HomeMy WebLinkAbout2005-649-07.18.2005 U
This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
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RESOLUTION NO. 2005-649
-n et -.
RESOLUTION AUTHORIZING CONSIDERATION BE GIVEN
s s s r TO ANNUALLY DESIGNATE FUND BALANCE FOR THE
PURPOSES OF PAYING INSURANCE DEDUCTIBLES
777'-_ USING ANY BUDGET REMAINING, AFTER EXPENSES
s = ¢ _ARE CALCULATED USING AN ACCRUAL BASIS, IN THE
s v ti LIABILITY INSURANCE EXPENSE ACCOUNT (LINE
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` HH c = ITEM 010 03 8900 1364) AS THE DESIGNATED
N -y c c -AMOUNT, WITH SUCH DESIGNATION TO BE APPROVED
ANNUALLY AFTER THE CITY HAS DETERMINED ITS
H' Q U w ACCRUAL BASIS FINANCIAL POSITION.
J t" s co 77 ----
rO s ' REAS
v s the CityCouncil desires to effectively manage the
0-' CY`i t' S. " liability and property insurance programs which will
preserve the public assets against accidental loss, and
AREAS, the City Council is responsible for protecting the
financially so that it may adequately operate to provide
gexv . 'in the event of a catastrophe, and
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=- WHEREAS, the City Council wants to be able to analyze
insurance programs that will provide the greatest benefit for our
citizens at the most reasonable cost, and
~ `� ^? VHEREAS, the City Council desires to evaluate deductibles and
Insurance pools to increase control of the city' s funding
mechanism for claims and lower premiums, and
WHEREAS, a Liability Insurance Budget is established by the
City Council during the budget process for each fiscal year,
including Line Item 1364 (Tort Liability Insurance) to be utilized
for deductibles for claims incurred and premiums for the liability
and property insurance program, and
WHEREAS, the City Council expresses its desire and intention
to establish a portion of fund balance that will be designated to
build a pool that would enable the City to increase the amount of
claims that the city self-insures to help reduce the overall cost
of property and liability claims .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that consideration be given to annually
designate fund balance for the purpose of paying insurance
deductibles using any budget remaining, after expenses are
calculated using an accrual basis, in the liability insurance
expense account (line item 010 03 8900 1364) as the designated
amount, with such designation to be approved annually after the
City has determined its accrual basis financial position.
PASSED AND ADOPTED this 18th day of July, 2005 .
Tim Hurley, M r
ATTEST:
Nancy Ecker CMC
City Clerk