15Agenda Item No:15.
City Commission Agenda Item Report
Meeting Date: January 7, 2020
Submitted by: Michelle Caloca
Submitting Department: Finance Department
Item Type: Ordinance
Agenda Section:
Subject:
An Ordinance relating to the amendment of the City’s 2019-2020 fiscal year budget and increasing the
appropriation amount for the General Fund and allocating such increase to the Non-Departmental, line item
001-2100-519-9924. 3/5 (City Manager-Finance Dept.)
Suggested Action:
Attachments:
Memo - Ordinance Increasing Appropriations for Pension COLA Benefit.docx
Ordinance Increasing Appropriations for Pension COLA Benefit.docx
Ordinance No. 35-19-2348 - COLA Approved.pdf
Reso 123-19-15395 - Fully Executed AFSCME Agreement 2019-2022.pdf
Summary of Retirement Plan Costs as of October 1, 2018 - Actuarial Valuation Funding Ratio Info.pdf
COLA Projection Study (30 Years).pdf
Pages from 2018 south miami CAFR.pdf
MDBR Ad..pdf
MH ad..pdf
1
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER-OFFICE MEMORANDUM
To:The Honorable Mayor, Vice Mayor and Members of the City Commission
From:Steven Alexander, City Manager
Date:January 7, 2020
Request:An Ordinance relating to the amendment of the City's 2019-2020 fiscal year
budget and increasing the appropriation amount for the General Fund and
allocating such increase to the Non-Departmental, line item 001-2100-519-9924.
Background
The City Commission adopted Ordinance 35-19-2348 which provided the changes necessary to
bring the City into compliance with the newly executed Collective Bargaining Agreement
between the City of South Miami and the American Federation of State, County and Municipal
Employees, AFL-CIO, City Employees Local 3294 (AFSCME) (Resolution 123-19-15395).
Based on the City’s October 1, 2018 Actuarial Valuation report provided by the City’s Pension
Plan Actuary, the City of South Miami Pension Plan is currently 110% funded. This means that
the Pension Plan is very strong and is in possession of 10% more funds than is necessary to fund
its financial obligation to retired employees. Attached is the Summary of Retirement Plan Costs
as of October 1, 2018.
Proposed Ordinance
In order to ensure the COLA benefit is actually provided to the employees in the future, it is
recommended to provide full funding for this employee benefit at the present time. This will
eliminate the temptation of future Commissions to not fund this important benefit due to future
financial concerns or preferences. The proposed Ordinance will amend the City’s General Fund
appropriation amount for fiscal year 2019-2020 to guarantee funds for the reinstatement of the
Cost of Living (COLA) pension benefit for the next 30-years.
Based on the projections provided by the City’s Pension Actuary, the overall cost to the City over
30-years is expected to be $5,642,000. The present value of that amount is estimated to be
$1,538,292. In other words, if we fund the $1,538,292 now, we will save millions over the long
run and make certain for our employees that the benefit they desired is fully funded. The City is
currently proposing in this Ordinance that the benefit be paid in fiscal year 2019-2020.
In order to pay this sum, the City Commission must approve an increase in the appropriation
amount for the General Fund and a decrease in the Unreserved, Unrestricted fund balance which
has an approximate current balance of $4,550,816 as of September 30, 2018.
2
The City looked at multiple refinancing and funding opportunities and has since determined, that
the most beneficial to the City is to fund the benefit using City surplus and the City’s existing
unreserved, unfunded fund balance.
The City is recommending allocating an increase of the budget in line item 001-2100-519-9924 of
the Non-Departmental section of $1,538,292 thereby realizing an overall savings of $4,103,708
($1,538,292 - $5,642,000).
Financial Impact of Proposed Ordinance
Using, time value of money, or TVM, one assumes a dollar in the present is worth more than a
dollar in the future because of variables such as inflation and interest rates. Inflation is the
general increase in prices, which means that the value of money depreciates over time as a result
of that change in the general level of prices.
In summary, by paying the entire estimated benefit using today’s present value, the City saves
by not needing to pay for the benefit for an estimated 30-years and saves on all the interest and
inflation that will occur during that time. The intention of paying off the benefit to avoid inflation
and costs in the future, oddly enough falls inline with the reason the City is reinstating the COLA
benefit for pension benefits for its employees; to help maintain the value of their earned benefit
against inflation and future costs.
The COLA Benefit cost will be a Net Present Value of $1,538,292, when compared to the actuarial
30-year cost of $5,642,000, providing for an overall savings of $4,103,708 ($1,538,292 -
$5,642,000).
Recommendation
Approve the attached Ordinance that enables the City to fund the reinstatement of the COLA
pension benefit using todays value, which will ultimately save the City over 4 million of dollars
over the next 30-years.
Attachments
Proposed Ordinance
Ordinance 35-19-2348
Resolution 123-19-15395 Approving the American Federation of State, County and
Municipal Employees, AFL-CIO, City Employees Local 3294, CBA
Summary of Retirement Plan Costs as of October 1, 2018
GRS 30-year Projection Study
City of South Miami CAFR – Balance Sheet as of September 30, 2018
3
Page 1 of 1
ORDINANCE NO. _________________1
An Ordinance relating to the amendment of the City’s 2019-2020 fiscal year budget2
and increasing the appropriation amount for the General Fund and allocating such 3
increase to the Non-Departmental, line item 001-2100-519-9924.4
WHEREAS,the City Commission desires to save taxpayer dollars, guarantee the benefit, 5
and minimize the impact to the City’s finances, by paying for the Pension Supplemental Benefit 6
(COLA) for the next 30-years at the present value amount of $1,538,292; and,7
WHEREAS,the City Commission will continue the Pension Supplemental Benefit 8
(COLA) to all general employees in consideration of the benefit being paid for the next 30-years; 9
and,10
WHEREAS, Florida Statue 166.241(4) provides that:11
(4) The governing body of each municipality at any time within a fiscal year or 12
within 60 days following the end of the fiscal year may amend a budget for that 13
year as follows:14
a)Appropriations for expenditures within a fund may be decreased or 15
increased by motion recorded in the minutes if the total appropriations 16
of the fund is not changed.17
b)The governing body may establish procedures by which the designated 18
budget officer may authorize budget amendments if the total 19
appropriations of the fund is not changed.20
c)If a budget amendment is required for a purpose not specifically 21
authorized in paragraph (a) or paragraph (b), the budget amendment 22
must be adopted in the same manner as the original budget unless 23
otherwise specified in the municipality’s charter.24
WHEREAS, the Non-Departmental section of the budget was historically used to allocate 25
City expenditures that have not otherwise been provided for in a specific section of the budget; 26
and, 27
WHEREAS, in order to pay this sum,the City Commission by approval of this Ordinance will28
approve an increase of the appropriation amount for the General Fund, from the Unreserved, 29
Unrestricted fund balance which has an approximate current balance of $4,550,816 and allocating 30
the increase to the Non-Departamental section, and specifically to line item 001-2100-519-9924.31
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION OF THE 32
CITY OF SOUTH MIAMI, FLORIDA:33
Section 1.The foregoing recitals are hereby adopted and incorporated herein as if 34
fully stated with full effect.35 4
Page 2 of 1
Section 2. The City of South Miami’s fiscal year 2019/2020 budget is hereby amended by 36
increasing the General Fund appropriation by $1,538,292 from the unreserved, 37
unrestricted fund balance and allocating such increase to Non-Departmental, line item 38
001-2100-519-9924 to fund the Pension Supplemental Benefit (COLA) for the next 30-39
years at the present value amount of $1,538,292.40
Section 3. Severability. If any section, clause, sentence, or phrase of this ordinance is for 41
any reason held invalid or unconstitutional by a court of competent jurisdiction, this holding shall 42
not affect the validity of the remaining portions of this ordinance.43
Section 4. Ordinances in Conflict. All ordinances or parts of ordinances and all sections44
and parts of sections of ordinances in direct conflict herewith are hereby repealed.45
Section 5. Effective Date. This ordinance shall become effective upon enactment.46
PASSED AND ENACTED this ____ day of _____________, 2020.47
ATTEST:APPROVED:48
49
________________________________________________50
CITY CLERK MAYOR51
1st Reading 52
2nd Reading 53
54
READ AND APPROVED AS TO FORM:COMMISSION VOTE:55
LANGUAGE, LEGALITY AND Mayor Stoddard:56
EXECUTION THEREOF Vice Mayor Harris: 57
Commissioner Gil:58
Commissioner Welsh:59
________________________Commissioner Liebman:60
CITY ATTORNEY 61
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
South Miami Pension Plan 17
Table I
(Cont'd)
Cost % of
Data Payroll
A.Participant Data Summary
1.Active employees 107 N/A
2.Terminated vested 9 N/A
3.Receiving benefits 48 N/A
4.Annual payroll of active employees 6,675,196$ 100.0%
B.Total Normal Costs
1.Age retirement benefits 661,676$ 9.9%
2.Termination benefits 136,634 2.0%
3.Death benefits 7,261 0.1%
4.Disability benefits 36,993 0.6%
5.Estimated administrative expenses 139,324 2.1%
6.Total annual normal costs 981,888$ 14.7%
C.Total Actuarial Accrued Liability
1.Age retirement benefits active employees 17,041,813$ 255.3%
2.Termination benefits active employees 757,122 11.3%
3.Death benefits active employees 69,498 1.0%
4.Disability benefits active employees 498,344 7.5%
5.Retired or terminated vested participants
receiving benefits 19,210,022 287.8%
6.Terminated vested participants entitled to
future benefits 1,266,989 19.0%
7.Deceased participants whose beneficiaries
are receiving benefits 176,438 2.6%
8.Disabled participants receiving benefits 0 0.0%
9.Miscellaneous liability 149,378 2.2%
10.Total actuarial accrued liability 39,169,604$ 586.8%
D.Market Value of Assets (Table V)43,219,378$ 647.5%
E.Smoothed Value of Assets (Table V)41,264,634$ 618.2%
F.Unfunded Actuarial Accrued Liability (C. - E.)(2,095,030)$ (31.4%)
Summary of Retirement Plan Costs as of October 1, 2018
All Participants
121
September 30, 2019
Mr. Alfred Riverol
Finance Director
City Hall, 1st Floor
6130 Sunset Drive
South Miami, Florida 33143
Re: Actuarial Projection Study
South Miami Pension Plan – General Employees (Tiers 1 and 2) and AMSC Members
Dear Alfred:
As requested, we are pleased to enclose our Actuarial Projection Study including thirty (30) year
projections beginning October 1, 2018 for General Employees (Tiers 1 and 2) and AMSC members of
the South Miami Pension Plan illustrating the financial impact of the current and proposed
provisions.
