESE Retirement Trust Fund budget for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Three Million,Four Hundred Fifty-Seven Thousand,Two Hundred Seven and 00/100 Dollars ($3,457,207.00), excluding normal costs as actuarially determined;
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 Fiscal Year 2026-2027 budget, attached and incorporated, for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Three Million,Four Hundred Fifty-Seven Thousand,Two Hundred Seven and 00/100 Dollars ($3,457,207.00), excluding normal costs, as actuarially determined 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.
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 2026-2027 on March 20, 2026; and
WHEREAS, the Trustees request the approval of the GESE Retirement Trust Fund budget for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Three Million,Four Hundred Fifty-Seven Thousand,Two Hundred Seven and 00/100 Dollars ($3,457,207.00), excluding normal costs as actuarially determined;
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 Fiscal Year 2026-2027 budget, attached and incorporated, for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Three Million,Four Hundred Fifty-Seven Thousand,Two Hundred Seven and 00/100 Dollars ($3,457,207.00), excluding normal costs, as actuarially determined 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.
Fiscal Impact
Total Fiscal Impact: $3,457,207