HomeMy WebLinkAboutRes1996-106
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Sponsored by: Garzini
CITY OF SEWARD, ALASKA
RESOLUTION NO. 96-106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, APPROVING FY 1994 AND FY 1995
INSURANCE AUDIT ADJUSTMENTS AND TRANSFERRING FUNDS
WHEREAS, the City is a member ofthe Alaska Municipal League Joint Insurance Trust's
Law Enforcement Liability Pool (LELP); and
WHEREAS, the LELP is an experience-based pooling program with an annual loss history
analysis which results in a credit or billing applied to each participant's account based on the
participant's losses for the year; and
WHEREAS, the City has received a billing from AMLlJIA which includes the FY 1997
LELP deposit contribution of $25,000, an FY 1994 retrospective audit adjustment charge of $2,450
and an FY 1995 retrospective audit adjustment credit of$6,019, for a total amount of $21 ,521 due
to the LELP; and
WHEREAS, over the past several years, the City has had a positive loss ration resulting in
a net credit of $38,911; and
WHEREAS, in the past, the City Council has set aside the credits received as a designated
reserve within the General Fund fund balance to be used for future insurance losses; and
WHEREAS, the AMLlJIA pool also provides coverage for general liability, public officials
liability, property and workers' compensation insurance; and
WHEREAS, the City has received a $10,162 credit as a result of the FY 1995 retrospective
audit of these programs; and
WHEREAS, in prior years, such credits were used to reduce the City's total insurance cost
for the next fiscal year; and
WHEREAS, it is the intent of the City Council to fund the General Fund fund balance
designated for AMLlJIA and LELP to a total of $250,000 over the next several years by applying
all retrospective insurance credits to this reserve fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
CITY OF SEWARD, ALASKA
RESOLUTION NO. 96-106
Section 1. The FY 1994 LELP charge totaling $2,450 is hereby transferred from the General
Fund fund balance account designated for AML/nA and LELP, Account No. 101-0000-3040, to the
General Fund undesignated fund balance, Account No. 101-0000-3050.
Section 2. The FY 1995 LELP credit totaling $6,019 is hereby transferred from the General
Fund undesignated fund balance, Account No. 101-0000-3050, to the General Fund fund balance
designated for AML/nA and LELP, Account No. 101-0000-3040.
Section 3. The FY 1995 general insurance credit totaling $10,162 is hereby transferred from
the General Fund undesignated fund balance Account No. 101-0000-3050 to the General Fund fund
balance designated for AMLlJIA and LELP, Account No. 101-0000-3040.
Section 4. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 26th
day of August, 1996.
THE CITY OF SEWARD, ALASKA
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AYES:
NOES:
ABSENT:
ABSTAIN:
Anderson, Bencardino, Crane, Deeter, Keil, King, Sieminski
None
None
None
ATTEST:
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