Census data and financial information is reported as of October 1, 2018.
If you should have any question concerning the above or if we may be of further assistance with this
matter, please do not hesitate to contact us.
Sincerest regards,
Jennifer M. Borregard, E.A., M.A.A.A., F.C.A.
Consultant and Actuary
Shelly L. Jones, A.S.A, E.A., M.A.A.A., F.C.A.
Consultant and Actuary
Enclosures
122
South Miami Pension Plan
Actuarial Projection Study For General Employees (Tiers 1
and 2) and Administration Management Service Class
(AMSC) Employees as of October 1, 2018
Prepared: September 30, 2019
123
124
TABLE OF CONTENTS
Page
I. Executive Summary .......................................................................................................... 1
II. Projection Results ............................................................................................................ 4
III. Outline of Principal Provisions of the Retirement Plan ................................................... 6
IV. Actuarial Assumptions and Cost Methods ..................................................................... 12
V. Glossary .......................................................................................................................... 17
125
South Miami Pension Plan 1
EXECUTIVE SUMMARY
As requested, we have completed thirty (30) year projections illustrating the financial impact of proposed
changes to the benefit provisions of the South Miami Pension Plan (Plan) for General Employees (Tiers 1
and 2) and Administration Management Service Class (AMSC) Employees.
Background
Currently, the Plan does not provide a cost of living supplemental benefit for Tier 2 General Employees and
AMSC Employees. Currently, the Plan provides a cost of living supplemental benefit based on the consumer
price index, limited to 3.0%, upon retirement on the accrued benefit as of September 30, 2011 for Tier 1
General Employees.
Proposed Changes
We understand the City is interested in an analysis of providing a cost of living supplemental benefit based
upon the consumer price index, limited to 3.0%, upon retirement on the entire accrued benefit for General
Employees (Tiers 1 and 2) and AMSC Employees.
Results
The following table shows the current City cost over the next five (5), ten (10) and thirty (30) years for the
baseline (current plan) and for the proposed benefit changes described above both as a dollar amount and
as a percentage of projected covered payroll, respectively.
Current Plan
Amount Amount Increase /
(Decrease)
Next Year
- Projected Payroll $3,620 $3,620 $0
- City Cost $$287 $396 $109
- City Cost %7.9%11.0%3.0%
Next 5 Years
- Projected Payroll $18,829 $18,829 $0
- City Cost $$1,553 $2,146 $593
- City Cost %8.2%11.4%3.1%
Next 10 Years
- Projected Payroll $40,632 $40,632 $0
- City Cost $$3,437 $4,760 $1,322
- City Cost %8.5%11.7%3.3%
Next 30 Years
- Projected Payroll $165,699 $165,699 $0
- City Cost $$14,157 $19,799 $5,642
- City Cost %8.5%11.9%3.4%
Summary of Costs ($1,000s)
COLA for Future Retirees
126
South Miami Pension Plan 2
Actuarial Assumptions and Methods, Plan Provisions, Financial Data and Member Census Data
Actuarial assumptions and methods, Plan provisions, financial data and member census data employed for
purposes of our Actuarial Projection Study are the same actuarial assumptions and methods, Plan
provisions, financial data and member census data utilized for the October 1, 2018 Actuarial Impact
Statement dated June 14, 2019 unless otherwise specified herein.
The Plan provisions are the same as outlined in the October 1, 2018 Actuarial Impact Statement with the
following revision:
• A cost of living supplemental benefit based upon the consumer price index, limited to 3.0%, is
provided upon retirement on the entire accrued benefit for General Employees (Tiers 1 and 2) and
AMSC employees.
The following projection assumptions have been included:
• Two (2) AMSC employees transferred from City’s DC plan are added to the Study.
• General Tier 2 and AMSC employees are assumed to be hired each year at a rate sufficient to
maintain a constant active headcount – stationary population. New General Tier 2 and AMSC
employees are assumed to have the same average demographic characteristics (age, gender, salary
– adjusted each year for inflation) as those employees hired for General Tier 2 and AMSC
employees over the past five years, respectively.
• Expenses paid by the City are assumed to be 0.4% of the projected market value of assets during
the projection period.
• Projections are deterministic – throughout the projection period experience is expected to match
the assumptions – including a 7.375% annual market value investment return for fiscal year ended
September 30, 2019 and thereafter.
Other Considerations
Under Governmental Accounting Standards Board (GASB) Statement Number 68, we understand the cost of
benefit changes must be recognized immediately in pension expense (accounting not funding). Therefore,
pension expense is expected to increase the first year and then is expected to return to lower levels in fiscal
years following initial recognition of the benefit change.
This Actuarial Projection Study is intended to describe the estimated future financial effects of the
proposed benefit changes on the Plan and is not intended as a recommendation in favor of the change nor
in opposition to the change.
These calculations are based upon assumptions regarding future events. However, the Plan’s long term
costs will be determined by actual future events, which may differ materially from the assumptions made.
If you have reason to believe the assumptions used are unreasonable, the Plan provisions are incorrectly
described or referenced, important Plan provisions relevant to this Actuarial Projection Study are not
described or that conditions have changed since the calculations were made, you should contact the
undersigned prior to relying on information in this Actuarial Projection Study. If you have reason to believe 127
South Miami Pension Plan 3
that the information provided in this Actuarial Projection Study is inaccurate, or is in any way incomplete,
or if you need further information in order to make an informed decision on the subject matter of this
report, please contact the undersigned prior to making such decision.
If all actuarial assumptions are met and if all future minimum required contributions are paid, Plan assets
will be sufficient to pay all Plan benefits, future contributions are expected to remain relatively stable as a
percent of payroll and the funded status is expected to improve.
