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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. M yor ATTEST: OF FORTC/A '. �! SAL :U7 City Clerk OLORAVO - 1 - Passed and adopted on final reading on the 4th day of November, A.D. 2014. Gl�iu ¢tc May r ATTEST: �y pF FORT �� o co. <f Z City Clerk v�ORADO - 2 -