HomeMy WebLinkAboutRes1998-080
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-080
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, TRANSFERRING THE FY94 LAW ENFORCEMENT LIABILITY
POOL (LELP) CHARGE FROM THE GENERAL FUND FUND BALANCE
DESIGNATED FOR INSURANCE RESERVES TO THE UNDESIGNATED
FUND BALANCE AND TRANSFERRING THE FY95 AND FY96 LELP
CREDITS AND THE FY97 GENERAL INSURANCE CREDIT FROM THE
GENERAL FUND UNDESIGNATED FUND BALANCE TO THE GENERAL
FUND FUND BALANCE DESIGNATED FOR INSURANCE RESERVES
WHEREAS, the City of Seward participates in the Law Enforcement Liability Pool (LELP)
sponsored by the Alaska Municipal League Joint Insurance Association (AML/nA), for the provision
of law enforcement insurance; and
WHEREAS, this year's LELP billing and insurance adjustment includes the FY99 LELP
charge of $25,000 and an additional charge of$12,094 for the FY94 LELP retrospective audit, as
well as credits of $18,751 for the FY97 LELP audit, $2327 for the FY95 LELP audit, and $8,976
for the FY97 general insurance audit, for and total billing of $7,040; and
WHEREAS, the additional charge for FY94 of $12,094 reflects claims directly attributed to
the City, while the credits for FY95 and FY97 indicate that there have been little or no claims for
those years; 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 attributable to both
LELP and general insurance; and
WHEREAS, the City of Seward goal is to build this reserve account to $250,000 over the
next few years, by depositing retrospective credits and insurance dividends into this account; and
WHEREAS, once this fund reaches $250,000, the City may consider higher insurance
deductibles, thereby reducing the overall insurance contributions paid to the AML/nA insurance pool;
and
WHEREAS, by adding the retrospective audit adjustments from FY94 ($12,094), FY95
($2,327 credit) and FY97 ($27,727 credit) to the reserve account, the balance in this account will be
$102,524;
CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-080
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The City Council hereby approves Resolution No. 98-080, approving transferring
the $12,094 FY94 law enforcement liability pool (LELP) charge from the General Fund fund balance
designated for insurance reserves, account no. 101-0000-3040 to the General Fund undesignated fund
balance, account no. 101-0000-3050; and transferring the $2,327 FY95 LELP credit, $18,75 FY97
LELP credit, and $8,976 general insurance credit from the General Fund undesignated fund balance,
account no. 101-0000-3050 to the General Fund fund balance designated for insurance reserves,
account no. 101-0000-3040.
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 22nd
day ofJune, 1998.
THE CITY OF SEWARD, ALASKA
~ fi Sdf:;v
Lowe)) R. Satin, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Callahan, Clark, Gage, King, On, Satin
None
None
None
ATTEST:
,;::?)--+- L!
. -Q;A'..,:{ f'~ff;z
Plttrick Reilly
City Clerk
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