Future actuarial measurements may differ significantly from the current measurements presented in this
report due to such factors as the following: Plan experience differing from that anticipated by the economic
or demographic assumptions; changes in economic or demographic assumptions; increases or decreases
expected as part of the natural operation of the methodology used for these measurements (such as the
end of an amortization period or additional cost or contribution requirements based on the Plan’s funded
status); and changes in Plan provisions or applicable law. Due to the limited scope of the actuary’s
assignment, the actuary did not perform an analysis of the potential range of such future measurements.
This report should not be relied on for any purpose other than the purpose described in the primary
communication. Determinations of the financial results associated with the benefits described in this
report in a manner other than the intended purpose may produce significantly different results.
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of our knowledge the information contained in this report is accurate and
fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made in
conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of
Practice issued by the Actuarial Standards Board and with applicable statutes.
The signing actuaries are independent of the Plan sponsor.
The undersigned are Members of the American Academy of Actuaries and meet the Qualification Standards
of the American Academy of Actuaries to render the actuarial opinion contained herein.
If you should have any question concerning the above or if we may be of further assistance with this
matter, please do not hesitate to contact us.
Sincerest regards,
Jennifer M. Borregard, E.A., M.A.A.A., F.C.A.
Consultant and Actuary
Shelly L. Jones, A.S.A., M.A.A.A., E.A., F.C.A.
Consultant and Actuary
128
South Miami Pension Plan 4
PROJECTION RESULTS
The Plan provides a cost of living supplemental benefit based upon the consumer price index, limited to
3.0%, on entire accrued benefits for General Employees (Tiers 1 and 2) and AMSC Employees. The change
applies to all future retirees.
The following Table shows projected covered payroll, comparison of projected City cost and Unfunded
Actuarial Accrued Liabilities (UAAL) under the baseline forecast versus the Study – ($1,000s).
Increase /Cumulative Increase /
Fiscal Projected (Decrease)Inc. / (Dec.)(Decrease)
Year Annual in Net in Net in
End Payroll Amount % of Pay UAAL Amount % of Pay UAAL City Cost City Cost UAAL
2020 3,620 287 7.9% (2,112) 396 11.0% (868) 109 109 1,245
2021 3,656 303 8.3% (2,698) 416 11.4% (1,398) 114 223 1,301
2022 3,730 308 8.2% (3,228) 426 11.4% (1,868) 118 341 1,360
2023 3,853 321 8.3% (3,620) 444 11.5% (2,196) 123 464 1,424
2024 3,971 334 8.4% (3,949) 463 11.7% (2,456) 129 593 1,494
2025 4,132 351 8.5% (4,306) 486 11.8% (2,739) 135 728 1,567
2026 4,253 362 8.5% (4,694) 503 11.8% (3,048) 140 868 1,646
2027 4,380 375 8.6% (5,116) 521 11.9% (3,386) 146 1,014 1,730
2028 4,443 390 8.8% (5,576) 541 12.2% (3,758) 151 1,165 1,818
2029 4,595 406 8.8% (6,078) 564 12.3% (4,167) 157 1,322 1,911
2030 4,716 421 8.9% (6,622) 584 12.4% (4,613) 163 1,486 2,009
2031 4,888 436 8.9% (7,214) 605 12.4% (5,100) 170 1,655 2,113
2032 5,051 447 8.8% (7,853) 622 12.3% (5,629) 175 1,830 2,224
2033 5,137 464 9.0% (8,547) 646 12.6% (6,208) 181 2,012 2,340
2034 5,292 476 9.0% (9,299) 663 12.5% (6,836) 187 2,199 2,463
2035 5,437 494 9.1% (10,111) 689 12.7% (7,519) 194 2,394 2,592
2036 5,629 509 9.0% (10,992) 710 12.6% (8,263) 202 2,595 2,729
2037 5,743 521 9.1% (11,943) 729 12.7% (9,069) 208 2,803 2,874
2038 5,880 539 9.2% (12,970) 754 12.8% (9,943) 215 3,019 3,027
2039 6,028 552 9.2% (14,076) 774 12.8% (10,888) 222 3,241 3,188
2040 6,200 564 9.1% (15,268) 793 12.8% (11,909) 229 3,469 3,359
2041 6,369 581 9.1% (16,551) 818 12.8% (13,011) 237 3,706 3,540
2042 6,622 578 8.7% (17,929) 824 12.4% (14,198) 247 3,953 3,731
2043 6,797 595 8.8% (19,387) 850 12.5% (15,452) 255 4,208 3,935
2044 6,987 548 7.8% (20,953) 767 11.0% (16,802) 219 4,427 4,151
2045 7,197 565 7.8% (22,578) 792 11.0% (18,154) 227 4,654 4,425
2046 7,423 583 7.9% (24,323) 818 11.0% (19,605) 235 4,889 4,718
2047 7,656 600 7.8% (26,196) 842 11.0% (21,166) 243 5,132 5,031
2048 7,881 617 7.8% (28,210) 868 11.0% (22,844) 251 5,383 5,365
2049 8,132 630 7.7% (30,369) 889 10.9% (24,646) 259 5,642 5,723
5 Year
Total 18,829 1,553 8.2%2,146 11.4%593
10 Year
Total 40,632 3,437 8.5%4,760 11.7%1,322
30 Year
Total 165,699 14,157 8.5%19,799 11.9%5,642
Current Plan COLA for Future Retirees
Projected Projected
Net City Cost Net City Cost
129
South Miami Pension Plan 5
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Projected City Contribution as of % of Payroll
General Employees (Tiers 1 and 2) and AMSC Employees
Current Plan COLA Study
130
South Miami Pension Plan 6
OUTLINE OF PRINCIPAL PROVISIONS OF THE PLAN
PRIOR TO ANY PROPOSED CHANGES INCLUDED IN THIS STUDY
A.Effective Date:
B.Eligibility Requirements:
1.General Employees
Tier 1:
Tier 2:
2.Police Officers
3.Administration Management Service Class (AMSC)
City Manager Chief Administrative Officer (currently Finance Office Mana
City Attorney Chief Procurement Officer (currently Purchasing Manager)
City Clerk Parks and Recreation Director
Assistant / Deputy City Manager Assistant Director of Parks and Recreation
Finance Director / Chief Financial Officer Community Redevelopment Agency Director
Chief of Police Personnel Manager
Planning and Zoning Director Project Manager
Building Director Special Assistant to the Manager
Director of Public Works Superintendent of Maintenance
Any regular full-time employee who previously entered into the Defined Contribution (DC)Plan may
opt-out of the DC Plan and elect to join the Plan as a Tier 2 member or as their respective classification
at the time they elect to join the Plan during an annual open enrollment period.
Regular full-time Police Officer is eligible to enter the Plan as of date of employment.
Employees of the City with the following positions who do not elect to participate in a defined
contribution Plan of the City:
October 1, 1965. Most recently amended by Ordinance 23-19-2336 adopted June 18, 2019.
Regular full-time employee hired before October 1, 2011 is eligible to enter the Plan following the
completion of six months of Credited Service and attainment of age 20.
Regular full-time employee hired on or after October 1, 2011 and not participating in the Plan as of
October 1, 2016 who elects to join or fails to make any election within ninety (90)days from September
20, 2016 is eligible to enter the Plan as a Tier 2 employee as of October 1, 2016.
Regular full-time employee hired on or after October 1, 2016 who elects to join or fails to make any
election within ninety (90)days from date of hire is eligible to enter the Plan as a Tier 2 employee as of
their date of hire.
131
South Miami Pension Plan 7
C.Credited Service:
1.General Employees and AMSC
2.Police Officers
D.Final Monthly Compensation (FMC):
Effective October 1, 2011,Final Average Compensation for General Employees is 1/60th of the final 60
consecutive months of basic compensation, provided it is not less than the Final Average Compensation
as of September 30, 2011 based on the definition above. Basic compensation shall mean base wages and
salaries,excluding commissions,overtime pay,bonuses and any other forms of additional compensation
earned outside of base wages.
Effective October 1, 2011,Final Average Compensation for members covered under the Police Officers
and Sergeants collective bargaining agreement is the best five (5)years of basic compensation, provided
it is not less than the Final Average Compensation as of September 30, 2011 based on the definition
above. Basic compensation shall mean base wages and salaries,includingup to 300 hours of overtime in
a fiscal yearand excludingpayments for accrued unused sick or annual leave,extra duty or special detail
work,shift differential,assignment pay,bonuses and any other forms of additional compensation
earned outside of base wages.
