TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
FROM: Jeffrey Yates, Assistant City Manager
Jody Picarella, CPA, Chief Financial Officer
Kimberly Leonard, Budget and Evaluation Director
DATE: April 8, 2024
RE:
Title
Adoption of BOA 2024-12 to appropriate funds for the Property and Liability Fund
end
COUNCIL DISTRICT(S):
Council District(s)
ALL
b
Relationship To Strategic Plan:
Goal 5: Financially Sound City Providing Exemplary City Services
Executive Summary:
Council is asked to adopt Budget Ordinance Amendment 2024-12 to make a Net Assets Appropriation of $300,000 from the Property and Liability Fund to appropriate funding for the increased cost of insurance renewals and claims in the Property and Liability fund.
Background:
There has been an unusually high number of vehicle claims this year. In addition, insurance renewal costs exceeded original estimates. Therefore, additional funds are needed to cover these expenditures.
Issues/Analysis:
None
Budget Impact:
There is no impact on the General Fund, as the funds are being appropriated from the Net Assets in the Property and Liability Fund.
Options:
1)Adopt Budget Ordinance Amendment 2024-12 to appropriate the additional funding needed for the Property and Liability fund.
2)Do not adopt Budget Ordinance Amendment 2024-12 to appropriate the additional funding needed for the Property and Liability Fund and provide further direction to staff.
Recommended Action:
Staff recommends that the Council move to adopt Budget Ordinance Amendment 2024-12 as presented.
Attachments:
Budget Ordinance Amendment 2024-12