HomeMy WebLinkAboutAGENDA REPORT 1995 0607 CC REG ITEM 08I3 0 8 • 'f (13JC��
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CITY OF MOORPARK
CITY COUNCIL AGENDA REPORT
TO: The Honorable City Council .,; council Meefino
FROM: Donald P. Reynolds Jr., Administrative Services Manager& F, lorv:
DATE: May 30, 1995
SUBJECT: Consider Budget Amendment for General Insurance Costs
Discussion
On March 15, 1995, the City Council added $13,439 to the general insurance budget to account
for unanticipated costs incurred during the year. This amendment changed the budget amount
from $143,462 to $156,962. Staff is requesting a second amendment to this line item to make the
general liability insurance deposit in June rather than July. This amendment will increase this line
item by $109,305 to a total of $266,267. This increase is offset by the receipt on June 15, 1995,
of a general liability insurance deposit refund of $187,002.
The general liability deposit is due by July 3, with a ten percent late penalty. Each year for the
past two years, staff has waited until the budget is adopted to mail the payment, risking the
chance of being penalized and making the assumption that adequate funds will be appropriated in
the new budget. If the City makes two deposits this fiscal year, it will avoid this risk of penalty
costs.
The attached table illustrates the surpluses and deficit if a second general liability insurance
deposit is made this fiscal year. If the Council authorizes this deposit this fiscal year, then each
subsequent year it can budget for a similar deposit. The budget estimate for the next fiscal year is
also included in the attached table.
The Budget and Finance Committee (Mayor Lawrason and Councilmember Montgomery) has
discussed the proposed approach to the general liability insurance deposit during their last three
meetings regarding the 1995/96 budget. The Committee supports this proposal.
Recommendation (Roll Call Vote)
That the City Council authorize the transfer of $109,375 from the un-designated fund balar
follows:
1) $60,157 from the General Fund (01) and appropriate it to:
15 percent 01.4.117.648 = $16,407
20 percent 01.4.148.648 = $21,875
20 percent 01.4.170.648 = $21,875;
2)
$27,343 from Gas Tax (03) and appropriate 25 percent to 03.4.142.648I an
3) $21,875 from Community Development (41) and appropriate 20 percent to
41.4.131.648.
Attachment- Spread Sheet of Insurance Costs
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