Continuous employment.Credited service shall exclude continuous employment prior to Plan
participation as follows:(1)If employed prior to October 1, 1973,credited service shall exclude the
first two years of continuous employment and any additional year of continuous employment prior
to attainment of age 25. (2)If employed on or after October 1, 1973,credited service shall exclude
the first six (6) months of continuous employment and continuous employment prior to age 20.
Credited service for Tier 2 employees and AMSC will be continuous employment from the date of
hire for all purposes except for benefit accruals which will be from the later of date of Plan entry
election date or date of hire.
Continuous employment.For Police Officers whodid not participate when first eligible for the Plan,
Credited Service shall exclude continuous employment prior to Plan participation as follows:(1)If
employed prior to October 1, 1973,Credited Service shall exclude the first two years of continuous
employment and any additional year of continuous employment prior to attainment of age 25. (2)If
employed on or after October 1, 1973,Credited Service shall exclude the first six (6)months of
continuous employment and continuous employment prior to age 20.
Final Average Compensation is 1/36th of the final 36 consecutive months of compensation.For Police
Officers,not less than 1/5th of the highest five (5)years out of the last (10)ten years of compensation.
Compensation shall mean regular wages and salaries,excluding bonuses,vacation,sick leave and other
additional compensation.
132
South Miami Pension Plan 8
D.Final Monthly Compensation (FMC) (cont'd):
E.Normal Retirement:
1.Eligibility:
a.General Employees:
b.Police Officers:
c.AMSC:
2.Benefit:
The monthly Plan benefit is the product of:
a.FMC,
b.Credited Service during the appropriate period and
c.The appropriate benefit percentage
The appropriate benefit percentages are:
a.General Employees For Credited Service Percentage
Through September 30, 1999 2.50%
October 1, 1999 through September 30, 2011 2.75%
October 1, 2011 and thereafter 2.25%
Attainment of age 65 and completion of ten (10)years of Credited Service
or completion of thirty-three (33)years of Credited Service regardless of
age for Tier 2 General Employees.
Attainment of age 60 and completion of ten (10)years of Credited Service
or completion of twenty-five (25)years of Credited Service regardless of
age.
Attainment of age 60 and completion of five (5)years of Credited Service or
completion of thirty-three (33) years of Credited Service regardless of age.
Effective October 1, 2016,Final Average Compensation for members covered under the Miami-Dade
County Police Benevolent Association Upper-Collective Bargainning Union (Lieutenants &Captains)
collective bargaining agreement is the best five (5)years of basic compensation, provided it is not less
than the Final Average Compensation as of September 30, 2016 based on the definition above. Basic
compensation shall mean base wages and salaries,including up to 300 hours of overtime in a fiscal year
and excluding payments for accrued unused sick or annual leave,extra duty or special detail work,shift
differential,assignment pay,bonuses and any other forms of additional compensation earned outside of
base wages.
Final Average Compenation for Tier 2 General Employees and AMSC shall be the average of the highest
eight (8) years of credit service.
Attainment of age 55 and completion of ten (10)years of Credited Service
for benefits accrued as of September 30, 2011.
Attainment of age 60 and completion of ten (10)years of Credited Service
for benefits accrued after September 30, 2011,including increases in the
accrued benefit as of September 30, 2011 due to increases in the Final
Average Compensation.
133
South Miami Pension Plan 9
E.Normal Retirement (cont'd):
2.Benefit:
b.Police Officers For Credited Service Percentage
Through September 30, 1995 2.00%
October 1, 1995 through September 30, 1996 2.25%
October 1, 1996 through September 30, 1997 2.50%
October 1, 1997 through September 30, 2001 2.75%
October 1, 2001 through September 30, 2002 2.80%
October 1, 2002 through September 30, 2003 2.90%
October 1, 2003 and thereafter 3.00%
c.General Employees (Tier 2)For Credited Service Percentage
October 1, 2016 and thereafter 1.60%
d.AMSC For Credited Service Percentage
October 1, 2016 and thereafter 3.00%
F.Supplemental Benefit:
G.Early Retirement:
1.Eligibility:
a.Police Officers:
b.AMSC:
2.Benefit:
a.Police Officers:
Attainment of age 50 and completion of 15 years of Credited Service.
Attainment of age 55 and completion of 10 years of Credited Service.
Accrued benefit based upon FMC and Credited Service as of Early
Retirement Date,reduced 3%for each year that the benefit
commencement date precedes Normal Retirement.
A cost-of-living supplemental benefit based upon the consumer price index is provided upon retirement.
The annual increase is limited to 3%.
For General Employees the cost-of-living supplemental benefit is only provided on the accrued benefit as
of September 30, 2011 and does not apply to increases in this accrued benefitdue to increases in the Final
Average Compensation.
No cost-of-living supplemental benefit is provided for Tier 2 General Employees.
No cost-of-living supplemental benefit is provided for AMSC for benefit accruals on or after October 1,
2011.
134
South Miami Pension Plan 10
G.Early Retirement (cont'd):
2.Benefit:
b.AMSC:
H.Delayed Retirement:
1.Eligibility:
2.Benefit:
I.Disability Retirement:
1.Eligibility:
2.Benefit:
J.Pre-Retirement Death Benefit:
K.Benefit Upon Termination of Service:
1.
a.
b.
2.Vesting Schedule:
All employees except AMSC:
Years of Vesting
Credited Service Percentage
Less than 10 0%
10 or more years 100%
Accrued benefit based upon FMC and Credited Service as of Delayed Retirement
Date.
Accrued benefit based upon FMC and Credited Service as of Early Retirement Date,
reduced 1/15 for each of the first five years and 1/30 for the next five years that the
benefit commencement date precedes Normal Retirement.
Retirement subsequent to Normal Retirement Date.
Benefit which can be supported by the accumulated Member Contributions with interest
to Normal Retirement Date.
No supplemental benefit shall be payable to vested terminees.
Totally and permanently disabled for a six month period while actively employed.
Accrued benefit based upon FMC and Credited Service as of date of disability,
actuarially reduced as for Early Retirement for early commencement.
The beneficiary shall receive the member's accumulated Employee Contributions.
Benefit payable at Normal Retirement equal to the greater of:
Accrued benefit based upon FMC and Credited Service as of date of termination times the
vesting percentage shown below, or
135
South Miami Pension Plan 11
K.Benefit Upon Termination of Service (cont'd):
AMSC:
Years of Vesting
Credited Service Percentage
Less than 5 0%
5 or more years 100%
3.Refund Option:
L.Member Contributions:
M.Normal Form of Retirement Income:
N.Changes Since Previous Actuarial Impact Statement:
Should the City contribution for Police Officers be actuarially determined to exceed 7.5%,not
including expenses,both the City and the Police Officers will share equally in the amount in
excess of 7.5% but not more than 12.0%.
The normal form of payment shall be a life annuity with a guarantee of a refund of accumulated
Employee Contributions.
None.
AMSC members who have completed three (3)years of continuous Credited Service as of
the effective date of this Ordinance date are 100% vested.
A terminated member may elect to receive a refund of Accumulated Contributions without
interest in lieu of receiving any other Plan benefits.
Members contribute 7.0% (3.0%for Tier 2 General Employees and 7.5%for Police Officers)of
member's basic annual compensation.
Should the City contribution for General Employees be actuarially determined to exceed 7.0%,
not including expenses,both the City and the General Employees (other than Tier 2 General
Employees and AMSC)will share equally in the amount in excess of 7.0%.General Employees
(other than Tier 2 General Employees and AMSC)Contributions are capped at 10%of basic annual
compensation as of October 1, 2016.
136
South Miami Pension Plan 12
ACTUARIAL ASSUMPTIONS AND METHODS
PRIOR TO ANY PROPOSED CHANGES INCLUDED IN THIS STUDY
A.Mortality
General Employees including AMSC Mortality Assumptions:
Sample
Ages
(2018)Male Female Male Female
55 30.53 33.57 30.10 33.34
60 25.60 28.54 25.44 28.44
62 23.70 26.58 23.60 26.52
Sample
Ages
(2038)Male Female Male Female
55 32.67 35.41 32.26 35.21
60 27.78 30.38 27.63 30.30
62 25.87 28.40 25.78 28.35
Future Life Future Life
For healthy male participants during employment,RP 2000 Combined Male Healthy Participant
Mortality Table,with 50%White Collar /50%Blue Collar Adjustment and fully generational mortality
improvements projected to each future decrement date with Scale BB.For healthy female
participants during employment,RP 2000 Combined Female Healthy Participant Mortality Table,with
White Collar Adjustment and fully generational mortality improvements projected to each future
decrement date with Scale BB.
