HomeMy WebLinkAbout164 - 12/20/2005 - APPROPRIATING PRIOR YEAR RESERVES IN THE SELF INSURANCE FUND TO COVER THE ANNUAL ACTUARIAL REPORT AD ORDINANCE NO. 164, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE SELF INSURANCE FUND
TO COVER THE ANNUAL ACTUARIAL REPORT ADJUSTMENT
WHEREAS, The City's Self Insurance Fund pays for liability, property and workers
compensation claims and related expenses; and
WHEREAS, the Self Insurance Fund is sufficiently funded to cover claims and
administration costs, and adequate reserves are maintained for use in the event that fund
expenditures exceed the revenues received in the fund; and
WHEREAS, staff projects that the 2005 Self Insurance Fund expenditures could exceed
budgeted appropriations by$750,000; and
WHEREAS, the overages are anticipated because an actuarial study is performed in March
of each year based on prior years' data to project reserves needed for incurred but not reported
claims; and
WHEREAS,Article V,Section 9, of the Charter of the City of Fort Collins 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; and
WHEREAS, City staff has determined that the appropriation from prior year reserves to
cover the annual actuarial report adjustment will not cause the total amount appropriated in the Self
Insurance Fund to exceed the current estimate of actual and anticipated revenues to be received
during the fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the sum of SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000) is
hereby appropriated for expenditure from the Self Insurance Fund prior year reserves to cover the
annual actuarial report adjustment.
Introduced, considered favorably on first reading, and ordered published this 29th day of
November A.D.2005,and to be presented for final passage on t th day of December A.D.2005.
Mayor
ATTEST:
AAL�&
City Clerk
Passed and adopted on final reading this 20th day of De her A.D. 2005.
Mayor
ATTEST:
City Clerk