ITEM TITLE:
Approval of the City's Annual Property and Casualty Insurance Renewal for the Period Beginning July 1, 2022
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $849,335 for annual renewal; $424,668 (50%) in 2022 Budget
Unencumbered Balance: $405,573
Funding Source: Allocated among five funds and all staffed departments
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
• Policy-Year (July-June) Premium Comparison
o Property/General Liability: increase $48K, 10%
o Workers Comp: increase $40K, 18%
o Broker Fee: unchanged; $36K
o Discounts: decrease $1K, -21%
• 2022 Budget to Actual-Estimate Comparison.
(adopted budgets span two insurance policy-years, and reflect half of each)
o Property/General Liability: Estimate exceeds budget by $3,864
o Workers Comp: Estimate exceeds budget by $15,231
o Broker Fee: Budget matches estimate
• Staff will evaluate funding and budget needs, and may present council with a budget resolution for potential overages.
• City’s insurance broker will be in attendance during Council meeting to provide background and field questions
• A professional services agreement with Hale & Associates will be on the next Regular Council Meeting Agenda.