For healthy male participants post employment,RP 2000 Annuitant Male Mortality Table,with 50%
White Collar /50%Blue Collar Adjustment and fully generational mortality improvements projected
to each future decrement date with Scale BB.For healthy female participants post employment,RP
2000 Annuitant Female Mortality Table,with White Collar Adjustment and fully generational
mortality improvements projected to each future decrement date with Scale BB.
For disabled male participants,RP 2000 Disabled Male Mortality Table,setback four years,without
projected mortality improvements.For disabled female participants,RP 2000 Disabled Female
Mortality Table, set forward two years, without projected mortality improvements.
Pre-retirement Post-retirement
Expectancy (Years)Expectancy (Years)
Expectancy (Years)Expectancy (Years)
Pre-retirement Post-retirement
Future Life Future Life
137
South Miami Pension Plan 13
A.Mortality (cont'd)
Police Officer Mortality Assumptions:
Sample
Ages
(2018)Male Female Male Female
55 29.84 32.60 29.33 32.40
60 24.96 27.56 24.76 27.41
62 23.09 25.59 22.97 25.49
Sample
Ages
(2038)Male Female Male Female
55 32.06 34.54 31.57 34.36
60 27.21 29.49 27.03 29.36
62 25.34 27.51 25.23 27.42
Future Life Future Life
For healthy participants during employment,RP-2000 Combined Healthy Participant Mortality Tables,
separate rates for males and females,with 90%Blue Collar Adjustment /10%White Collar Adjustment
and fully generational mortality improvements projected to each future decrement date with Scale BB.
For healthy participants post employment,RP-2000 Annuitant Mortality Tables,separate rates for
males and females,with 90%Blue Collar Adjustment /10%White Collar Adjustment and fully
generational mortality improvements projected to each future decrement date with Scale BB.
For disabled male participants,60%RP 2000 Disabled Male Mortality Table setback four years /40%RP
2000 Annuitant Male Mortality Table,with White Collar Adjustment and no setback,without projected
mortality improvements.For disabled female particpants,60%RP 2000 Disabled Female Mortality
Table set forward two years /40%RP 2000 Annuitant Female Mortality Table,with White Collar
Adjustment, without projected mortality improvements.
Pre-retirement Post-retirement
Expectancy (Years)Expectancy (Years)
Expectancy (Years)Expectancy (Years)
Pre-retirement Post-retirement
Future Life Future Life
138
South Miami Pension Plan 14
B.Investment Return to be Earned by Fund
C.Allowances for Expenses or Contingencies
D.Employee Withdrawal Rates
Service Police General / AMSC
1 - 2 12.00 20.00
3 - 6 8.00 9.25
7 - 10 8.00 5.00
11 & Over 3.50 5.00
E.Disability Rates
F.Marital Assumptions
G.Salary Increase Factors
Police
5.25%
3.75%
3.75%
3.75%
Current salary is assumed to increase in accordance with the following table based upon number
of years of service - includes wage inflation of 3.25%.
7.375% (net of investment expenses), compounded annually - includes inflation at 2.75%.
Actual expenses paid in previous year.
Withdrawal rates for males and for females were used in accordance with the following illustrative
example based upon number of years of service:
Withdrawal Rates
Per 100 Employees
1985 Disability Study, Class 1 with separate rates for females.
100%of active members are assumed to be married.Where applicable,females are assumed to
be three years younger than their male spouses.
Service General / AMSC
0 - 9 5.25%
20 & over 3.75%
10 - 14 4.75%
15 - 19 4.25%
139
South Miami Pension Plan 15
H.Increase in Covered Payroll
I.Retirement Rates
Years Preceding
Normal Retirement Police
1 - 6 5%
7 - 10 10%
Age Police General *AMSC **
55 - 59 N/A 10%10%
60 - 61 25%10%25%
62 - 64 40%25%35%
65 - 66 100%25%35%
67 & above 100%100%100%
Service Police
25 years 100%
*
**
J.Cost of Living Increases
K.Valuation of Assets
Rates of Normal Retirement were used in accordance with the following tables.
4.0%per year,limited to average annual increase over most recent ten years (1.4%)but not less than 0.0%
for Police Officers. No increase in covered payroll is assumed for General Employees including AMSC.
Rates of Early Retirement for Police Officers were used in accordance with the following table.
Rates are 25% for Tier 2 members for each year upon meeting 33 years of service until 100% at age 67.
Includes Early Retirement. Rates are 25% below the age of 62 and 35% between the ages of 62 and 66
upon meeting 33 years of service until 100% at age 67.
General Employees who retire prior to age sixty (60)but after attainment of ten (10)years of Credited
Service (55 &10)are assumed to receive an actuarially reduced benefit payable immediately upon
retirement.
Future cost of living increases for General Employees (other than Tier 2 General Employees and AMSC)and
Police Officers are assumed to be 3.0% per annum.
The method used for determining the smoothed value of assets phases in the deviation between the
expected and actual return on assets at the rate of 20%per year.The smoothed value of assets will be
further adjusted to the extent necessary to fall within the corridor whose lower limit is 80%of the fair
market value of Plan assets and whose upper limit is 120% of the fair market value of Plan assets.
140
South Miami Pension Plan 16
L.Cost Methods
Normal Retirement, Termination, Disability and Pre-Retirement Death Benefit:
Entry-Age-Actuarial Cost Method
M.Changes Since Previous Actuarial Valuation
None.
Under this method the normal cost for each active employee is the amount which is calculated to
be a level percentage of pay that would be required annually from his date of hire to his
retirement age to fund his estimated benefits, assuming the Plan had always been in effect.The
normal cost for the Plan is the sum of the individual normal costs for all active employees.The
actuarial accrued liability as of any valuation date for each active employee or inactive employee
who is eligible to receive benefits under the Plan is the excess of the actuarial present value of
estimated future benefits over the actuarial present value of current and future normal costs.The
unfunded actuarial accrued liability as of any valuation date is the excess of the actuarial accrued
liability over the smoothed value of assets of the Plan.
141
South Miami Pension Plan 17
GLOSSARY
Actuarial Accrued Liability.The difference between the Actuarial Present Value of Future Benefits,
and the Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions.Assumptions about future plan experience that affect costs or liabilities,such
as: mortality, withdrawal,disablement, and retirement;future increases in salary;future rates of
investment earnings; future investment and administrative expenses;characteristics of members not
specified in the data,such as marital status;characteristics of future members;future elections made
by members and other items.
Actuarial Cost Method.Actuarial Cost Method A procedure for allocating the Actuarial Present Value
of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial
Accrued Liability.
Actuarial Equivalent.Of equal Actuarial Present Value,determined as of a given date and based on a
given set of Actuarial Assumptions.
Actuarial Present Value of Future Benefits.The Actuarial Present Value of amounts which are
expected to be paid at various future times to active members,retired members,beneficiaries receiving
benefits and inactive,non-retired members entitled to either a refund or a future retirement benefit.
Expressed another way,it is the value that would have to be invested on the valuation date so that the
amount invested plus investment earnings would provide sufficient assets to pay all projected benefits
and expenses when due.
Actuarial Valuation.The determination,as of a valuation date,of the Normal Cost,Actuarial Accrued
Liability, Actuarial Value of Assets,and related Actuarial Present Values for a plan.An Actuarial
Valuation for a governmental retirement system typically also includes calculations of items needed for
compliance with GASB No. 67.
Actuarial Value of Assets.The value of the assets as of a given date, used by the actuary for valuation
purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce
the year-to-year volatility of calculated results,such as the funded ratio and the actuarially required
contribution.
Amortization Method . A method for determining the Amortization Payment.The most common
methods used are level dollar and level percentage of payroll.Under the Level Dollar method, the
Amortization Payment is one of a stream of payments,all equal,whose Actuarial Present Value is equal
to the UAAL.Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of
increasing payments,whose Actuarial Present Value is equal to the UAAL.Under the Level Percentage
of Pay method, the stream of payments increases at the rate at which total covered payroll of all active
members is assumed to increase.
