HomeMy WebLinkAbout06-160
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
BILL #
% 00-/00
DATE SUBMITTED:
..am..............................................................~...........g........1
SUBJECT: Risk Management Rebates
Committee Meeting Date: 7/26/06
COUNCIL MEETING Date: 8/2/06
Department: Financial Services
Presenter: Peggy Lesser fVX
Phone: 473-5302
SUMMARY: The balance in the Risk Management Fund has grown over the last four years and now
exceeds the optimum range established for the fund. A rebate of $325,508 is recommended. In
accordance with the City's risk management funding policy, rebates should be made to the major
operating funds in the same relative proportion as contributions were made to the fund in 2004, as
follows: General Fund - $184,238; Street Fund - $15,299; Water Utility - $68,031; Wastewater
Utility - $52,081; and Stormwater Utility - $5,859.
ATTACHMENTS: Risk Management Funding Policy
FISCAL IMPACTS (Include Budgeted Amount): The balance in the Risk Management Fund will
be reduced by $325,508 and the major operating funds will be increased by the indicated amounts.
Expenditure of these funds, which will require additional Council action, is expected to be in
accordance with the City's adopted financial goals and policies.
FISCAL/BUDGET:
OPERA nONS:
COUNCIL PRESIDENT:
APPRO V ALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MA YOR:
c;;;l
I~ONSENT AGENDA ~
RECOMMENDED MOTION: Move to approve risk management rebates totalling $325,508 and
authorize the necessary budget adjustments required.
COUNCIL ACTION: ~ve
D Deny D Table
D Continue D No Action