Laserfiche WebLink
Case #9: Review and Adopt the 1996 Budget Calendar <br /> <br />Finance Officer Hart presented the Committee with the proposed 1996 Budget Calendar. <br /> <br />Motion by Mayor Hardin and seconded by Councilmember Beahen to recommend Council <br />adopt the resolution approving the City of Rarnsey's 1996 Budget Calendar. <br /> <br />Motion carried. Voting Yes: Mayor Hardin, Councilmembers Beahen, Peterson and <br />Zimmerman. Voting No: None. Absent: Councilmember Beyer. <br /> <br />Case #10: Accept Bids for 1995 Insurance Package <br /> <br />Finance Officer Haxt stated that she, along with the City Administrator and Administrative <br />Services Manager, met with the City's Insurance Agent of Record and reviewed the <br />quotation for property and liability insurances received from Berkley Risk Services, Inc. <br />for municipal coverage with the League of Minnesota Cities Insurance Trust. Also <br />discussed at the meeting were premiums for public employee bond, the boiler policy and <br />the inland marine insurance for the civil defense sirens. Ms. Hart presented the Finance <br />Committee with two options. The first one is exactly the same as 1994 - $5,000 deductible <br />per occurrence, $5,000 aggregate deductible, $1,000 each occurrence after deductible, for a <br />premium amount of $90,859. The second Option (II) is $10,000 deductible per <br />occurrence, $20,000 aggregate deductible and $1,000 each occurrence after deductible, for <br />a premium amount of $84,859. Worker's Compensation is $500 per claim which is the <br />same as it has been. She stated that the City's losses have been very minimal. We haven't <br />hit $5,000 in years. Ms. Hart explained that the City maintains an insurance trust fund <br />which cun'ently has $138,000 in it plus interest. She felt that a savings of $6,000 to go <br />with Option II is worth it. <br /> <br />City Administrator Schroeder explained that out of the insurance reserve fund, we do pay <br />claims on occasion without letting the insurance company know the claim exists. We do <br />not report it, we just pay it providing there is not a chance that a larger claim will come out <br />of the occurrence. <br /> <br />Mayor Hardin asked, as a matter of policy, that Council be notified when these types of <br />claims occur. <br /> <br />Motion by Mayor Hardin and seconded by Councilmember Peterson to recommend that <br />Council approve retainage of insurance coverage with the League of Minnesota Cities <br />Insurance Trust and related carriers utilizing Option II, for a premium amount of $84,859. <br /> <br />Motion carried. Voting Yes: Mayor Hardin, Councilmembers Peterson, Beahen and <br />Zimmerman. Voting No: None. Absent: Councflmembers Beyer. <br /> <br />ADJOURNMENT <br /> <br />Motion by Mayor Hardin and seconded by Councilmember Peterson to adjourn the <br />meeting. <br /> <br />Motion carried. Voting Yes: Mayor Hardin, Councilmembers Peterson, Beahen and <br />Zimmerman. Voting No: None. Absent: Cotmcilmember Beyer. <br /> <br />Finance Committee/January 24, 1995 <br /> Page 6 of 7 <br /> <br /> <br />