142
South Miami Pension Plan 18
Amortization Payment.That portion of the plan contribution which is designed to pay interest
on and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period. The period used in calculating the Amortization Payment.
Annual Required Contribution.The employer’s periodic required contributions,expressed as a
dollar amount or a percentage of covered plan compensation. The annual required contribution
consists of the Employer Normal Cost and Amortization Payment plus interest adjustment.
Closed Amortization Period.A specific number of years that is reduced by one each year,and
declines to zero with the passage of time.For example if the amortization period is initially set at
30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc.
Employer Normal Cost. The portion of the Normal Cost to be paid by the employer. This is equal
to the Normal Cost less expected member contributions.
Equivalent Single Amortization Period.For plans that do not establish separate amortization
bases (separate components of the UAAL),this is the same as the Amortization Period.For plans
that do establish separate amortization bases,this is the period over which the UAAL would be
amortized if all amortization bases were combined upon the current UAAL payment.
Experience Gain/Loss.A measure of the difference between actual experience and that
expected based upon a set of Actuarial Assumptions, during the period between two actuarial
valuations.To the extent that actual experience differs from that assumed, Unfunded Actuarial
Accrued Liabilities emerge which may be larger or smaller than projected.Gains are due to
favorable experience,e.g.,the assets earn more than projected,salaries do not increase as fast
as assumed,members retire later than assumed,etc.Favorable experience means actual results
produce actuarial liabilities not as large as projected by the actuarial assumptions.Losses are
the result of unfavorable experience,i.e.,actual results that produce Unfunded Actuarial Accrued
Liabilities which are larger than projected.
Funded Ratio. The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability.
GASB. Governmental Accounting Standards Board.
143
South Miami Pension Plan 19
GASB No.67 and GASB No.68.These are the governmental accounting standards that set the
accounting rules for public retirement plans and the employers that sponsor or contribute to
them.Statement No.67 sets the accounting rules for the plans themselves,while Statement No.
68 sets the accounting rules for the employers that sponsor or contribute to public retirement
plans.
Normal Cost .The annual cost assigned, under the Actuarial Cost Method,to the current plan
year.
Open Amortization Period.An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time.In other words,if the initial period is
set as 30 years,the same 30-year period is used in determining the Amortization Period each
year.In theory,if an Open Amortization Period is used to amortize the Unfunded Actuarial
Accrued Liability,the UAAL will never completely disappear, but will become smaller each year,
either as a dollar amount or in relation to covered payroll.
Unfunded Actuarial Accrued Liability.The difference between the Actuarial Accrued Liability
and Actuarial Value of Assets.
Valuation Date.The date as of which the Actuarial Present Value of Future Benefits are
determined. The benefits expected to be paid in the future are discounted to this date.
144
dŚĞŶŽƚĞƐƚŽƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ϭϳ
ŝƚLJŽĨ^ŽƵƚŚDŝĂŵŝ͕&ůŽƌŝĚĂ
ĂůĂŶĐĞ^ŚĞĞƚ
'ŽǀĞƌŶŵĞŶƚĂů&ƵŶĚƐ
^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϴ
KƚŚĞƌ
^ƚŽƌŵǁĂƚĞƌ ĂƉŝƚĂů EŽŶŵĂũŽƌ dŽƚĂů
'ĞŶĞƌĂů ƌĂŝŶ /ŵƉƌŽǀĞŵĞŶƚƐ 'ŽǀĞƌŶŵĞŶƚĂů 'ŽǀĞƌŶŵĞŶƚĂů
&ƵŶĚ dƌƵƐƚ&ƵŶĚ WƌŽŐƌĂŵ&ƵŶĚ &ƵŶĚƐ &ƵŶĚƐ
ƐƐĞƚƐ͗
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ψ ϭϲ͕ϬϮϰ͕ϴϯϭ Ψ ϲϲϴ͕ϴϭϰΨ ͲΨ ϯ͕ϳϲϳ͕ϲϮϯ Ψ ϮϬ͕ϰϲϭ͕Ϯϲϴ
ZĞĐĞŝǀĂďůĞƐ ϱϳϲ͕Ϯϵϵ ϵϴ͕ϬϮϲ Ϯ͕ϮϬϬ ϭϴϰ͕ϴϭϲ ϴϲϭ͕ϯϰϭ
ƵĞĨƌŽŵŽƚŚĞƌĨƵŶĚƐ Ͳ Ͳ Ϯ͕ϳϯϱ͕ϯϱϬ Ϯ͕ϰϱϱ͕ϲϱϵ ϱ͕ϭϵϭ͕ϬϬϵ
WƌĞƉĂŝĚĞdžƉĞŶĚŝƚƵƌĞƐ Ϯϳϳ͕ϯϬϱ Ͳ Ͳ ϳϮ͕ϵϴϱ ϯϱϬ͕ϮϵϬ
dŽƚĂůĂƐƐĞƚƐ Ψ ϭϲ͕ϴϳϴ͕ϰϯϱ Ψ ϳϲϲ͕ϴϰϬΨ Ϯ͕ϳϯϳ͕ϱϱϬ Ψ ϲ͕ϰϴϭ͕Ϭϴϯ Ψ Ϯϲ͕ϴϲϯ͕ϵϬϴ
>ŝĂďŝůŝƚŝĞƐĂŶĚ&ƵŶĚĂůĂŶĐĞƐ͗
>ŝĂďŝůŝƚŝĞƐ͗
ĐĐŽƵŶƚƐƉĂLJĂďůĞ Ψ ϰϵϲ͕ϰϲϰ Ψ ϭϳ͕ϯϲϵ Ψ
ϰϰϲ͕ϳϳϯΨ ϯϯ͕Ϭϯϯ Ψ ϵϵϯ͕ϲϯϵ
ĐĐƌƵĞĚůŝĂďŝůŝƚŝĞƐ ϭϴϭ͕Ϯϰϵ ϮϱϮͲ Ͳϭϴϭ͕ϱϬϭ
ƵĞƚŽŽƚŚĞƌĨƵŶĚƐ ϰ͕Ϯϲϯ͕Ϯϱϲ ϱϬϲ͕ϲϯϲͲϰϮϭ͕ϭϭϳ ϱ͕ϭϵϭ͕ϬϬϵ
hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ ϰϭϴ͕ϲϰϵͲ Ͳϲ͕ϰϬϴ ϰϮϱ͕Ϭϱϳ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ ϳϰϳ͕ϱϮϲͲ Ͳϱ͕ϳϳϲ ϳϱϯ͕ϯϬϮ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϲ͕ϭϬϳ͕ϭϰϰ ϱϮϰ͕Ϯϱϳ ϰϰϲ͕ϳϳϯ ϰϲϲ͕ϯϯϰ ϳ͕ϱϰϰ͕ϱϬϴ
&ƵŶĚďĂůĂŶĐĞƐ͗
EŽŶƐƉĞŶĚĂďůĞ͗
WƌĞƉĂŝĚĞdžƉĞŶĚŝƚƵƌĞƐ Ϯϳϳ͕ϯϬϱ Ͳ Ͳ ϳϮ͕ϵϴϱ ϯϱϬ͕ϮϵϬ
ZĞƐƚƌŝĐƚĞĚĨŽƌ͗
ŽŵŵƵŶŝƚLJƐĞƌǀŝĐĞƐ Ͳ Ͳ Ͳ ϭ͕ϴϳϭ͕Ϯϭϯ ϭ͕ϴϳϭ͕Ϯϭϯ
WĂƌŬŝŵƉƌŽǀĞŵĞŶƚƐ Ͳ Ͳ Ͳ Ϯϭϯ͕ϭϱϮ Ϯϭϯ͕ϭϱϮ
