HomeMy WebLinkAboutRES CC 2010 2944 2010 0721RESOLUTION NO. 2010 -2944
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA AUTHORIZING USE OF THE
GENERAL FUND (1000) TO PAY THE DISCOUNTED
CJPIA GENERAL LIABILITY AGGREGATE
RETROSPECTIVE BALANCE
WHEREAS, on June 16, 2010 the City Council adopted the Operating and
Capital Improvement Budget for Fiscal Year 2010/11; and
WHEREAS, on June 28, 2010 the City received a notice from the California Joint
Powers Insurance Authority ( CJPIA) relating to the $503,501 aggregate retrospective
deposit balance owed on general liability and providing its members with an opportunity
to participate in the voluntary Early Repayment Plan Incentive; and
WHEREAS, a staff report has been presented to the City Council summarizing
CJPIA's incentive plan of offering a six percent (6 %) discount on the $503,501
aggregate retrospective deposit balance if paid by September 1, 2010; and
WHEREAS, the same staff report recommends the payment of the $503,501
outstanding deposit balance for general liability insurance pool in the discounted
amount of $473,291; and
WHEREAS, a budget appropriation increase of $473,291 in the General Fund
(1000) is requested for the payment of the aggregate retrospective deposit balance; and
WHEREAS, Exhibit "A" hereof describes said budget amendment and its
resultant impacts to the budget line item.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That a Budget Amendment in the aggregate increase of $473,291,
as more particularly described in Exhibit "A ", is hereby approved.
SECTION 2. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 21st day of July, 2010.
ATTEST:
Maureen Benson, Assistant City Clerk
Attachment: Exhibit "A" Budget Appropriation
ice S. Parvin, Mayor
Resolution No. 2010 -2944
Page 2
Budget Amendment for
General Fund
For CJPIA for Liability Insurance
FY 2010/11
A. Fund Allocation
Exhibit A
Fund Description
Account
Amount
General Fund
1000 -5500
$ 473,291
$ 473,291
$ 473,291
Total
$ 473,291
B. Appropriation Allocation
Budget Number
Adopted
Budget
Budget
Change
Revised
Budget
1000 - 5110 - 000 -9233
$ 0
$ 473,291
$ 473,291
Resolution No. 2010 -2944
Page 3
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, Assistant City Clerk of the City of Moorpark, California, do
hereby certify under penalty of perjury that the foregoing Resolution No. 2010 -2944 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the
21st day of July, 2010, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Millhouse, Pollock, Van Dam, and Mayor
Parvin
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 28th day of July, 2010.
Maureen Benson, Assistant City Clerk
(seal)