HomeMy WebLinkAboutRes1998-110
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Sponsored by: Janke
CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-110
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, APPROVING THE TRANSFER OF AML/JIA DIVIDEND
MONIES FROM THE GENERAL FUND UNDESIGNATED BALANCE TO
THE GENERAL FUND FUND BALANCE DESIGNATED FOR INSURANCE
RESERVES
WHEREAS, for the second year in a row, the Alaska Municipal League Joint Insurance
Association (AMLlJIA) has declared and paid to its participating members a dividend from the
insurance pool; and
WHEREAS, this year's dividend, in the amount of $76,776.79, was recently received from
the AMLlJIA; and
WHEREAS, the City of Seward designates a portion of the General Fund fund balance as
an insurance reserve to account for the additional insurance credits and charges; and
WHEREAS, the City's goal is to fund the insurance reserve account to at least $250,000;
and
WHEREAS, an insurance reserve account of at least $250,000 will allow the City to utilize
higher insurance deductibles and lower its annual insurance contribution to the AML/JIA insurance
pool; and
WHEREAS, the Administration recommends that the Council transfer the AMLlJIA
dividend of$76,776.79 to the General Fund fund balance designated for insurance reserves, effective
June 30, 1998;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The City Manager is authorized to transfer the $76,766.79 AML/JIA dividend
from the General Fund undesignated fund balance account 101-0000-3050 to the General Fund fund
balance designated for insurance reserves, account 101-0000-3040, effective June 30,1998.
Section 2. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this 14th
day of September, 1998.
CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-110
THE CITY OF SEWARD, ALASKA
~;e&a?i5u
Lowell R. Satin, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Callahan, Clark, King, Orr, Satin
None
Gage
None
ATTEST:
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Patrick Reilly /
City Cle,J;Ii;...m:z.~.,., '
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