HomeMy WebLinkAbout143 - 11/04/2014 - APPROPRIATING PRIOR YEAR RESERVES IN THE SELF INSURANCE FUND FOR INSURANCE EXPENSES ORDINANCE NO. 143, 2014
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE SELF INSURANCE FUND
FOR INSURANCE EXPENSES
WHEREAS, property, liability and workers compensation claims are budgeted based on
average claims over the past several years; and
WHEREAS.-City staff anticipates total property and liability payments for 2014 to be
approximately $596,000, which is $274,000 over and above the 2014 budget for these payments;
and
WHEREAS, staff also anticipates total payments for workers compensation for 2014 to
be $1.12M, which is approximately $336,000 over and above the 2014 budget for these
payments; and
WHEREAS, the request of$610,000 from prior years reserves in the Self Insurance Fund
will fund the unforeseen expenditures from both the workers compensation and property and
liability claims; and
WHEREAS, Article V, Section 9 of the City Charter permits the City Council to
appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be
available from reserves accumulated in prior years, notwithstanding that such reserves were not
previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that there is hereby appropriated for expenditure from prior year reserves in the
General Fund the sum of SIX HUNDRED TEN THOUSAND DOLLARS ($610,000) to fund
property, liability, and workers compensation payments for 2014.
Introduced, considered favorably on first reading, and ordered published this 21st day of
October, A.D. 2014, and to be presented for final passage on the 4th day of November, A.D.
2014.
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City Clerk
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Passed and adopted on final reading on the 4th day of November, A.D. 2014.
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May r
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City Clerk
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