HomeMy WebLinkAbout4.07 Insurance Account Budget Change CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: May 27, 1986
SUBJECT Insurance Account Budget Change
EXHIBITS ATTACHED Budget Change Form
RECOMMENDATION Authorize Transfer from the Contingent Reserve in the
Amount of $7 , 400 .
FINANCIAL STATEMENT: Total 1985-86 estimated Insurance Expenditures is
$104 , 500 . (An estimated $5, 000 will be reimbursed by
Shannon Center tenants purchasing insurance . )
DESCRIPTION The City had purchased liability insurance which
terminated March 1, 1986 ; all of the premium payments were made in Fiscal
Year 1984-85 . The City has incurred a surcharge of $9 , 176 for insurance on
Alameda County Contracts for the period from March 1, 1986 to June 30 , 1986 .
This cost was not anticipated, as the City was able to name Alameda County
in prior years as an additional insured on the City of Dublin policy.
Therefore, the 1985-86 Insurance Budget will require a
transfer from the Contingent Reserve in the amount of $7 , 400 to cover
anticipated expenditures . The finance procedures adopted by the City
Council require Council authorization for the transfer of Budget Funds
between two activities . The remainder of the cost overruns can be handled
through a transfer of funds within the Insurance activity .
Staff recommends that the City Council authorize the
Budget transfer of $7 , 400 from the Contingent Reserve to the Insurance
Premium Account .
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COPIES TO:
ITEM NO. �. 7
CITY OF DUBLIN
BUDGET CHANGE FORM
T APPROPRIATION FROM TO
TRANSFER ACCOUNT AMOUNT ACCOUNT AMOUNT
AMENDMENT t-kAob- �•os, os 600 1--t - 10(_- -3-0s, to
-1 - IOb - 30s All QOO
�1- lob- 105. 22 l0000
JUSTIFICATION FOR CHANGE +
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CIT`( NANAGER APPROVAL DATE
/; CITY COUNCIL APPROVAL DATE J.