HomeMy WebLinkAbout01-180 ~A BII~L
~TON CITX COUNCIL
1. SUBJECT: Budget Adjustment FOR AGENDA OF: Auqust 8, 2001
Request #2001-14 ORIGINATING DEPT: Admin. Services~
ORIGINATOR: Pe~v Lesser
DATE SUBMITTED: Auqust 1, 2001
2. CLEARANCES: (comment on back 3. EXHIBITS:
if necessary)
Budget Adjustment Request
Approvals by Admin. Services
Director, Treasurer, Mayor and
Fiscal & Budget Committee are shown
on the attached budget adjustment
request
4. SUMM~RY STATEMENT AND REQUIREMENT FOR COUNCIL ACTION:
The City purchased a three-year pollution insurance policy, pre-paying
the premium for 2002 and 2003 in order to achieve a substantial premium
savings. $25,000 per year was budgeted for this coverage. The requested
budget adjustment of $20,000 for insurance premiums will cover the premium
for the second and third year of coverage.
The City has been aggressively settling old liability claims. Recently
we settled claims from 1996, 1998 and 2000 incidents. Funding for old
claims is held in the Risk Management Reserve until needed. Then it is
transferred to other current year expenditure authority. The $95,000
budget adjustment for claims payments accomplishes this.
8. RECOMMENDATION:
Motion to approve the transfer of $115,000 from the Risk Management
Ending Fund Balance to the Risk Management Supplies & Services budget.
9. RESPONSIBLE OFFICIAL: P. Lesser
ENFORCEMENT OFFICIAL: P. Lesser
EXPIP~ATION DATE: N/A
REVIEW DATE: N/A
10. NOTICE OF ACTION
PULLED TABLED APPROVED ~/ DISAPPROVED AMENDED __
COUNCIL DIRECTIVE: DATE: ?Y7
11. AGENDA BILL NO: 01-/80
2. CLEARANCE COMMENTS (cont.):
4. SUMMARY STATEMENT (cont.):
5. IMPACT ON NON-PASSAGE:
Lack of expenditure authority to settle current claims.
6. IMPACT ON STAFFING, BUDGETS, FACILITIES, EQUIPMENT OR OTHER RESOURCES
7. RESEARCH SOURCES: