ITEM TITLE:
Approval of the City’s Property and Casualty Insurance Broker Agreement. Postponed 070522.
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $36,000
Unencumbered Balance: $36,000
Funding Source: Insurance Department; Professional Fees & Services, 001-5700-43200
RECOMMENDATION:
Approve Extension of contract.
SUMMARY STATEMENT:
Following postponement of this item and further review of the 2020/2022 contract with Hale and Associates it was discovered that the current contract allows for two annual extensions. Extension of this contract for a 1 year term will require council approval.
The annual broker fee of $36,000 will remain unchanged from the City’s previous two-year agreement with Hale and Associates which expired on 7/1.
Council will need to offer the following amendment:
AMENDMENT: Extend the 2020/2022 contract with Hale and Associates for a 1 year term in the amount of $36,000.