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August 21, 1968 <br />Members Common Council <br />City Hall <br />South Bend, Indiana <br />Gentlemen: <br />The Board of Park Commissioners has passed a resolution transferring <br />$5,500.00 from account #211, Electric Current, to account #51, Insurance <br />and Premiums. <br />The amount quoted by the Bath Insurance Co. to prepare the 1968 budget <br />is not sufficient to cover outstanding premiums for the balance of the year. <br />The Bath Insurance has estimated that approximately $5,500.00 will be re- <br />quired for the remainder of 1968. As of this date we have $11.30 balance <br />in account #51, Insurance and Premiums. <br />The reasons for the increase of insurance is due to the added cost <br />of Workmens Compensation and General Liability coverage. <br />We are transferring from account #221, Electric Current. There will <br />be a surplus of funds in account #221, Electric Current because of the time <br />required by the Indiana and Michigan Electric Co. to install new lights <br />throughout the Park system. There is a balance in account 4221, Electric <br />Current as of August 7, 1968, of $25,360.27. We feel that with the $5,500.00 <br />reduction we still can meet our electric current payments for the balance <br />of 1968. <br />Very truly yours, <br />James Seitz <br />Executive Secretary <br />JS:mh <br />