'ƌĂŶƚƉƌŽũĞĐƚƐ Ͳ Ͳ Ͳ ϲϰϬ͕ϮϮϳ ϲϰϬ͕ϮϮϳ
^ƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ Ͳ ϮϰϮ͕ϱϴϯͲ Ͳ ϮϰϮ͕ϱϴϯ
dƌĂŶƐƉŽƌƚĂƚŝŽŶƉƌŽũĞĐƚƐ Ͳ Ͳ Ͳ ϭ͕ϱϴϱ͕ϲϲϴ ϭ͕ϱϴϱ͕ϲϲϴ
>ĂǁĞŶĨŽƌĐĞŵĞŶƚ Ͳ Ͳ Ͳ ϭ͕ϲϮϭ͕ϮϱϬ ϭ͕ϲϮϭ͕ϮϱϬ
ŽŵŵŝƚƚĞĚƚŽ͗
ŵĞƌŐĞŶĐLJĂŶĚĚŝƐĂƐƚĞƌ
ƌĞĐŽǀĞƌLJŽƉĞƌĂƚŝŶŐƌĞƐĞƌǀĞ ϯ͕ϰϲϭ͕ϵϬϱ Ͳ Ͳ Ͳ ϯ͕ϰϲϭ͕ϵϬϱ
ZĞǀĞŶƵĞƐƚĂďŝůŝnjĂƚŝŽŶ ϲϬ͕ϬϬϬ Ͳ Ͳ Ͳ ϲϬ͕ϬϬϬ
'ƌĂŶƚŵĂƚĐŚ ϲϬ͕ϬϬϬ Ͳ Ͳ Ͳ ϲϬ͕ϬϬϬ
/ŶƐƵƌĂŶĐĞ ϲϬ͕ϬϬϬ Ͳ Ͳ Ͳ ϲϬ͕ϬϬϬ
dĂdžĞƋƵĂůŝnjĂƚŝŽŶ ϲϬ͕ϬϬϬ Ͳ Ͳ Ͳ ϲϬ͕ϬϬϬ
ƵŝůĚŝŶŐĐĂƉŝƚĂů ϲϬ͕ϬϬϬ Ͳ Ͳ Ͳ ϲϬ͕ϬϬϬ
ŝƚLJƉĂƌŬƐĐĂƉŝƚĂů ϯϭϬ͕ϬϬϬ Ͳ Ͳ Ͳ ϯϭϬ͕ϬϬϬ
dƌĞĞƉƌŽũĞĐƚƐ Ͳ Ͳ Ͳ ϰϬ͕ϲϴϱ ϰϬ͕ϲϴϱ
WĂƌŬŝŶŐŵĂŶĂŐĞŵĞŶƚ Ͳ Ͳ Ͳ ϯϲ͕ϯϭϯ ϯϲ͕ϯϭϯ
ƐƐŝŐŶĞĚƚŽ͗
ĂƉŝƚĂůƉƌŽũĞĐƚƐ Ͳ Ͳ Ϯ͕ϮϵϬ͕ϳϳϳ Ͳ Ϯ͕ϮϵϬ͕ϳϳϳ
^ƵďƐĞƋƵĞŶƚLJĞĂƌΖƐďƵĚŐĞƚ ϭ͕ϴϳϭ͕Ϯϲϱ Ͳ Ͳ Ͳ ϭ͕ϴϳϭ͕Ϯϲϱ
hŶĂƐƐŝŐŶĞĚ;ĚĞĨŝĐŝƚͿ ϰ͕ϱϱϬ͕ϴϭϲ Ͳ Ͳ;ϲϲ͕ϳϰϰͿ ϰ͕ϰϴϰ͕ϬϳϮ
dŽƚĂůĨƵŶĚďĂůĂŶĐĞƐ ϭϬ͕ϳϳϭ͕Ϯϵϭ ϮϰϮ͕ϱϴϯ Ϯ͕ϮϵϬ͕ϳϳϳ ϲ͕Ϭϭϰ͕ϳϰϵ ϭϵ͕ϯϭϵ͕ϰϬϬ
dŽƚĂůůŝĂďŝůŝƚŝĞƐĂŶĚ
ĨƵŶĚďĂůĂŶĐĞƐ Ψ ϭϲ͕ϴϳϴ͕ϰϯϱ Ψ ϳϲϲ͕ϴϰϬΨ Ϯ͕ϳϯϳ͕ϱϱϬ Ψ ϲ͕ϰϴϭ͕Ϭϴϯ Ψ Ϯϲ͕ϴϲϯ͕ϵϬϴ
DĂũŽƌ&ƵŶĚƐ
145
MIAMI DAILY BUSINESS REVIEW
Publ ished Dai ly except Saturday, Sunday and
Legal Hol idays
Miami, Miam i-Dade County, Florida
STATE OF FLORIDA
COUNTY OF MIAMI-DADE:
Before the undersigned authority
GUILLERMO GARCIA who 0 personally appeared
DIRECTOR OF OPE~ATIONS n oath says that he or she is the
Business Review f/k/a ' Legal Nollces of the Miami Dally
S
Miami Review, a daily (
aturday , Sunday and Le . except
published at Miami in Miami_Dad~al C HOlidayS). newspaper,
attached copy of advert. . ounty , Florida ; that the
f N
. . Isement , being a Legal Advertisement
o otlce In the matter of
CITY OF SOUTH MIAMI -PUBLIC HEARINGS -JAN. 7 , 2020
in the XXXX Court,
was published in said newspaper in the issues of
12/27/2019
Affiant further says that the said Miami Dail .
Review is a newspaper published at M. .. . y BUSiness
County , Florida and that th . laml , In said Miami-Dade e said newspaper h h
been continuously publish d. . .. as eretofore e In said Miami -Dade C .
each day (except Saturd S ounty , FlOrida
has been entered as ay , d unday and Lega l Holidays) and
secon class mail tt
office in Miami in said Miami-Dade Coun ma er at the post
of one year next preceding th fi ty , FlOrida , for a period e Irst publication of th tt
copy of advertisement; and affiant furth e a ached
has neither paid nor pr . d er says that he or she
any discount rebate omlse . any person , firm or corporation
, , commission or refund f th
securing this advertis t or e purpose of ~~,f,~~' Mi'
27 day ECEMB , A.D . 2019
GUILLERMO GARCIA personally known to me
"';~;"~~~~'" BARBARA THOMAS ~". • "r' f*( ~ :*1 Coml'lIissiOIl# GG 121171
~~~.W I:xpiFes November 2 2021 ~~, 0,. f'~O .... " B I ."....... ended Thru Troy Fain Insurance 800·385-7019
CITY OF SOUTH MIAMI
NOTICE OF PUBLIC HEARINGS
NOTICE IS HEREBY given that the City Commission of the City of South
Miami , Florida will conduct Public Hearing(s) at its regular City Commission
meeting scheduled for Tuesday, January 7 , 2020 , beginning at 7:00 p.m .•
in the City Commission Chambers, 6130 Sunset Drive, to consider the
following item(s):
An Ordinance relating to the amendment of the City's 2019-2020 fiscal
year budget and in creasing the appropriation amount for the General
Fund and allocating such increase to the Non-Departmental, line item
001-2100-519-9924 .
ALL interested parties are invited to attend and will be heard.
Fo r further information, please contact the City Clerk's Office at: 305-
663-6340.
Nkenga A. Payne , CMC
City Clerk
Pursuant to Florida Statutes 286.0105, the City hereby advises the public
that if a person decides to appeal any decision made by this Board, Agency or
Commission with respect to any matter considered at its meeting or
hearing , he or she will need a record of the proceedings, and that for such
purpose, affected person may need to ensure that a verbatim record of the
proceedings is· made which record includes the testimony and evidence
upon which the appeal is to be based . 12/27 19-123/0000446911M
146
20A SUNDAY DECEMBER 29 2019Local & State MIAMIHERALD.COM
H1
CITY OF SOUTH MIAMI
NOTICE OF PUBLIC HEARINGS
NOTICE IS HEREBY given that the City Commission of the City of South Miami, Florida will conduct Public Hearing(s)
at its regular City Commission meeting scheduled for Tuesday, January 7, 2020, beginning at 7:00 p.m., in the City
Commission Chambers, 6130 Sunset Drive, to consider the following item(s):
An Ordinance relating to the amendment of the City’s 2019-2020 fiscal year budget and increasing the appropriation
amount for the General Fund and allocating such increase to the Non-Departmental, line item 001-2100-519-9924.
ALL interested parties are invited to attend and will be heard.
For further information, please contact the City Clerk’s Office at: 305-663-6340.
