HomeMy WebLinkAbout4.9 Budget Adj Insurance Services CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: November 14, 1988
SUBJECT Budget Adjustment for Insurance Services For Prior
Years - Alameda County
EXHIBITS ATTACHED None
RECOMMENDATION Authorize an additional appropriation from
unappropriated reserves to the Insurance Premium
Account in the amount of $10 ,800
FINANCIAL STATEMENT: 1986-87 Alameda County Insurance Premium - $7 ,004
1987-88 Alameda County Insurance Premium - $3 , 799
DESCRIPTION The County of Alameda assesses a surcharge on all
contract services provided to the City of Dublin. In effect , the surcharge
is an insurance premium collected by the County. They are self-insured for
the provision of their liability insurance . This expense has been budgeted
in the City ' s Insurance Premium Account .
During the preparation of the 1988-89 City Budget , it was brought to our
attention that the County Insurance surcharge had not been invoiced for
Fiscal Years 1986-87 and 1987-88. Staff requested that the County provide
invoices in order to correct this error prior to June 30 , 1988. This would
allow the entire expense to be shown in the 1987-88 Budget . Therefore ,
funding was not included in the current Fiscal Year for these adjustments .
Alameda County required additional time to verify the amounts due and to
assure that a payment had not been collected. The City did not receive the
invoices until October of 1988. Since the financial records for the prior
Fiscal Year have been closed, this expense must show in the 1988-89 Fiscal
Year.
In order to avoid expending funds in excess of the 1988-89 Insurance Premium
budget , a budget adjustment is required. Staff would recommend that the
Council authorize an additional appropriation of $10 ,800 from unappropriated
reserves to the Insurance Premium Account .
COPIES. TO:
ITEM NO. ;"a