Agenda - Council - 03/08/2011 - Special B&C Interviews

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CC Regular Session Date: 03/08/2011 By: Diana Lund Finance Information Title: Report From Finance Committee of February 22, 2011 Background: Two cases were presented to the Finance Committee: Item #: 5. 9. Case #1 Consider Contract for Agent of Record for Property, Casualty, and Workers Compensation Insurance. Staff reviewed that the city has been contracting with Bearence Management Group (formerly T.C. Field & Company) since 1997 for agent of record services for property, casualty, and workers compensation insurance. The city is currently paying $5,800 for these services. Staff discussed the proposed two-year contract with the city's agent asking for $6,000 in 2012 and $6,200 in 2013. In comparison, neighboring cities are paying from $10,000 to $24,000 for the same services. The Finance Committee made the recommendation that the City Council authorize the agent of records contract for two years in the amounts of $6,000 for 2012 and $6,200 in 2013. Case #2 Credit Card Analysis Staff reviewed the credit card process and respective fees involved. The Finance Committee was in agreement to bring forward to a later worksession for discussion with the entire council. A worksession on credit cards with eligible vendors and the city's utility billing company has been scheduled for March 22, 2011. Recommendation: Ratify the recommendations of the Finance Committee. Council Action: Ratify the recommendations of the Finance Committtee. Attachments Resolution Authorizing Bearence Management Group Agent of Record Finance Committee Agenda of February 22, 2011 Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 03/02/2011 04:01 PM Form Started By: Diana Lund Started On: 02/28/2011 06:53 AM Final Approval Date: 03/02/2011