Nkenga A. Payne, CMC
City Clerk
Pursuant to Florida Statutes 286.0105, the City hereby advises the public that if a person decides to appeal any decision made by this Board, Agency or
Commission with respect to any matter considered at its meeting or hearing, he or she will need a record of the proceedings, and that for such purpose, affected
person may need to ensure that a verbatim record of the proceedings is made which record includes the testimony and evidence upon which the appeal is to
be based.
melon, watermelon rind
pickles, grapefruit and to-
matoes was not as special
as its $24 price. The menu
is most like that of an
American steakhouse that
serves sushi and offers
small portions of beef, del-
icately prepared.
What’s most surprising
about Takumi Tei is how
removed it feels from the
surrounding theme park.
Each of its five dining areas
has decor themed to an
element — water, earth,
wood, stone and paper —
that suggests tranquility, a
contrast with what’s hap-
pening outside. From the
unrushed service to the
minimalist art to the nap-
kins folded, origami style,
to represent kimonos, the
ambiance is rooted in Japa-
nese culture, Disney-style.
A Jaleo by José Andrés
at Disney Springs:Jaleo
opened on Disney Springs’
West Side in March with a
menu featuring the tradi-
tional dishes of Spain, José
Andrés’ birthplace: paella,
From the parks to the
hotels to CityWalk and
Disney Springs, Orlando’s
theme park resorts got a
notable number of new
table-service restaurants in
the last year. Also, two
others originally scheduled
for 2019 got bumped into
early 2020, including the
space-themed restaurant at
Epcot we’ve been waiting
for.
Here’s a rundown:
DISNEY WORLD
A Takumi Tei at Epcot:
If the opening of Tiffins at
Animal Kingdom three
years ago didn’t convince
you that some restaurants
in the parks were going
upscale at Disney World,
Takumi Tei leaves no
doubt. Most of Disney
World’s high-end “signa-
ture” restaurants are in
hotels and at Disney
Springs, but with in-park
spending growing steadily,
pricey restaurants are also
being opened in the parks.
At dinner-only Takumi
Tei, which opened in the
Japan Pavilion in July, tradi-
tional main courses range
from $42 (salmon) to $120
(wagyu tenderloin), but the
menu also offers sashimi
and nigiri entrees ($21-$40)
and an omakase (tasting)
menu for $150.
Like Tiffins, Takumi Tei
features gourmet dining at
a level more or less com-
mensurate with the prices.
The marinated duck ($46)
was some of the best duck
I’ve ever tasted, but the
salad of compressed water-
garlic shrimp, pan con to-
mate, Spanish hams and a
variety of tapas, or small
plates. It is the fifth Jaleo in
the U.S.
Jaleo is a good choice
when your dining group
includes hearty eaters and
people with bird-like appe-
tites. The latter could order
a bowl of gazpacho, a chill-
ed tomato-based soup ($11),
or nibble off a few shared
tapas (most are $5-$20, but
some seafood dishes or
ham from free-range,
acorn-fed Ibérico pigs cost
more). The former could
dine on one of two pork
dishes from the fire pit,
intended for two or more
($40 and $74), or one of
two paellas offered each
night from a rotating menu
of five paellas ($25-$38).
And the diner who is really
hungry could try Jaleo’s
version of a tasting menu
($70 and $120).
For lunch, we ordered
thinly sliced ham, carved
tableside; gazpacho spiked
with sherry; a tapa-size
plate of garlic shrimp; sau-
téed spinach with pine nuts,
raisins and apples; a gooey
pressed sandwich of Span-
ish ham and Manchego
cheese; and a Basque-style
cheesecake made with goat
cheese. We didn’t leave
much on our plates.
The name Jaleo means
revelry, and the restaurant
reflects that with dramatic
decor. The outside was
inspired by artichokes. The
interior has bold chande-
liers, big splashes of red
and yellow, a dining table
made of a glass-covered
foosball table, and two
enormous photographic
murals, one of the back of a
matador, the other of a
beach town in Spain.
Adjoining Jaleo is Pepe by
José Andrés, a permanent
representation of the chef’s
Spanish food truck, which
offers hot and cold sand-
wiches, salads, desserts and
other grab-and-go items.
A Wolfgang Puck Bar &
Grill at Disney Springs:
Wolfgang Puck, the Aus-
trian-born California chef,
has long had a presence at
Disney Springs with a cou-
ple of “express” counter-
service eateries and the
Wolfgang Puck Grand Cafe
and Dining Room, which
closed in 2017 (and now
houses Jaleo). A Wolfgang
Puck Express remains in
the Marketplace area.
The new bar and grill in
the Town Center section of
Disney Springs offers a few
features from the restau-
rants that made him a ce-
lebrity chef in Southern
California, including an
open kitchen with a wood-
burning grill, smoked salm-
on pizza and Weinerschnit-
zel. In fact, Disney World
said in a press release, the
new restaurant would cap-
ture “the essence of the
laid-back Californian dining
experience, made popular
by Puck himself.”
It also captures the es-
sence of Southern Cali-
fornia prices. The dinner
menu offers nine entrees —
beef, chicken, pork and
several kinds of fish — at
prices from $24 (meatloaf)
to $59 (filet mignon); pastas
are $24-$26; and a pizza
that serves one or two peo-
ple $18 to $31. The restau-
rant also serves lunch.
The restaurant, built to
resemble a modernized
barn, has high ceilings, big
windows that let in plenty
of light, oversized wood
beams and a touch of in-
dustrial chic. A big copper
pizza oven dominates one
end of the room. Outside is
a walk-up gelato bar. The
ambiance is pleasingly
comfortable and casual hip.
I stopped by for a late-
afternoon meal one un-
reasonably warm afternoon
this summer and seated
myself at the bar, where I
got attentive service and
baseball on the big-screen
TVs. But the heat had killed
my appetite for a full meal,
so I had a Caesar salad
($14) and a small order of
crab cakes ($19) from the
appetizer menu. Both were
good. But I plan to return
when the weather is pleas-
ant and eat one of those
famous pizzas.
A Toledo at Disney’s
Coronado Springs Resort:
Coronado Springs isn’t
new, but its Gran Destino
tower is, and this Spanish-
themed restaurant is at the
top of it. I ate here the day
before I ate at Jaleo. The
back-to-back Spanish meals
reminded me that just as
southern cooking and
southwestern cooking are
different yet classic Amer-
ican cuisines, so Spain has
more than one style of food.
Toledo offers tapas —
tiny pintxos at $3; small
plates, meat and cheese
boards and salads $10-18 —
but there is little overlap
with Jaleo’s. The selection
of entrees is larger and a
little more Americanized,
from $28 (chicken braised
in red wine) to $36 (Man-
hattan filet) plus rib-eye for
two at $89. We had the
scallops ($32) and the filet
and both were well-pre-
pared. I appreciated the
prices — the hotel is ranked
as moderate and the new
restaurant fits — and en-
joyed the meal, but we
wouldn’t choose it for a
special occasion.
Inspired by the Toledo of
the 1920s and ‘30s, the
restaurant features a strik-
ing architectural design: its
high vaulted ceilings with
glass panels and lighting
that changes colors behind
them. Olive trees grow in
planters. The 16th floor
location provides a view of
several parks’ fireworks
shows — if you’ve got a seat
near the floor-to-ceiling
windows.
A Topolino’s Terrace at
Disney’s Riviera Resort:
This one wasn’t open yet
when I last visited Orlando
—it opened two weeks
later, in mid-December —
so I can’t pass on any im-
pressions, but here are the
MARJIE LAMBERT/MLAMBERT@MIAMIHERALD.COM
A salad of compressed watermelon, grapefruit, tomato and watermelon pickles is served
at Takumi Tei in the Japan Pavilion at Epcot.
New restaurants at
Disney World,
Universal Orlando
BY MARJIE LAMBERT
mlambert@miamiherald.com
THEME PARKS
REY LOPEZ/DISNEY PARKS
Jaleo has a rotating menu of five varieties of paella, at least
two of which are available each day, cooked over a
wood-fired paella pit.
MARJIE LAMBERT/MLAMBERT@MIAMIHERALD.COM
The copper covered pizza oven at Wolfgang Puck Bar
& Grill at Disney Springs.
STEVEN DIAZ/DISNEY PARKS
A chef prepares dishes in the onstage tapas kitchen in
Tolédo, a Spanish-themed restaurant in Gran Destino tower
at Disney’s Coronado Springs Resort.
147