Agenda - Council - 02/14/1995 - Laserfiche WebLink

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Review and Adopt the 1996 Budget Calendar Finance Officer Hart presented the Committee with the proposed I996 Budget Calendar. Motion by Mayor Hardin and seconded by Councilmember Beahen to recommend Council a~opt the resolution approving the City of Ramsey's 1996 Budget Calendar. Motion carried. Voting:Yes: Mayor Hardin, Councilmembers Beahen, Peterson and Zimmerman. Voting No: None. Absent: CouncilmemberBeyer. Case gl0: Accept Bids for 1995 Insurance Package Finance Officer Hart stated that she, along with the City Administrator and Administrative S~rvices Manager, met with the City's Insurance Agent of Record and reviewed the quotation for property and liability insurances received from Berldey Risk Services, Inc. f°r municipal coverage with the League of Minnesota Cities Insurance Trust. Also discussed at the meeting were premiums for public employee bond, the boiler policy and the inland marine insurance for the civil defense sirens. Ms. Hart presented the Finance C~)mmittee with two options. The first one is exactly the same as 1994 - $5,000 deductible p~r occurrence, $5,000 aggregate deductible, $1,000 each occurrence after deductible, for a p~emium amount of $90,859. The second Option (II) is $10,000 deductible per ~cmrence, $20,000 aggregate deductible and $1,000 each occurrence after deductible, for a~remium amount of $84,859. Worker's Compensation is $500 per claim which is the s~e as it has been. She stated that the City's losses have been very minimal. We haven't Mt $5,000 in years. Ms. Hart explained that the City maintains an insurance trust fund which currently has $138,000 in it plus interest. She felt that a savings of $6,000 to go ~th Option II is worth it. City Administrator Schroeder explained that out of the insurance reserve fund, we do pay claims on occasion without letting the insurance company know the claim exists. We do n~t report it, we just pay it providing there is not a chance that a larger claim will come out o~ the occurrence. ~ayor Hardin asked, as a matter of policy, that Council be notified when these types of Motion by Mayor Hardin and seconded by Councilmember Peterson to recommend that ~uncil approve retainage of insurance coverage with the League of Minnesota Cities ~urance Trust and related carriers utilizing Option II, for a premium amount of $84,859. ~otion carded. Voting Yes: Mayor Hardin, Councilmembers Peterson, Beahen and Zimmerman. Voting No: None. Absent: Councilmembers Beyer. ADJOURNMENT Motion by Mayor Hardin and seconded by Councilmember Peterson to adjourn the ~ting. ~otion carried. Voting Yes: Mayor Hardin, Councilmembers Peterson, Beahen and Zimmerman. Voting No: None. Absent: CouncilmemberBeyer. Finance Committee/January 24, 1995 Page 6 of 7 I I I I I I i I I I I I I I I I I I I